According to a new report from Markets Research Engine, the world market for aerial cable for electricity will exceed 80.500 million dollars in 2024. It is expected to grow at a compound annual growth rate of 6% during this time.
As the world's population and economic activity grow, electricity demand continues to rise. In combination with CO2 emission limits, renewable energy generation is also increasing. This has further stimulated investment in transmission and distribution infrastructure. A more sophisticated and reliable power grid system is increasingly in demand.
The accelerated process of urbanization and industrialization has also contributed to the development of the railway and other infrastructures. This, at the same time, stimulates demand in the market for overhead power cables.
Market Growth Factors for Aerial Cable for Electricity
Smart Grid Developments
The improvement of the electricity grid infrastructure is one of the main factors driving the growth of the market.
Smart networks integrate analog or digital information into the network, as well as computer control and automation. This technology is already widely used in a growing number of countries.
Due to the increasing demand for electricity, investments in smart grids are increasing. Consequently, the demand for cables for overhead power lines has also increased. With the expansion of smart grids, the demand for aerial cables will be even greater in the coming years.
Improvements in the Railway System
Secondly, the expansion of the railway network is also driving the growth of the electrical overhead cable market.
The Urban sprawl and population growth have increased the demand for improvement and expansion of railway networks. This has created a new demand for power cables that carry electricity to the rail system..
The railway sector is experiencing significant investments and technological advances. Countries with large rail networks plan to invest large sums of money to optimize their transport networks. This has caused an increase in the demand for railway overhead cables..
Markets by Regions
During the planned period, the 68% of market growth will come from the Asia-Pacific region. China, India and Japan are the main markets for aerial cables in Asia-Pacific. The markets of cables for overhead power lines of these regions will grow faster than those of other regions.
Markets by Voltage Level
Regarding the stress levels, high voltage overhead cables are generally used to transmit electricity generated by power plants to substations.
Improvements in transmission infrastructure and substations, The growth of generation capacity and the increased use of renewable energies for power generation create a demand for high voltage cable.. Nevertheless, the market share of high voltage cables aerial will grow more slowly than that of the medium voltage cable market.
Challenges of the Aerial Cable Market for Electricity
Despite the strong growth of overhead power lines, this market also faces many challenges. The fluctuation of the prices of raw materials and the need to protect the environment are the main factors that limit the growth of this market..