Detail


The global power cable and accessories market will exceed $158.2 billion in 2022

categorize:

Industry Dynamics

Time:

2019-08-16

Core Tip: International Market Research Institute MarketsandMarkets released the latest power cable report for the year. In 2017, the global power cable and accessories market is expected to reach US$121.63 billion. It is expected that this data will increase to US$158.25 billion by 2022. The rate reached 5.4%.

International Market Research Institute MarketsandMarkets released the latest power cable report for the year. In 2017, the global power cable and accessories market is expected to reach US$121.63 billion. It is expected that this data will increase to US$158.25 billion by 2022. The rate reached 5.4%.

According to the report, offshore wind power is developing rapidly, and the demand for grid interconnection is increasing. The upgrading and upgrading of aging grids is the main factor to promote the steady growth of this market.

From the point of view of voltage level, low voltage cable will become the most profitable market segment. In terms of installation types, low-voltage cables can be installed overhead and underground. Increased demand for electricity and rural electrification in developing countries are the main driving factors for the fastest growth of low-voltage cable market.

From the point of view of terminal application market, industry, renewable energy and infrastructure are the three main application markets of low voltage cables and accessories. Among them, infrastructure will become the largest application market for low-voltage cables and accessories. Demand for low-voltage cables and accessories has increased in the commercial and household sectors of developing countries such as Southeast Asia, and the upgrading of aging infrastructure in developed countries in Europe and the United States has stimulated an increase in demand for low-voltage cables and accessories. In addition, the popularization of smart grid technology to promote the transformation and expansion of transmission and distribution network system is also an important factor to stimulate the development of the market.

From the perspective of regional markets, the Asia Pacific region will continue to be the world's largest low-voltage cable and accessories regional market. The urbanization and industrialization process is accelerating, and the government's support for the development of renewable energy will promote the growth of this market.

On the other hand, regulatory conditions, environmental protection factors, complex approval procedures and volatility of raw material prices are the main constraints affecting the growth of low-voltage cable market.

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