Electrical Conductors Market for the Power Industry: USD 13.8 Billion Growth Forecasted at a CAGR of 6.78% between 2024 to 2028 - Technavio

NEW YORK, Jan. 28, 2024 /PRNewswire/ -- The Electrical Conductors Market for the Power Industry is set for substantial growth with a robust USD 13.8 billion surge at an impressive CAGR of 6.78% between 2023 and 2028, as forecasted by Technavio. The report highlights increasing investments in renewable energy projects, the growing capacity of wind power generation, and challenges related to the volatility in raw material prices, particularly aluminium, and copper. While continuous technological advancements bring about improvements in efficiency, miniaturization, and data transmission capabilities, they also create challenges regarding adaptability and compatibility. Market participants need to stay at the forefront of innovation to capitalize on emerging opportunities. Download the Free Sample Report within minutes for an overview of the market trends.

Market Segmentation and Challenges:
The power transmission segment is forecasted to play a major role in the market's growth, accounting for a significant share. Selecting appropriate electrical conductors can be challenging due to factors such as voltage requirements, transmission distances, environmental conditions, and cost considerations. Market players must navigate this complexity to meet the specific needs of varied applications.
The report provides a detailed perspective on the Electrical Conductors Market, segmenting it based on application and types.

• Application Segment: Power Transmission, Power Distribution, and Power Generation and others
• Type Segment: Power cables, Transformers, Busbars, and Submarine power cables
• Regional Analysis: North America is projected to contribute 32% to market growth by 2027

Initiatives like China's investment in ultra-high-voltage power cables and India's focus on expanding transmission and distribution networks contribute significantly to the demand for electrical conductors."- Technavio Learn more about market trends, challenges, and opportunities by viewing the free sample report

Some companies such as 3M Co., Apar Industries Ltd., Prysmian Spa, Nexans SA, and others are implementing strategic initiatives like alliances, partnerships, and product launches to strengthen their market presence. The report provides detailed analyses of 20 market companies, offering insights into their strategies, market positioning, and competitive landscape. For a detailed overview of the competitive landscape, buy the report now.

Electrical Conductors Market For The Power Industry Application Outlook (Revenue, USD bn, 2023-2028)

• Power transmission - size and forecast 2023-2028
• Power distribution - size and forecast 2023-2028
• Power generation and others - size and forecast 2023-2028

Electrical Conductors Market For The Power Industry Type Outlook (Revenue, USD bn, 2023-2028)

• Power cables - size and forecast 2023-2028
• Transformer - size and forecast 2023-2028
• Busbar - size and forecast 2023-2028
• Submarine power cables - size and forecast 2023-2028

Electrical Conductors Market For The Power Industry Geography Outlook (Revenue, USD bn, 2023-2028)

• APAC - size and forecast 2023-2028
• Europe - size and forecast 2023-2028
• North America - size and forecast 2023-2028
• South America - size and forecast 2023-2028
• Middle East and Africa - size and forecast 2023-2028

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The US - semiconductor capital spending market size is estimated to grow at a CAGR of 5.31% between 2023 and 2028. The market size is forecast to increase by USD 10.6 billion.

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SOURCE Technavio