Power Cables Market Growing at CAGR of 6.8 %

The global Power Cables Market size is projected to reach USD 272.88 billion by 2027. Furthermore, it was valued at USD 168.28 billion in 2019 and is estimated to showcase a decent CAGR of 6.8% during the forecast period. This vital piece of information is published by Fortune Business Insights™, in its report, titled, “Power Cables Market, 2020-2027.” As per our research, the increasing demand for electricity coupled with fresh infrastructure assignments and rapid development of other renewable sources of power generation are likely to boost the demand for power cables in the long term. According to an article published in the PV magazine, in the U.S., around 100 MW-plus solar projects have begun development and are situated in the most unforeseen places. This is likely to foster market growth during the forecast period.

Report Coverage

We have instigated an exclusive research approach that involves statistics triangulation based on the popular bottom-up and top-down methods. Our researchers have led thorough primary study to authenticate the estimated size of the power cables industry. The data utilized to depict the shares for multiple segments at the national, regional, and global levels is obtained from widespread interviews with innumerable stakeholders. Our analysts have also derived information from paid databases, industry journals, SEC filings, and many such related sources.

Drivers and Restraints

Introduction of New Renewable Resources for Power Generation Steers the Market Growth

On account of the rising acceptance of renewable energy, the market for these power cables has received rapid pace during the past decade. The green energy goals set up by organizations of several countries and the global aim to reduce the usage of fossil fuel are the primary factors responsible for the market’s growth. As the main objective is the preservation of a sustainable environment, governing ozone layer reduction, along with declined global warming, renewable energy sources are believed to be the solution to these global issues. Numerous nations across the world have seen to be making heavy investments in offshore wind, onshore wind, solar and others, which creates scope for development in this market. For example, China is the leading country in terms of in wind energy, with more than 33% of the total world’s capacity. It claims that the world’s biggest onshore wind farm, with a capacity of 7,965MW in Gansu Province is five times bigger than the second positioned country. This is expected to drive the power cables market growth in the near future.

List of Key Players Covered in the Power Cables Market Report