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Persistence Market Research (hereinafter referred to as PMR), the world's third largest research institution, released a global power cable market research report on the date, and the compound annual growth rate of the global power cable market is expected to reach 7.
2%
from 2018 to 2026.
The report believes that the acceleration of industrialization and urbanization in developing countries, the increasing demand for power cable upgrading due to the maturity of industrialization in developed countries, and the continuous development of renewable energy are the main reasons for the stable growth of the
global power cable market.
Based on the voltage level, high-voltage underground cables and high-voltage submarine cables are the most talked about products in the market due to their superior performance, and the compound annual growth rate will reach the highest during the
forecast period.
In addition, medium-voltage cables will grow at a CAGR of approximately 6.
9%
during the forecast period.
Low-voltage cables will grow at a compound annual rate of 7.
4%
during the forecast period.
In particular, HVDC power cables are considered a viable alternative
to transmitting HV power over long distances.
HVDC systems have proven to be economical for long-distance,
high-volume transmission.
Regulators around the world are issuing directives to establish internal energy markets and improve energy security
.
These projects aim to end energy segregation and remove factors
hindering the growth of the internal energy market.
HVDC cables are considered ideal as these projects will include cross-border power transmission
with high loads.
In addition, the light weight of HVDC cables makes them the first choice for AC objects, especially in
subsea power transmission.
Based on the application market, the demand for power cables in the transmission sector accounts for the major share, and the compound annual growth rate is expected to reach 7.
7%
during the forecast period.
From the perspective of countries and markets, in 2018, the Chinese market will account for 20.
2% of the global market, and during the forecast period, the compound annual growth rate of China's power cables will reach 7.
7%, exceeding the global average
.
On the other hand, the fluctuation and instability of raw materials in the power cable market has a wide impact
on power cable manufacturers.
From rising energy costs to unexpected fluctuations in raw material price levels, unforeseen obstacles will lead to supply chain instability and make it difficult for manufacturers to remain stable
.
As raw material supplies become increasingly difficult to secure, commodity price volatility will persist
.
This has led manufacturers to pass on additional costs to consumers, thereby hampering the global power cable market
.
Persistence Market Research (hereinafter referred to as PMR), the world's third largest research institution, released a global power cable market research report on the date, and the compound annual growth rate of the global power cable market is expected to reach 7.
2%
from 2018 to 2026.
The report believes that the acceleration of industrialization and urbanization in developing countries, the increasing demand for power cable upgrading due to the maturity of industrialization in developed countries, and the continuous development of renewable energy are the main reasons for the stable growth of the
global power cable market.
Based on the voltage level, high-voltage underground cables and high-voltage submarine cables are the most talked about products in the market due to their superior performance, and the compound annual growth rate will reach the highest during the
forecast period.
In addition, medium-voltage cables will grow at a CAGR of approximately 6.
9%
during the forecast period.
Low-voltage cables will grow at a compound annual rate of 7.
4%
during the forecast period.
In particular, HVDC power cables are considered a viable alternative
to transmitting HV power over long distances.
HVDC systems have proven to be economical for long-distance,
high-volume transmission.
Regulators around the world are issuing directives to establish internal energy markets and improve energy security
.
These projects aim to end energy segregation and remove factors
hindering the growth of the internal energy market.
HVDC cables are considered ideal as these projects will include cross-border power transmission
with high loads.
In addition, the light weight of HVDC cables makes them the first choice for AC objects, especially in
subsea power transmission.
Based on the application market, the demand for power cables in the transmission sector accounts for the major share, and the compound annual growth rate is expected to reach 7.
7%
during the forecast period.
From the perspective of countries and markets, in 2018, the Chinese market will account for 20.
2% of the global market, and during the forecast period, the compound annual growth rate of China's power cables will reach 7.
7%, exceeding the global average
.
On the other hand, the fluctuation and instability of raw materials in the power cable market has a wide impact
on power cable manufacturers.
From rising energy costs to unexpected fluctuations in raw material price levels, unforeseen obstacles will lead to supply chain instability and make it difficult for manufacturers to remain stable
.
As raw material supplies become increasingly difficult to secure, commodity price volatility will persist
.
This has led manufacturers to pass on additional costs to consumers, thereby hampering the global power cable market
.
