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Mobile WebSiteAccording to a report released by Technavio, the international market, the global overhead cable market is expected to grow by US$18.59 billion from 2020 to 2024, during which the compound annual growth rate will be close to 5%.
The upgrade of grid infrastructure is one of the main factors driving market growth. As smart grids integrate analog or digital information and computer-based control and automation into the grid, smart grids have been increasingly used in many countries. The increase is mainly due to increased investment in smart grids due to the increase in power demand. Therefore, the demand for overhead cables has increased. With the popularity of smart grids, the demand for overhead cables will increase in the next few years.
On the other hand, the ever-expanding railway network is one of the main trends in the overhead cable market and will also promote the growth of this market. The expansion of metropolitan areas and population growth have increased the demand for rail networks to improve connectivity. This creates a demand for power cables that transmit power to the railway system. The railway industry is making a lot of investment and technological progress, which stimulates the demand for the railway industry and overhead cables. Countries with large railway networks have planned to invest a large amount of money to optimize the network, which will trigger more demand for distribution cables.
In 2019, the Asia-Pacific region is the world's largest regional market for overhead cables. During the forecast period, the increase in electricity demand due to population growth, rapid industrialization, urban migration, and higher living standards will be greatly promoted during the forecast period. The growth of the overhead cable market in the region.
During the forecast period, 68% of the market's growth will come from the Asia-Pacific region. China, India and Japan are the main markets for overhead cables in the Asia-Pacific region. The market growth in this region will be faster than the market growth in other regions.
From the perspective of voltage levels, high-voltage overhead cables are usually used to transmit power generated by power plants to substations and end users. The upgrade of the transmission and transformation infrastructure, the ever-increasing power generation capacity and the increasing use of renewable energy power generation have created a demand for high-voltage cables. However, the market share growth of high-power overhead cables will be slower than that of the medium-voltage market.
