China will continue to dominate the Asia-Pacific power cable materials market by 2023

Core tip：Reportlinker, an international market research institute, recently released a research report on power cable materials. The research focus is on the insulation materials and sheath materials of power cables in the Asia-Pacific region. The research covers the period from 2013 to 2023, the base year is 2016, and the market is forecasted from 2017 to 2023.

 Reportlinker, an international market research institute, recently released a research report on power cable materials. The research focus is on the insulation materials and sheath materials of power cables in the Asia-Pacific region. The research covers the period from 2013 to 2023, the base year is 2016, and the market is forecasted from 2017 to 2023.

The areas studied include China, Japan, Korea, India, ASEAN and other Asia-Pacific regions, including South Asia, Southeast Asia, Australia and New Zealand According to the report, the strong growth of energy demand in the Asia-Pacific region is the main factor to promote the stable growth of power cable materials market in the Asia-Pacific region. By 2030, energy demand in the Asia-Pacific region is expected to double, and renewable energy may play an extremely important role in supporting demand growth. For example, India has an ambitious plan to install 275 GW of renewable energy by 2027.

Compared with Europe and North America, the per capita energy consumption in the Asia-Pacific region is very low and energy is scarce. Growing industrialization and strong GDP performance are parallel to the sharp rise in electricity demand in South and Southeast Asia. In addition, China has surpassed the United States in terms of energy consumption, and overall energy demand in the Asia-Pacific region continues to grow.

China is the world's leader in renewable energy power generation and is expected to double its solar power capacity by 2020. As the regional cooperation in power production and trade continues to deepen, the power cable market in the Asia-Pacific region will have huge business opportunities. Countries such as China, India and ASEAN will invest heavily in clean energy.

Traditionally, the power cable material market has been dominated by the Chinese market. China is the largest producer and consumer of insulating and sheathing materials, as well as the home of many European and North American material manufacturers and cable manufacturers. It is expected that by 2023, China will remain the leader in the power cable materials market in the Asia Pacific region. On the other hand, Japan and South Korea are mature economies with slower development. The markets in these countries are driven by alternative cable demand.