Latest News- Electrical Conductors Market For Power Industry: Power transmission is expected to lead the Application segment during 2025-2029

The Electrical Conductors Market For Power Industry is being driven by Rising investment in power transmission and distribution

The Electrical Conductors Market For Power Industry is expected to grow at a CAGR of 6.9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 14831.1 million. In the power industry, underground high-voltage power cables have emerged as a cost-effective solution for transmitting electricity over long distances. The European Commission's €598 million investment in 2015, aimed at creating an internal energy market and enhancing energy security, underscores this trend. By 2024, more than half of the EU's electricity will originate from renewable sources, necessitating the need for reliable and efficient transmission infrastructure. To address this requirement, major projects are underway to remove impediments to the growth of the European internal energy market. Given the large-scale transmission of high electrical loads involved, power cables are considered the optimal choice for these undertakings. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Power transmission
  • Power distribution
  • Others
• Type
  • Power cables
  • Transformer
  • Busbar
  • Submarine power cables
• End-user
  • Utilities
  • Industrial
  • Commercial
  • Residential
• Material
  • Copper conductors
  • Aluminum conductors
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • North America
    • Canada
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising investment in power transmission and distribution
• Growth in offshore wind energy
• Increasing investments in renewable energy projects

However, the market also witnesses some limitations, which are as follows:

• Challenges faced in laying and maintaining electrical power cables
• Volatility in raw material prices
• Stringent regulations for manufacturers

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Market Scope in Electrical Conductors Market For Power Industry Research Report

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Research Analysis Overview

The electrical conductors market in the power industry is witnessing significant growth due to increasing electrification efforts and the integration of renewable energy sources. High-performance alloys and reliable conductors made from advanced conductor materials are in high demand for power networks, including power generation, offshore wind energy, and smart grids. These safe conductors help reduce carbon footprint and support clean energy initiatives in the power industry. Additionally, they are essential for transportation systems and electrical wiring, as well as submarine power cables and other applications.

Market Research Overview

The global electrical components and equipment market encompasses businesses involved in the production of electric cables and wires, electrical components, and electrical equipment. This market's size is determined by the consolidated revenue of manufacturers specializing in various segments, including water heaters and accessories, motors, motor control, encoder and amplifier, automation solutions, electrical distribution and protection equipment, small generators, wire and cable accessories, power supplies and conditioners, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, test and measurement equipment, switches, transmitters and receivers, HVAC, and safety components. Furthermore, the market includes companies offering renting and leasing services for electrical components and equipment to diverse end-users, such as industries, commercial entities, and residential consumers.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
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Website: www.technavio.com/