The global power distribution cables market is predicted to develop at a 6% CAGR between 2017- 2022 states the recent Market Research Future (MRFR) analysis. Power distribution cables, simply put, are cables that are used for delivering the electric power.
This helps to carry electricity from the transmission tower and deliver the same to individual consumers. These cables can be installed within buildings as a permanent wiring, exposed, run overhead, or buried in the ground. power distribution cables market come in two voltage levels of low and medium, which have extensive applications in commercial, residential, and industrial sectors. They are mostly installed in submarines, underground, and overhead. These cables are either an assembly of a single or more electrical conductor that are generally held together using an overall sheath.
Various factors are propelling the global power distribution cables market share. As per the current MRFR report, such factors include the growing need for electricity, rise in urbanization and industrialization, rise in construction and infrastructure, and surging need for renewable energy. Additional factors adding market growth include enhanced distribution infrastructure, growing government initiatives, expanding power transmission infrastructure, increasing focus on power generation via renewable energy sources, surging need for power globally, and rising investment in power generation, distribution, and transmission infrastructure developments.
On the contrary, soaring raw material cost and the COVID-19 impact are factors that may impede the global power distribution cables market growth over the forecast period.
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The MRFR report provides an inclusive segmental analysis of the global power distribution cables market report based on users, voltage, and installation.
Based on the region, the global power distribution cables market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Middle East and Africa (MEA). Of these, the APAC region will spearhead the market over the forecast period. The growing renewable sector, rapid expansions in the infrastructure, construction, and industrialization activities, strong economic growth, and lower manufacturing price of cables are adding to the global power distribution cables market growth in the region.
The global power distribution cables market in North America is predicted to have healthy growth over the forecast period. Constant expansion in the usage of HVDC (high voltage direct current) technology & superconductors and growing focus on renewable energy as a power generation source are adding to the global distribution cables market growth in this region. The United States possesses the maximum share in the market.
The global power distribution cables market in Europe is predicted to have significant growth during the forecast period, while that in the MEA is predicted to have sound growth over the forecast period.
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Industry players have incorporated several strategies to stay at the forefront and also cater to the consumers growing needs such as mergers and acquisitions, partnerships, collaborations, joint ventures, contracts, new product development and new product launches, strategic alliances, geographic expansions, extensive R&D activities, and more.
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