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Rise in Demand for High-temperature Superconducting Cables Will Boost the Global Cable Accessories Market Until 2020, Says Technavio


June 23, 2016
By Business Wire News

LONDON

According to the latest market research report by Technavio, the global cable accessories marketis expected to reach over USD 40 billion in revenue by 2020.

In this report, Technavio covers the present scenario and growth prospects of the global cable accessories market education market for 2016-2020. To estimate the market size for cable accessories, Technavio researchers have taken into consideration the demand for the same from the primary end-user segment in the global cable accessories market, i.e. the power utilities sector. The demand for cable accessories, including cable terminations, connector systems, and jointing kits, across all geographies is also included in the market size calculation.

“Superconducting power cables are considered to be an ideal equipment for power utility companies as they can be used to connect two remote substations. Often, substations get overloaded and require extra transformer capacity to improve the overall reliability. But upgrading and constructing a transformer are costly, and thus, power utilities opt for superconducting power cables that can connect these two substations to balance the load and enhance the overall reliability,” said Gaurav Mohindru, one of Technavio’s lead industry analysts for tools and components.

The global cable accessories market is geographically diversified across three regions, namely:

  • APAC
  • EMEA
  • Americas

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APAC: largest region for the global cable accessories market

The cable accessories market in APAC was valued at USD 12.37 billion in 2015. The demand for electric power is high in APAC because of the growth in the electricity consuming sectors. Rapid urbanization and improved living standards have increased the electricity consumption in many major countries in the region such as China and India.

Maintaining a continuous supply of electricity has become crucial due to the increasing demand for the same in the region. For instance, the per capita consumption of electric power in China was 3,475 kWh during 2006-2010 and increased to 3,762 kWh during the period 2011-2015. Similarly, in India the per capita power consumption during 2006-2010 was 724 kWh and it increased to 765 kWh during 2011-2015. The increase in private participation in the power T&D market will result in a rise in investments in T&D networks in the region, especially in countries such as China, India, Pakistan, Australia, and Thailand.

EMEA: second largest region for the global cable accessories market

The cable accessories market in EMEA was valued at USD 9.25 billion in 2015. The key markets for cable accessories in EMEA include Germany, France, and the UK. Demand in these countries stems from not only the residential and commercial sectors but also from the high consumption of electric power in the well-established industrial sector. While countries in Europe previously followed various standards and regulations (regarding the operation of T&D networks), with the establishment of the European Network of Transmission System Operators for Electricity, all 41 member states of the EU follow commercial and technical codes and security principles after 2009.

Technavio researchers anticipate the European power cables market to witness maximum growth in the high voltage and extra high voltage cables segment, as the renewable energy sources are well-established and well-integrated into electricity grids in Europe.

Global cable accessories market in the Americas

The cable accessories market in the Americas was valued at USD 7.59 billion in 2015. The US, Canada, and Mexico are the primary markets in the Americas, with the US holding the largest market share. The demand for electric power is also high in the developing economies of South America, such as Brazil and Columbia.

The North America Electric Reliability Corporation (NERC) has mandated consistency in standards for grid interconnections with all the regions. Hence, electric utilities are investing heavily in upgrading, restoring, and maintaining existing transmission lines. Also, advances in technologies such as smart grids and flexible AC transmission systems (FACTS) are expected to fuel the demand for power cables and cable accessories in the region.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Technavio Research
Jesse Maida
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