New York, Sept. 13, 2021 (GLOBE NEWSWIRE) — Power Distribution Cables Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Power Distribution Cables Market Research Report, Installation, Voltage, Users and Region – Forecast till 2028” the market grow at a rate of 9.85% during the forecast period 2021-2028.
Competitive Analysis
List of the Key Companies Profiled in the Power Distribution Cables Market Research Report are –
- Spina Group (Italy)
- Brugg Kabel AG (Switzerland)
- Prysmian Group (Italy)
- CAE Groupe (France)
- General Cable Corporation (US)
- Cavotec (Switzerland)
- ConCab Kabel Ltd. (Germany)
- SAS Brockskes (Germany)
- others.
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Highly competitive, the power distribution cables market appears fragmented, with several notable players forming a competitive landscape. Industry players initiate strategic approaches such as mergers & acquisitions, collaboration, expansion, and technology launch to gain a larger competitive share.
For instance, recently, on Aug.24, 2021, ENMAX Power Corp. announced the development of a five-phase approach to improving cable failure prediction, identification, and replacement, leveraging geographic information system data, asset management, and machine learning (ML). Due to the large volume of underground cables in the distribution network, faults on these assets are the highest contributor to SAIDI and SAIFI.
ENMAX built a model based on this approach to gain deeper insights into cable conditions likely to wear out, making it easier for the utility to replace aging grid components before they interrupt service.
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Initiatives to Boost Power Grids Operational Efficiency Increase Market Growth
The global power distribution cables market is garnering vast traction. The market rise attributes to the increasing market demand led by government initiatives to boost the operational efficiency of power grids. Besides, increasing renewable energy grid integrations act as major growth propellers for the power distribution cables market. Growing smart grid implementations worldwide due to increasing regulatory targets drive the market.
With growing electrification activities consuming a vast amount of power distribution cables, the market is projected to grow even faster during the next few years.
Vast Investments in Power Distribution Projects Create Significant Opportunities
The power distribution cables market outlook looks extremely promising. Rising uptake of smart grid technology across well-developed economies influences the power distribution cables market share. Advanced computer technology, artificial intelligence (AI), monitoring, and ongoing digitalization would help drive more efficient power distribution.
Moreover, rising demand for underground cables that offer greater resilience & lower maintenance needs and are less vulnerable to severe weather conditions substantiates market growth. Similarly, changing power grid management patterns and increased share of renewable energy sources are major market trends. Furthermore, rising upgrade activities undertaken for the aging transmission & distribution infrastructures and grid & transformer technologies impact the market value positively.
Requirement of Vast Capital is a Major Growth Hindrance
It takes huge investments to install power distribution cables. Besides, vast investment required to manage utility control centers hampers the growth of the market. Improved renewable energy infrastructure is a significant move on the path to net-zero. However, it needs increased spending to upgrade aging power networks. Nevertheless, upgrades in the power sector would support the power distribution cables market value throughout the assessment period.
COVID-19 Impact
The power distribution cables industry is rapidly returning to normalcy as the COVID-19 crisis fades into the past and the global economy recovers. Of course, the pandemic is far from settling, but emerging markets are already poised to witness significant demand for power distribution cables. Rapidly developing regions are making billions of dollars investments in projects to enhance power distribution, substantiating the market demand.
The power distribution cables markets in emerging regions are projected to grow strong in the years to come. Also, as the ongoing crisis fades into the past and the global economic rebound, increasing legislative measures to expand reliable grid infrastructure in developing nations would further define the growing market landscape.
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Segmentation
The market is segmented into installations, voltage, end-users, and regions. The installation segment is sub-segmented into overhead, underground, and submarine. The voltage segment is sub-segmented into medium and low power distribution. The end-user segment is sub-segmented into industrial, commercial, and residential. The region segment is sub-segmented into North America, Europe, APAC, and Rest-of-the-World.
Regional Analysis
Asia Pacific dominates the global power distribution cables market. Factors such as rapid expansions in the industrialization and infrastructure activities as well as growing construction and renewable sector increase the region’s power distribution cables market shares. Besides, the growing power utilities and OEMs industries in this region upend the power distribution cables market growth.
Rising upgrades in existing distribution infrastructures to support the growing electricity demand foster the power distribution cables market size. Moreover, large investments in developing and upgrading smart grid infrastructures in the region increase the power distribution cables market value. Growing power distribution activities in Australia, Indonesia, and India drive regional market growth.
Segmentation of Market covered in the research:
Power Distribution Cables Market Information Report by Installation (Overhead, Underground & Submarine), by Voltage (Medium, Low), by Users (Industrial, Residential, Commercial) and by Region – Global Forecast to 2028
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