The global cable and accessories market is expected to grow at a sizable CAGR in the forecast period. Key drivers for this market are the burgeoning demand for renewable energy, rapid industrialization and urbanization, globally thriving HVDC projects, and government aids, and initiatives to expand and upgrade the existing T&D infrastructure. The upsurge in power capacity on a world scale, offshore wind policies in developing countries, replacement of conventional grids by ‘Smart Grids’, and up-gradation of infrastructure in emerging markets will open new avenues for this market on the forecast horizon. On the other hand, limited funds, complex planning and authorization of projects, and the consequent delays in their implementation, steeply-priced raw materials, and easily available inexpensive products in grey markets are challenging market growth. A shortage of technical expertise for employing HV projects is also hindering the market growth.
The market ecosystem consists of raw material suppliers (copper, silver, aluminum, and insulation), OEMs manufacturing power cables and accessories, end-user industries that include renewables, infrastructure, and industries like oil & gas, manufacturing, mining & metals, petrochemical, among others and finally the distributors. It is thus a horizontal market comprised of upstream and downstream business verticals.
Power cables are used in electrical transmission and distribution networks and mobile substation facilities set up during construction. LV power cables are used for distribution in individual residential areas and small commercial setups. On the other hand, cable accessories have prolific applications in T&D infrastructure and HVDC transmission systems. These include connectors, cable joints, and terminations.
The cable and accessories market is segmented based on voltage, installation, end-user industries, and the geographical region. The segments based on voltage are LV, MV, and HV cables and accessories. The classification based on installation includes underground, submarine, and overhead cables and accessories. These are further individually categorized as PVC cables, MI cables, XLPE cables, cable terminations, cable joints, fittings & fixtures, and conductors. The end-use industries are utilities, oil & gas, cement, manufacturing, mining & metals, pharmaceuticals, petrochemical, chemical, wastewater treatment, paper & pulp, infrastructure, and renewables. The geographical regions for this market are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
MV cables are projected to account for the largest market share in the forecast period. This can be attributed to their prolific applications in supplying temporary power and in MV switchgear. On the other hand, LV cables and accessories currently ace the market due to their use in underground distribution networks. Overhead cables and accessories are currently leading the market but are expected to be outrun by MV underground cables and accessories in foreseeable future; as these require frequent replacements to suit the soil structure. PVC cables are expected to reach the high watermark in terms of CAGR in the forecast period. Infrastructure and industrial segments currently hold the largest market share, but are expected to be outrun by utilities and renewables; particularly wind, in the forecast period. This can be attributed to offshore wind policies conducive to market growth in key countries, and the rising demand for power in developing nations.
Asia Pacific holds the largest market share and is deemed to dominate over the forecast period; with China at the forefront for MV cables and accessories. Key players in the cable & accessories market are Nexans, General Cable Technologies Corp, ABB Ltd, Brugg Group, Prysmian SPA, Dubai Cable Company Pvt Ltd, Bahra Advanced Cable Manufacture Co Ltd, LS Cable & System Ltd, Caledonian Cables Ltd, Kabelwerk Eupen AG, TPC Wire & Cable Corp, Top Cable, Sumitomo Electric Industries Ltd, Riyadh Cables Group of Companies, Southwire Company LLC, Nexans, and LKT Cables.
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