The global overhead cable market will grow at a compound annual rate of 5.1% in 2022-26

According to the announcement released by Technavio, an international market research institution, it is expected that the global overhead cable market share will increase by $17.
67 billion in 2022-26, with a compound annual growth rate of 5.
1%
during the period.

One of the key factors driving the growth of the overhead cable market is the increase
in renewable energy generation.
Overhead power cables are widely used to transmit electricity
generated by power plants.
The increasing need to shift to renewable energy sources has led to an increase
in the generation of electricity from wind turbines, solar energy, etc.
This has led to the need
for newly installed overhead cables.

At present, renewable energy is the fastest growing source of
electricity generation.
Countries across the globe are focusing on establishing clean energy projects such as solar and wind power generation and reducing the use of fossil fuels, thereby stimulating the growth of
the overhead cable market.

In terms of development trends, the Gulf countries will have a positive impact on the market during the forecast period, and the region's good economic growth and strong momentum in industries such as manufacturing, entertainment, tourism, and education are contributing to the increase in electricity demand in the region, leading to an increase
in the application of overhead cables.
Over the years, megacity projects, modern infrastructure, increasing immigration and economic development have all increased
.
These developments are expected to create demand for overhead cables, which will drive the growth
of the global overhead cables market.

34% of the market growth will come from Asia Pacific
during the forecast period.
China, Japan, and India 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
.
Growing population, rapid industrialization, urbanization, and higher living standards have led to an increase
in the demand for electricity in the Asia-Pacific region.
This will boost the growth of the overhead cables market in Asia Pacific during the forecast period
.

On the other hand, fluctuations in raw material prices are the major challenges
facing this market.
The main raw materials used in the manufacture of overhead power cables are aluminum and copper
.
All power cable suppliers bear most of the manufacturing costs
of obtaining these raw materials.
Price fluctuations in copper and aluminum, as well as other essential raw materials, including fuels and energy, cause cable manufacturers to fluctuate
significantly in their cost of sales or revenue.
Suppliers try to restore the instability
of metal costs through negotiated price changes for final products.
Thus, fluctuating raw material prices may hamper the growth
of the market.