Lucintel, a global market research firm, recently released a report stating that the future of the energy cable market is attractive in the utility, industrial, residential, and commercial sectors. It is projected that the global energy cable market will grow at a compound annual growth rate (CAGR) of 5.2% from 2018 to 2023.
Rural and remote areas experiencing rapid growth in electricity consumption due to industrialization, urbanization, particularly electrification, along with increasing construction activities, are the primary drivers behind the steady growth 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, particularly in China and India, demand for low-voltage cables is expected to continue to account for a significant portion of the global energy cable market.
Simultaneously, with the increase in investments in renewable energy power sources and ultra-high-voltage transmission lines, it is expected that high-voltage cables will achieve high growth during the forecast period.
In the energy cable market, with the expanding power infrastructure to meet the growing demand for electricity, public utility companies are expected to remain the major end-user market. Due to the increase in construction activities and the rising demand for heating, ventilation, air conditioning (HVAC) equipment, the residential market is forecasted to achieve high growth within the forecast period.
Regionally, the Asia-Pacific region is expected to remain the largest market and achieve high growth during the forecast period. Economic expansion, industrialization, urbanization, and rural electrification projects, particularly in India and China, are driving the increasing demand for energy cables.
