Global Underground Cable Market: Overview
Underground cables comprise one central conductor or several cores (two, three, or four) of tinned stranded copper. Electric power is transmitted and distributed through underground cables when overhead construction is impractical. The construction of underground cables is more costly because they need to be electrically insulated and protected from moisture, corrosion, mechanical damage, and other environmental factors. The type of cable used will depend on the voltage and service requirements. The use of underground cables is usually limited to urban areas where overhead lines do not have enough rights of way. In some cases, underground cables are economically and legally justifiable for entire transmission and distribution lines as well as critical parts, nor are they restricted to parts of a transmission line.
|Historic Years||2016 - 2020|
|Forecast Years||2021 - 2028|
|Segments Covered||By Product Type, By Application, and By End Use|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2021 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||10 companies with scope for including additional 15 companies upon request|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
Global Underground Cable Market: Growth Factors
Rapid industrialization and increase in infrastructure development are the key contributing factor for the growth of the global underground cable market. Factors that are propelling the demand for underground cables are increasing power & energy demand in commercial, industrial, and residential sectors. Upsurge in demand for smart grid technology along with rising investment in advancing power transmission and distribution systems are fueling the demand for global underground cable market growth. In addition to this, the benefits associated with an underground cable such as longer life expectancy, reduced maintenance cost, better conservation of lands, uninterrupted services, and prevention of accidents is enhancing the demand over other cost-effective alternatives of underground cables. Further, favorable government regulations & programs leading to the development and strengthening of the country’s transmission & distribution network are creating new growth opportunities for underground cable market growth. However, installation of underground lines can cost 7-10 times more than overhead lines which may hinder the demand for global underground cable market growth. Furthermore, recent technological advancements in design and manufacturing have led to the development of cables suitable for use at high voltages. Advanced cable design and technology trends strive to reduce the right-of-way requirements while increasing the transmission & distribution lines' current carrying capacity. This development will make it possible to use underground cables for the transmission of electric power over short or moderate distances which in turn will provide new growth opportunities for the global underground cable market in the near future.
The sudden outbreak of coronavirus has drastically impacted industries across the globe. Transmission and distribution of electric power are accomplished through underground cables in cases where overhead construction is not practical. Due to the sudden outbreak of COVID-19, the governments of most of the countries have imposed numerous rules and regulations on the population. The restrictions such as social distancing, restrictions on movement, and halting of all business operations except for essential goods and services hampered the overall economic growth across the world. However, sudden reduction in new infrastructure development and industrialization is expected to hamper the demand for electricity from the commercial and industrial sectors which in turn impacts the underground cables market. As a result of reduced labor availability, low demand, and high raw material costs, production units are operating at partial capacity. On the other side, the disruption in the supply chain has been seen impacting manufacturing units as well the end-user’s industries.
Global Underground Cable Market: Segmentation
The global underground cable market is divided based on type, application, and region. Based on type, the global underground cable market is categorized into high voltage cables, medium voltage cables, and low voltage cables. The application segment is classified into military and civil.
Global Underground Cable Market: Regional Analysis
Geographically, North America region is estimated to hold the major share in the global underground cable market during the coming years. Growing demand for smart grid technology and rising investment in the development of new underground and submarine cables are fueling the growth of the market in this region. Rapid growth in the cable and conductor industry along with rising government investment in the power and infrastructure sectors is fueling the market growth. On the other side, Europe is expected to grow at a faster rate and is anticipated to offer new opportunities for underground cable market growth. Some of the factors that are propelling the growth of the market in this region include the presence of leading manufacturers and favorable government policies towards infrastructure development.
Global Underground Cable Market: Competitive Players
The global underground cable market is highly competitive and concentrated owing to the presence of few leading manufacturers. Nexans Group, SEI Investments Company, JPS Holdings AG, The Furukawa Electric Co., Ltd., NKT Cables, General Cable, Southwire Company, LLC, Wuxi Jiangnan Cable Co., Ltd., Riyadh Cables Group, and LS Cable and System are some of the dominant players that are functioning in the global underground cable market. The prominent players operating in the market are largely focusing on introducing advanced technology to enable utilities to augment their capacities and gain a competitive edge in the underground cable market.
Global Underground Cable Market: Regional Segment Analysis
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Rapid industrialization and increase in infrastructure development are the key contributing factor for the growth of the Underground cable Market. Furthermore, recent technological advancements in design and manufacturing have led to the development of cables suitable for use at high voltages.
Nexans Group, SEI Investments Company, JPS Holdings AG, The Furukawa Electric Co., Ltd., NKT Cables, General Cable, Southwire Company, LLC, Wuxi Jiangnan Cable Co., Ltd., Riyadh Cables Group, and LS Cable and System are some of the dominant players that are functioning in the global underground cable market.