The “Power Cables Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026” report has been added to ResearchAndMarkets.com’s offering.
The global power cables market exhibited moderate growth during 2015-2020. Looking forward, the publisher expects the market to grow at a CAGR of around 5% during the forecast period (2021-2026). Power cables are current carrying conductors which are used for the distribution and transmission of electrical energy. These cables consist of various components such as conductors, insulation, armors, and PVC outer and inner sheaths. Power cables are designed using different materials to provide long-term reliability against industrial and environmental exploitation. These materials protect them from mechanical, thermal and environmental conditions, and provide the right amount of insulation and current conductivity. Power cables are widely used in submarines for transmission purposes, underground cabling for utility distribution networks and to provide a connection between generators and transformers.
Countries around the world are expanding their existing renewable power generation plants to cope with the rapidly increasing power demand which, in turn, has created a significant need for power cables. Further, with technological advancements in material sciences, improved synthetic insulating compounds have been developed from thermoplastic, thermosetting and fluorocarbon materials. These materials are widely used for developing power cables. Moreover, an intelligent cable technology has been developed that can analyze and record different parameters throughout the cable system. This technology is expected to make energy and data streams more secure and efficient. Manufacturers are also developing certification programs to eliminate the potential risks of overheating and fire. For instance, UL LLC has developed an Information and Communication Technology (ICT) Power Cable Certification program specifically for cable assemblies to provide power and data transmission or charging to various devices connected in a circuit.
The competitive landscape of the industry has also been examined with some of the key players being Prysmian Group, Belden Inc., Encore Wire Corporation, Finolex Cables Ltd., Fujikura Ltd., Furukawa Electric Co., Ltd., Hengtong Group, KEI Industries, L S Cable and Systems, Leoni AG, Nexans, NKT Holding, Southwire Company, Sumitomo Electric Industries, TPC Wire and Cable Corp., etc. PR Newswire