The global power cables market is being driven by the growth in the energy sector. Electricity was the fastest-growing energy segment, with its demand rising by 4% in 2018. Nearly 22, 572 TWh of power was consumed in 2018, and it is projected to grow further in the forecast period. By 2024, global power consumption is expected to attain 26, 330 TWh. China and the United States are the leading power markets, accounting for 70% of the growth in the global power demand. The overall cable industry is dominated by the Asia Pacific, with the North America region also being a major cable market.
With power cables finding expanding uses in interconnector and offshore wind projects and the rise in green energy initiatives, the global power cables market is finding further impetus for its growth. Power cables find their application in the renewable energy sector in the required grid extension and reinforcement. High voltage cables are used in this segment to transfer large quantities of power. Currently, 179 countries have set national or state targets for renewable energy, and 57 nations plan to eliminate carbon from their electricity sector. China, a leading power market, is also a significant market for renewable power resources, being the largest installer, producer, and exporter of wind turbines, and solar power machinery.
Nexans (OTCMKTS: NXPRF), a major player in the global power cables market, contributes to the SuperGrid Institute, a Lyon-based Institute for Energy Transition (ITE) dedicated to the development of products, technologies, and services for Supergrid. Supergrid is the concept of forming an interconnected power grid with existing alternating current systems to transport energy from remote renewable power sources like offshore wind farms to sources of consumption. The grid will help manage the irregular nature of renewable energy sources by providing stability and increase the capacity of power networks.
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The key players in the global power cables market are General Cables (Prysmian Group), Nexans Group, Belden Inc., Sumitomo Electric Industries, Ltd, Furukawa Electric Co., Ltd, LS Cables & System Ltd., KEI Industries Ltd., The Okonite Company Inc., International Wire Group, and Hitachi Cables, Ltd. The EMR report looks into their market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions.
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