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The global energy cable market has a compound annual growth rate of 5.2% in 2018-2023
Industrialization, urbanization, especially rural areas, remote areas where electricity consumption is rapidly increasing due to electrification, and increasing construction activities are the main driving forces for the steady growth of energy cable demand.
The report also pointed out that with the increase in energy efficiency requirements, the deployment of superconductors in power cables to improve performance, reduce losses, improve durability and high current carrying capacity is a new trend in the future development of energy cables.
Lucintel predicts that due to the growth of the construction and automotive industries, especially China and India, low-voltage cable demand is expected to still account for the largest component of global energy cables.
At the same time, with the increase in investment in renewable energy generation and EHV transmission lines, high-voltage cables are expected to achieve the highest growth during the forecast period.
In the energy cable market, utility power units are expected to remain the largest end-user market as power infrastructure continues to expand to meet growing power demands. The residential market is expected to achieve the highest growth during the forecast period due to increased construction activity and increasing demand for heating, refrigeration and air conditioning (HVAC) equipment.
From a regional perspective, the Asia Pacific region is expected to remain the largest market and will achieve the highest growth during the forecast period. Economic expansion, industrialization, urbanization and rural electrification projects, especially India and China, are leading the growth in demand for energy cables.
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