Power Cables Market Size to Reach USD 272.88 Billion by 2027; Increasing Efforts to Maximize the Use of Renewable Energy Sources Will Bode Well for Market Growth

The global power cables market size is projected to reach USD 272.88 billion by the end of 2027. The efforts taken to maximize the use of solar energy will aid the growth of the overall market in the coming years. According to a report published by Fortune Business Insights, titled “Power Cables Market Size, Share & Industry Analysis, By Installation (Overhead, Underground and Submarine) By Cable Type (Low Voltage Cable, Medium Voltage Cable, High Voltage Cable), By Voltage (Up to 240V, 240V-1kV, 1kV-15kV, 15kV-100kV, 100kV-250kV, Above 250kV), By Application (Residential, Commercial, Industrial and Utility), and Regional Forecast, 2020-2027,” the market was worth USD 168.28 billion in 2019 and will exhibit a CAGR of 6.8% during the forecast period, 2020-2027.

A power cable is any cable that is used for transmission and distribution of electrical energy over a certain distance. It is inclusive of two or more electric conductors joint with an over sheath. The advancements in materials used in production of power cables will allow applications across diverse industries. The use of high quality conductors has improved the overall ratings of conventional power cables. The high investment in the development of power cable will create several opportunities for market growth. Variations in product offerings will have a direct impact on the growth of the overall market in the coming years. The increasing adoption of these products in infrastructure development products and renewable energy harnessing projects will open up a huge potential for the companies in the market. Moreover, increasing demand for oil and gas resources across the world will lead to a wider product adoption, subsequently contributing to the growth of the market in the foreseeable future.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/power-cables-market-102405

LS Cable & System Bags Contract with TeneT

The report includes a few of the major industry developments of recent times and gauges the impact of these developments on the growth of the overall market. Accounting to the constantly rising demand for power cable across the world, several companies are looking to adopt newer strategies that will help them improve their product sales and distribution. In April 2020, LS Cable and System announced that it has signed a contract with Netherlands based TeneT. The contract is aimed at the supply of submarine cables across the country. Through this contract, the company will gain access to LS Cable’s excellent range of electric cables as well as benefit from its business operations. LS Cables contract with state-run TeneT will not just aid the growth of the regional market, but will have a positive impact on the growth of the overall power cables market in the coming years.

Increasing Demand for Power and Energy Will Have a Direct Impact on Market Growth

The constantly rising global population has created a subsequent need for energy and power across the world. The rising demand for electricity will lead to a wider adoption of power cable. As a result, there is a healthy market competition and this has also attracted several market entrants. Moreover, the applications of power cable in several industrial purposes will aid the growth of the overall market in the coming years.

ABB, Prysmian Group and Nexans are Among the Leading Companies

The global power cables market is dominated by a few companies. Currently, the market derives maximum growth from three major companies; namely ABB, Prysmian Group, and Nexans. These companies have an established brand image in the market for several years. Additionally, the service offered by these companies and the level of customer satisfaction maintained has benefited the companies on a huge scale.

List of companies profiled in the report:

• Prysmian Group (Italy)


• ABB (Switzerland)


• Nexans (France)


• General Cable (US)


• NKT Cables(Denmark)


• Encore Wire Corporation (US)


• Finolex Cables (India)


• Bahra Cables Company(Saudi Arabia)


• BRUGG Cables (Switzerland)


• Riyadh Cables Group Company (Saudi Arabia)


• Polycab India  (India)


• KEI Industries (India)

Industry Developments:

• April 2020: Larsen & Toubro announced that it has bagged multiple contracts for power transmission and distribution in India. The value of the contract ranges from Rs 1000 crore to Rs 2500 crore.

The global market is segmented on the basis of: