Market Analysis
The global overhead power cables market size is predicted to grow at a healthy CAGR between 2020- 2027, states the recent Market Research Future (MRFR) analysis. An overhead power cable, simply put, is a structure that is utilized in electric power transmissions & distribution for transmitting electrical energy along long distances. This comprises of one or above conductors, often multiple of three that is suspended by poles or towers. Fixtures, fittings, and conductors are the different overhead power cables types that come in different voltage levels of low, medium, and high. Owing to its alluring features and plentiful benefits, overhead power cables have wide applications in residential, industrial, and commercial sectors.
Various factors are propelling the global overhead power cables market share. According to the recent MRFR report, such factors include increased initiatives by the government in smart grid technology & offshore power projects across the world, various upcoming renewable energy projects like offshore and onshore winds farms and offshore solar farms, and growing inclusion of renewable power sources. Additional factors propelling market growth include demand for uninterrupted and high-quality electricity, rapid urbanization and industrialization, and up-gradation of aging infrastructure.
On the flip side, price trends, environmental & complex compliance procedures, volatile raw material prices, and delay in power project implementation are factors that may impede the global overhead power cables market growth over the forecast period. Besides, the ongoing COVID-19 outbreak has also cast its shadow on the market growth.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global overhead power cables market based on product type, voltage, and users.
By product type, the global overhead power cables market is segmented into fixtures, fittings, and conductors.
By voltage, the global overhead power cables market is segmented into low, medium, and high. Of these, the high voltage segment will lead the market over the forecast period.
By users, the global overhead power cables market is segmented into residential, industrial, and commercial.
Regional Analysis
Based on the region, the global overhead power cables market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, Latin America, & the Middle East and Africa (MEA). Of these, the Asia Pacific will have the lions share in the market over the forecast period. Increasing growth in transmission & distribution network in China & India, tremendous hike in demand for electricity, the constant increase in population, construction of new commercial, residential, and industrial complexes, and constant efforts to acquire maximum energy from renewable sources are adding to the global overhead power cables market growth in the region.
The global overhead power cables market in the MEA is predicted to have the second-largest share over the forecast period. Huge investments in overhead power cables infrastructure in Saudi Arabia & other countries are adding to the global overhead power cables market growth in the region.
The global overhead power cables uk market in North America is predicted to have sound growth during the forecast period, and in Latin America as well as the Middle East and Africa is projected to hold steady growth during the forecast period.
Key Players
Eminent players profiled in the global overhead power cables market report include Sumitomo Electric Industries Ltd., Nanjing Daji Iron Tower Manufacturing Co. Ltd., Shandong DingChang Tower Co. Ltd., Prysmian S.p.A., Nexans S.A., Kalpataru Power Transmission Ltd., KEC International Ltd., Zhejiang Shengda Steel Tower Co. Ltd., Southwire Co. LLC, and General Cable Technologies Corp. Industry players have encompassed several strategies to stay at the forefront, such as mergers and acquisitions, partnerships, collaborations, joint ventures, and new product launches, to name a few.
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