Implementation of Smart Grid Technology Expected to Drive Global Cables Market over the Forecast Period: Ken Research
Cable is an assembly of one or more wires running side by side or bundled, which is used to transmit electric current. It consists of three major components: insulation, conductors and protective jacket. It is used to connect two or more devices, empowering the transfer of electrical signals or power from one device to the other. Cables are used widely in electronic devices for power & signal circuits. Its construction & material are determined by three main factors such as working voltage, environmental conditions and current-carrying capacity etc.
According to study, “Global Cables Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024” the key companies operating in the global cables market are Luxshare, Amphenol, TE Connectivity, NKT Cables Group GmbH, Broad Telecommunication, Molex, Deren, Shenzhen Alex, JCE, Dubai Cable Company Pvt. Ltd., Shenzhen CYD Electronics, Lotes, Yiwanda, ABB Ltd., Prysmian Group, Siemens AG, Polycab Wires Private Limited, Southwire Company LLC, General Cable Technologies Corporation, Zhaolong, Prolink, Kaiboer, PowerSync, Lulian, Sumitomo Electric Industries, Ltd., Wiretek, Oylink, JIB Electronic, Belden Inc., Jiangsu Tongguang Electronic Wire & Cable Corp. Ltd., Hitachi Metals Ltd, Helukabel GmbH, Lapp Holding AG, Nexans SA, Leoni AG, Zhuhai Hansen Technology Co. Ltd., Alcatel-Lucent, Huawei Marine, Furukawa Electric Co., Ltd.,TE Connectivity, Saudi Ericsson, NEC, LS Cable & System Ltd, Riyadh Cables Group of Companies, Encore Wire Corporation, Hellenic Cables Holdings S.A., Brugg Kabel AG, Finolex Cables Limited, CBI-electric, ZTT, Far East Cable Co., Ltd.., Hengtong Optic-Electric Co Ltd., Corning Inc., Hesfibel, TPC Wire & Cable Corp, Cablel Group.
Based on type, cables market is segmented into high voltage, medium voltage, low voltage and optical fiber cable. The optical fiber cable is likely to be largely adopted due to its advantages such as high bandwidth, low security risk, resistance to electromagnetic interference, and low power loss in long distance communication. Based on material type, market is segmented into aluminum, copper and glass. Based on installation, market is segmented into submarine installation, underground installation and overhead installation (fittings, conductors, and fixtures). Underground and submarine cables are anticipated to grow at a remarkable rate due to their usage in numerous offshore solar & wind projects and different industries for instance power utilities and oil & gas. In addition, based on end-use, market is segmented into renewable energy, industrial and infrastructure. Renewable energy segment is further sub-segmented into hydropower, wind energy and others (tidal, solar, and geothermal). Industrial segment is further sub-segmented into oil & gas, chemical & petrochemical, power utilities, mining and others. Additionally, infrastructure segment is further sub-segmented into residential and commercial.
The cables market is driven by implementation of smart grid technology, followed by expand in infrastructure & construction growth, increase in demand for the efficient transmission system, rise in urbanization and increase in renewable energy generation. However, volatile prices of metals such as copper & aluminum may impact the market. Moreover, expand in offshore power projects in developing countries and growth in investments in smart grid technology are key opportunities for market.
Based on geography, North-American region holds major share, followed by European region in market owing to extensive applications in industrial & non-industrial sectors in the region. The Asian-Pacific region is expected to witness higher growth rate due to increase in industrialization & urbanization and implementation of new technology over the forecast period.
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Ankur Gupta, Head Marketing & Communications