This report covers the present scenario and the growth prospects of the Global Power Cable market for the period 2014-2018.
The power cable industry’s growth slowed down during the economic recession in 2009. However, the industry recovered in 2012. Increased capital spending and investments in industries worldwide are some of the major drivers for this market. Furthermore, recent government initiatives in the power sector are also expected to affect the industry in a positive manner. Witnessing robust growth, the market is expected to be worth USD 79.3 billion by 2017.
This report, Global Power Cable Market 2014-2018, covers the market landscape and growth prospects during the forecast period. This report has been segmented into four major divisions, medium-voltage cable, high-voltage cable and extra high-voltage cable and covers the Americas, and the EMEA and APAC regions.
The wire cable industry experienced growth mainly because of the need of strengthening transmission networks, especially in construction and mining sectors. Furthermore, the increased consumption of power in various residential, commercial, industrial and public sectors also strengthened the market. The consequent need for safety and expansion of distribution network added to the demand which further propelled the growth of the sector.
Moreover, the recent emphasis on the commercialization of renewable energy throughout the world has led to the increased demand for distribution cables, especially because most of these resources are often at far off places where transmission networks are not available. Proper distribution networks will enable seamless transfer of electricity from the far off power plants to the load centers.
Furthermore, the market is also seeing increased demand from countries that are integrating their regional grids to form a nationwide grid to ensure electricity flow all across the nation. To cite an instance, most European countries have already started work on a single grid formation amongst all EU nations. Furthermore, Asian countries developing the energy trade between them which is expected to give birth to increased demand for power grid cables.
However, the pricing of wire and power cables in the wire cable industry is a competitive parameter, especially because the electric utilities are expecting the manufacturers to reduce their prices. Moreover, various cancellations of transmission expansion plans and delay in orders have also increased the competition between existing players and the new ventures.
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