The international market research firm Lucintel recently released a report stating that the future of the energy cable market is attractive in utility, industrial, residential, and commercial sectors. It is expected that the global energy cable market will grow at a compound annual growth rate of 5.2% from 2018 to 2023.
Industrialization, urbanization, especially the rapid increase in electricity consumption in rural and remote areas driven by electrification, as well as the growing construction activities, are the primary drivers behind the steady rise in demand for energy cables.
The report also highlights that with the increasing demand for energy efficiency, deploying superconductors in power cables to enhance performance, reduce losses, and improve durability and high current-carrying capacity is a burgeoning trend in the future development of energy cables.
Lucintel predicts that, due to the growth in the construction and automotive industries, especially in China and India, the demand for low-voltage cables is expected to continue occupying a significant portion of the global energy cable market.
With increased investment in renewable energy power sources and ultra-high-voltage transmission lines, high-voltage cables are expected to achieve high growth during the forecast period.
In the energy cable market, as the power infrastructure continues to expand to meet the growing demand for electricity, public utility companies are expected to remain the major end-user market. The residential market is forecasted to achieve high growth during the forecast period due to the increase in construction activities and the rising demand for heating, ventilation, air conditioning (HVAC) equipment.
From a regional perspective, the Asia-Pacific region is expected to remain the largest market and achieve high growth within the forecast period. Economic expansion, industrialization, urbanization, and rural electrification projects, particularly in India and China, are driving the increasing demand for energy cables.
