New York, Nov. 08, 2021 (GLOBE NEWSWIRE) — Overhead Power Cables Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Overhead Power Cables Market Research Report, Product Type , Voltage , Users and Region – Forecast till 2030” the market is projected to be worth USD 117.86 billion by 2030, registering a CAGR of 7.67% during the forecast period (2022 – 2030), The market was valued at USD 64.11 billion in 2021.
List of the companies profiled in the Overhead Power Cables Market Research Report are-
- Southwire Co. LLC
- General Cable Technologies Corp.
- Zhejiang Shengda Steel Tower Co. Ltd.
- Kalpataru Power Transmission Ltd.
- KEC International Ltd.
- Nexans S.A.
- Shandong DingChang Tower Co. Ltd.
- Prysmian S.p.A.
- Sumitomo Electric Industries Ltd.
- Nanjing Daji Iron Tower Manufacturing Co. Ltd.
- Among others.
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Highly competitive, the overhead power cables market appears fragmented due to the presence of several notable players. To gain a larger competitive share, industry players initiate strategic approaches such as mergers & acquisitions, collaboration, expansion, and technology launches.
For instance, recently, on Oct.26, 2021, Germany announced that the testing of overhead charging cables for long-haul electric trucks on the highway. The technology could help make long-distance electric trucking a possibility. By using overhead power cables, the trucks could use grid power instead of battery power.
Market Research Future’s Review on Overhead Power Cables Market
The global overhead power cables market is garnering vast traction. Over the past few years, the deployment of power lines has increased significantly. Besides, rapid industrialization and urbanization boost electrification needs. Many countries like India have been focusing on providing 100% electrification, which is projected to increase the overhead power cables market value.
Small and Medium-scale industries are increasing due to initiatives and incentives set by the government. Also, expansion activities of end-user companies operations due to increasing demands. Such factors are likely to foster the market demand, thereby influencing overhead power cables market growth. Government initiatives to boost power grids’ operational efficiency support the market growth exponentially.
Besides, increasing renewable energy grid integrations are major growth propellers for the overhead power cables market revenues. Growing smart grid implementations worldwide led by increasing regulatory targets drive the overhead power cables market. The growing adoption of smart grids in well-developed economies influences the overhead power cables market share.
With growing electrification activities utilizing many overhead power cables, the market is estimated to grow even faster during the next couple of years. Increased share of renewable energy sources and changing power grid management patterns are major market trends. Furthermore, rising upgrade activities are undertaken for the aging transmission & distribution infrastructures, and grid & transformer technologies impact the market value positively.
It takes huge investments to install overhead power cables. Besides, the vast investment required to manage utility control centers hampers the market development. Improved renewable energy infrastructure is noteworthy. However, it needs vast funding to upgrade aging power networks. Nevertheless, recent upgrades in the power sector would support the overhead power cables market value throughout the assessment period.
Browse In-depth Market Research Report (188 pages) on Overhead Power Cables
The overhead power cables industry is rapidly returning to normalcy as the COVID-19 crisis fades away. Of course, the pandemic is still far from settling down, but the market is already poised to witness significant demand for overhead power cables. Developing regions are making substantial investments to enhance power distribution, substantiating the market demand.
The overhead power cables markets in emerging regions are projected to demonstrate strong growth in the next few years. As the ongoing pandemic crisis fades into the past and the global economy rebounds, increasing legislative measures in developing nations to expand reliable grid infrastructure would further define the growing market landscape.
The market is segmented into product types, voltage, end-users, and regions. The product type segment is sub-segmented into conductors, fittings, and fixtures. The voltage segment is sub-segmented into high, medium, and low. The end-user segment is bifurcated into industrial, commercial, and residential. The region segment is sub-segmented into Americas, Europe, APAC, MEA, and Rest-of-the-World.
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Asia Pacific dominates the global overhead power cables market. Factors such as the rapid industrialization and infrastructure activities as well as growing construction and renewable sector increase the region’s overhead power cables market shares. Besides, the growing power utilities and OEMs upend the overhead power cables market growth in this region.
Rising upgrades in existing distribution infrastructures that can support the growing electricity demand foster the overhead power cables market size. Moreover, large investments in upgrading and maintaining smart grid infrastructures in the region increase the overhead power cables market value. Growing overhead power activities in Australia, Indonesia, and India drive regional market growth.
Segmentation of Market covered in the research:
Overhead Power Cables Market Information by Product Type (Conductors, Fittings, and Fixtures), by Voltage (High, Medium, and Low), by Users (Commercial, Industrial, and Residential), and by Region – Forecast to 2030
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