Electrical Conductors Market for the Power Industry to grow at a CAGR of 6.78% during 2024-2028
The Electrical Conductors Market for the Power Industry is expected to grow at a CAGR of 6.78% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 13.8 billion. 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 fostering an internal energy market and enhancing energy security, underscores this trend. These projects prioritize the removal of impediments to the growth of the European energy market, which involves the cross-border transmission of substantial electricity loads. Given the advantages of HVDC power systems in long-distance bulk power delivery, these projects favor the utilization of advanced, lightweight HVDC power cables, particularly in submarine power transmission, over traditional AC cables.
Get more information on Electrical Conductors Market for the Power Industry by requesting a sample report
Technavio analysts predict that the Power transmission subsegment will lead the Application segment during 2024 and 2028 In the power industry, electrical conductors play a pivotal role in the transmission of electrical energy from generation sources to end-users. These conductors facilitate the movement of heat or light over long distances, enabling reliable and safe power transmission. The selection of electric conductors is contingent upon various factors, including voltage requirements, transmission distance, environmental conditions, and cost considerations. With the increasing global energy demand driven by population growth, urbanization, industrialization, and the integration of electrification into various sectors, the importance of efficient and effective electrical conductors in power transmission becomes even more significant. Electric conductors are the backbone of electrical grids, ensuring the uninterrupted delivery of electrical power to meet the growing energy demands of the world.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish rising investment in power (t and d)
Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report
The Electrical conductors market plays a crucial role in the power industry, particularly in the context of the transition towards clean energy and the development of smart grids. The demand for reliable and safe conductors is on the rise, driven by the increasing deployment of renewable energy sources such as wind, solar, hydropower, and offshore wind energy. Smart grids require advanced electrical conductors to ensure efficient power transmission and distribution. Submarine power cables, for instance, are essential for transporting electricity over long distances from offshore wind farms to the mainland. Transformers, another key application area for electrical conductors, are used to increase or decrease voltage levels in power networks. Electrical conductors are also used in various transportation systems, roads, buildings, and telecommunications infrastructure. The electrification efforts in the transportation sector, in particular, are expected to boost the demand for electrical conductors. The market for electrical conductors is driven by various factors, including the need to reduce carbon footprint, the growing demand for clean energy, and the increasing use of high-performance alloys such as aluminum and copper. The market is also influenced by technological advancements in conductor materials and the increasing adoption of smart grids. In addition to power generation, electrical conductors are also used extensively in electronics and telecommunications. Overall, the electrical conductors market is expected to grow significantly in the coming years, driven by the increasing demand for electricity and the shift towards renewable energy sources.
According to Technavio, the global electrical conductors market for the power industry is a significant segment of the larger electrical components and equipment market within the broader electrical equipment industry. The electrical components and equipment market encompasses companies involved in the production of electric cables and wires, electrical components, and electrical equipment. This market's size is determined by the consolidated revenue generated by manufacturers specializing in 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.
The Electrical Conductors Market for the Power Industry is experiencing significant growth, fueled by the rising investment in power (t and d). Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Safe and Secure SSL Encrypted
One user only.
Quick & easy download option
Unlimited user access (Within your organization).
Complimentary Customization Included
*For Enterprise license, go to checkout page
Get the report (PDF) sent to your email within minutes.
