The global power distribution cables market is predicted to develop at a 9.9% CAGR between 2023- 2030 states the recent Market Research Future (MRFR) analysis.
Power distribution cables, simply put, are cables that are used for delivering the electric power. This helps to carry electricity from the transmission tower and deliver the same to individual consumers.
These cables can be installed within buildings as a permanent wiring, exposed, run overhead, or buried in the ground.
Power cables come in two voltage levels of low and medium, which have extensive applications in commercial, residential, and industrial sectors. They are mostly installed in submarines, underground, and overhead.
These cables are either an assembly of a single or more electrical conductor that are generally held together using an overall sheath.
Various factors are propelling the global power distribution cables market share. As per the current MRFR report, such factors include the growing need for electricity, rise in urbanization and industrialization, rise in construction and infrastructure, and surging need for renewable energy. Additional factors adding market growth include enhanced distribution infrastructure, growing government initiatives, expanding power transmission infrastructure, increasing focus on power generation via renewable energy sources, surging need for power globally, and rising investment in power generation, distribution, and transmission infrastructure developments.
· Prysmian Group (Italy)
· Nexans (France)
· Fujikura (Japan)
· Southwire company (U.S.)
· Sumitomo Corporation (Japan)
· KEI Industries (India)
· Cords Cable Industries (India)
· Amphenol (U.S.)
· Finolex Cables (India)
· Encore Wire Corp (U.S.)
The MRFR report provides an inclusive segmental analysis of the global power distribution cables market report based on users, voltage, and installation.
By users, the global power distribution cables market is segmented into commercial, residential, and industrial.
By voltage, the global distribution cables market is segmented into low and medium.
By installation, the global distribution cables market is segmented into submarine, underground, and overhead.
Based on the region, the global power distribution cables market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Middle East and Africa (MEA). Of these, the APAC region will spearhead the market over the forecast period. The growing renewable sector, rapid expansions in the infrastructure, construction, and industrialization activities, strong economic growth, and lower manufacturing price of cables are adding to the global power distribution cables market growth in the region.
The global power distribution cables market in North America is predicted to have healthy growth over the forecast period. Constant expansion in the usage of HVDC (high voltage direct current) technology & superconductors and growing focus on renewable energy as a power generation source are adding to the global distribution cables market growth in this region. The United States possesses the maximum share in the market.
The global Electrical power cables market in Europe is predicted to have significant growth during the forecast period, while that in the MEA is predicted to have sound growth over the forecast period.
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