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According to the report released by Technavio in the international market, the global overhead cable market is expected to grow by $18.
59 billion from 2020 to 2024, with a compound annual growth rate of nearly 5%.
Upgrading of grid infrastructure is one of the major factors driving the growth of
the market.
Smart grids are already increasingly used
in many countries as they converge analog or digital information as well as computer-based control and automation into the grid.
The increase is mainly due to increased investment
in smart grids due to the growth in electricity demand.
Therefore, the demand
for overhead cables has intensified.
With the popularity of smart grids, the demand for overhead cables will increase
in the coming years.
On the other hand, the expanding railway network is one of the major trends in the overhead cable market and will also drive the growth
of this market.
The expansion of metropolitan areas and population growth has increased the need
for rail networks to improve connectivity.
This creates a need
for power cables that transmit power to the railway system.
The railway industry is undergoing a lot of investment and technological advancements, which has stimulated the demand
for the railway industry as well as overhead cables.
Countries with large rail networks have planned to invest heavily in optimizing their networks, triggering more demand
for distribution cables.
Asia Pacific was the largest regional overhead cable market in the world in 2019, and factors such as increasing demand for electricity due to population growth, rapid industrialization, urban migration, and higher living standards will greatly drive the growth
of the overhead cable market in the region during the forecast period.
68% of the growth of the market will come from the Asia-Pacific region during the
forecast period.
China, India, and Japan are the major markets
for overhead cables in the Asia-Pacific region.
The market growth in this region will be faster than that in other regions
.
In terms of voltage level, high-voltage overhead cables are commonly used to transmit the power generated by power plants to substations and end users
.
Upgrades to transmission and transformation infrastructure, growing power generation capacity and the increasing use of renewable energy generation have created a demand
for high-voltage cables.
However, the market share growth of high-current overhead cables will be slower than the growth of the medium-voltage market
.
According to the report released by Technavio in the international market, the global overhead cable market is expected to grow by $18.
59 billion from 2020 to 2024, with a compound annual growth rate of nearly 5%.
Upgrading of grid infrastructure is one of the major factors driving the growth of
the market.
Smart grids are already increasingly used
in many countries as they converge analog or digital information as well as computer-based control and automation into the grid.
The increase is mainly due to increased investment
in smart grids due to the growth in electricity demand.
Therefore, the demand
for overhead cables has intensified.
With the popularity of smart grids, the demand for overhead cables will increase
in the coming years.
On the other hand, the expanding railway network is one of the major trends in the overhead cable market and will also drive the growth
of this market.
The expansion of metropolitan areas and population growth has increased the need
for rail networks to improve connectivity.
This creates a need
for power cables that transmit power to the railway system.
The railway industry is undergoing a lot of investment and technological advancements, which has stimulated the demand
for the railway industry as well as overhead cables.
Countries with large rail networks have planned to invest heavily in optimizing their networks, triggering more demand
for distribution cables.
Asia Pacific was the largest regional overhead cable market in the world in 2019, and factors such as increasing demand for electricity due to population growth, rapid industrialization, urban migration, and higher living standards will greatly drive the growth
of the overhead cable market in the region during the forecast period.
68% of the growth of the market will come from the Asia-Pacific region during the
forecast period.
China, India, and Japan are the major markets
for overhead cables in the Asia-Pacific region.
The market growth in this region will be faster than that in other regions
.
In terms of voltage level, high-voltage overhead cables are commonly used to transmit the power generated by power plants to substations and end users
.
Upgrades to transmission and transformation infrastructure, growing power generation capacity and the increasing use of renewable energy generation have created a demand
for high-voltage cables.
However, the market share growth of high-current overhead cables will be slower than the growth of the medium-voltage market
.
