According to the latest report by IMARC Group titled, “Power Cables Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the market is currently experiencing healthy growth. Looking forward, IMARC Group expects the market to exhibit a CAGR of around 5% during 2020-2025.
A power cable is a current-carrying conductor that is enclosed in a protective covering. It helps in transmitting and distributing electrical energy throughout the region.
Over the years, power cables are used in a wide variety of applications, such as in ships, wind-mills and buildings; underground wires for the utility distribution network; submarines for transmission purpose; and providing a connection between generator and transformer. Apart from this, the increasing demand for electricity, along with the rapid up-gradation of existing power systems, has created a significant need for power cables across the globe. Furthermore, with the growing technological advancements in material sciences, improved synthetic materials based on fluorocarbon, thermosetting and thermoplastic materials are now widely being used in the construction of power cables. Moreover, manufacturers have introduced an intelligent cable technology 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 in the coming years.
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Insights on Market Segmentation:
Breakup by Installation
3. Submarine Cables
Breakup by Voltage
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Breakup by End-Use Sector
2. Oil & Gas
5. Metals & Mining
Breakup by Material
Breakup by Region
1. North America
3. Asia Pacific
4. Latin America
5. Middle East and Africa
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.
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