Power Cable: Introduction
- A power cable is an electrical cable through which the generated power is used at the end-use point.
- Power cables are available in various load-carrying capacity, materials, and voltage range, which differentiates them. These cables can be installed by an underground and overhead laying network.
- Power cables are divided into three cable types that include high voltage cable, medium voltage cable, and low voltage cable
- Power cables are majorly used for transmission and distribution of electrical energy in power utility and other applications
- Power cables are used in residential, commercial, oil & gas, power utility, and mining applications, and in the renewable energy field
Rise in Demand for Power Cables for Use in Power Utility Applications
- Power cables are largely used in power utility applications, owing to rise in deployment of new power grid infrastructure to fulfill the demand for electricity in places deprived of the same
- Multiple developing countries across the globe are experiencing limited availability of power grid infrastructure to transfer electricity. Governments of these countries are increasingly focusing on establishing safe power grid infrastructure at a rapid pace in order to fulfill this requirement.
- For instance, in January 2017, Switzerland based ABB, an automation company, signed a US$ 640 Mn deal to deliver a long distance power transmission link in India to provide reliable electricity to over 80 million people. For this mega project, the company teamed up with India’s national electricity grid operator Power Grid Corporation of India Limited
- The presence of multiple large scale manufacturers of power cables coupled with their variations in product offerings is expected to have a positive impact on the growth of the global power cable market
- Demand for power cables for power utility applications is growing as a result of these factors, which is expected to drive the global power cable market during the forecast period.
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Asia Pacific to Lead the Power Cable Market
- In terms of region, the global power cable market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- Asia Pacific is anticipated to dominate the global power cable market throughout the forecast period, as a large number of manufacturers of power cables operate in the region
- Additionally, many well-established players based in Asia Pacific are focusing on development of new technology in power cables which is expected to boost the power cable market in the region during the forecast period
- The power cable market in North America and Europe is expected to expand at a substantial rate during the forecast period. On the other hand, the market in Middle East & Africa and South America is estimated to expand at a moderate pace during the forecast period.
Key Players Operating in the Global Power Cable Market
The global power cable market was highly fragmented in 2019. Major players operating in the global market are focusing on technological advancement and expansion to meet the rising demand for power cables. Moreover, manufacturers are signing partnerships for the development of innovative products.
Key players operating in the global power cable market are listed below:
- Bahra Cables Company
- BRUGG Cables
- Encore Wire Corporation
- Finolex Cables
- General Cable
- KEI Industries
- NKT Cables
- Polycab India
- Prysmian Group
- Riyadh Cables Group Company
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Global Power Cable Market: Research Scope
Global Power Cable Market, by Cable Type
- High Voltage Cable
- Medium Voltage Cable
- Low Voltage Cable
Global Power Cable Market, by Voltage Range
- Up to 240V
- Above 250kV
Global Power Cable Market, by Material
Global Power Cable Market, by Installation
Global Power Cable Market, by End-user
- Oil & Gas
- Power Utilities
- Renewable Energy
Global Power Cable Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.