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SAN FRANCISCO , March 22, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Overhead Cables - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE What's New for 2022?
Edition: 7; Released: February 2022 Executive Engagements: 397 Companies: 209 - Players covered include ABB Ltd.; Encore Wire Corp.; Furukawa Electric Co. Ltd.; General Cable Technologies Corp.; KEC International Ltd.; KEI Industries Ltd.; LS Cable & System Ltd.; Nexans SA; NKT AS; Prysmian Spa; Southwire Co. LLC; Sumitomo Electric Industries Ltd. and Others. Coverage: All major geographies and key segments Segments: Type (Low Voltage, Medium Voltage, High Voltage); Application (Residential, Utility, Commercial, Industrial) Geographies: World; USA ; Canada ; Japan ; China ; Europe ; France ; Germany ; Italy ; UK; Spain ; Russia ; Rest of Europe ; Asia-Pacific ; Australia ; India ; South Korea ; Rest of Asia-Pacific ; Latin America ; Argentina ; Brazil ; Mexico ; Rest of Latin America ; Middle East ; Iran ; Israel ; Saudi Arabia ; UAE; Rest of Middle East ; Africa .
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Global Overhead Cables Market to Reach $81.2 Billion by 2026 Overhead cables are types of cables that are often strung overhead above houses in residential localities for providing data or power transmission. These cables are laid on large wooden utility poles on the basis of their hazard level, with the most dangerous cables, such as the power cables, being at the top while the least dangerous ones for cable TV and telephone transmission being at the bottom. The global average for energy consumption is estimated at 0.3kW per person, while average energy consumption in developed countries is around 1kW per person. This indicates the potential scope for demand of electricity in developing countries. Against this backdrop, energy companies across the globe are stepping up their energy production levels, well supported by respective governments. In order to meet growing energy demand, most nations are looking beyond traditional power sources and even focusing on alternative energy resources. A vital part of energy value chain, which helps electricity grid generators to supply power to consumers, electric power transmission and distribution equipment including overhead cables will witness increased demand as the energy production increases.
Amid the COVID-19 crisis, the global market for Overhead Cables estimated at US$65.6 Billion in the year 2022, is projected to reach a revised size of US$81.2 Billion by 2026, growing at a CAGR of 5% over the analysis period. Low Voltage, one of the segments analyzed in the report, is projected to grow at a 5.9% CAGR to reach US$43 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Medium Voltage segment is readjusted to a revised 4.6% CAGR for the next 7-year period. This segment currently accounts for a 31.1% share of the global Overhead Cables market.
The U.S. Market is Estimated at $11.5 Billion in 2022, While China is Forecast to Reach $19.3 Billion by 2026 The Overhead Cables market in the U.S. is estimated at US$11.5 Billion in the year 2022. The country currently accounts for a 17.87% share in the global market. China , the world's second largest economy, is forecast to reach an estimated market size of US$19.3 Billion in the year 2026 trailing a CAGR of 6.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada , each forecast to grow at 2.9% and 3.6% respectively over the analysis period. Within Europe , Germany is forecast to grow at approximately 3.2% CAGR while Rest of European market (as defined in the study) will reach US$20.7 Billion by the end of the analysis period. Governments, enterprises and consumers around the world are beginning to understand that smarter electricity grids are critical for future energy infrastructure to be strong so as to support their digital economies and the upcoming smart cities. As nations, both developed and developing, begin to actively invest in smart grid, the market for all related technologies, systems, hardware, software and solutions is expected to witness a rapid growth through this decade end. Also, pressing requirement to upgrade existing power transmission lines is expected to drive demand for overhead cables in developed countries.
High Voltage Segment to Reach $16.1 Billion by 2026 Overhead power transmission lines are extensively used across the world to transport power from the generation centers to consumption centers in cities and towns. They differ from underground power transmission cables, are mostly uninsulated, and are highly cost-effective for transporting power over long distances as well as in urban agglomerations. High voltage (HV) power transmission lines are utilized for transmitting power with voltage over 69kV and up to 138kV. HV power transmission power lines are generally utilized to supply power to large quantities of power to bulk customers such as heavy industries or industrial parks. Recent advances in this direction have allowed utilities to transmit DC at high voltages. High voltage direct current transmission lines can be used for transmitting renewable energy to remote places. These DC lines lead to very less losses while transporting power over longer distances. In the global High Voltage segment, USA , Canada , Japan , China and Europe will drive the 3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$8.5 Billion will reach a projected size of US$10.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia , India , and South Korea , the market in Asia-Pacific is forecast to reach US$3.8 Billion by the year 2026, while Latin America will expand at a 3.7% CAGR through the analysis period. More
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