XLPE Cable Market Projected To Hit USD$49,100.0 Million At A 7% CAGR By 2030 – Report
According to a comprehensive research report by Market Research Future (MRFR), “XLPE Cable Market Research Report: Information by Installation, Voltage, End User and Region – Forecast till 2030”, the global XLPE cable market is expected to register a growth of US$ 49,100.0 Million by 2030, with a 7 per cent CAGR during the assessment period (2022-2030).
XLPE Cable Market Outlook
The XLPE cable market is growing rapidly, witnessing the continually growing demand. XLPE cables are extensively used in marine infrastructures. Offshore cable operations consume a vast amount of XDPE cables commissioning cable laying vessels. The increasing demand for an uninterrupted and reliable power supply for submarine applications predominantly drives the XLPE cable market growth. With rising installations of cross-linked polyethylene (XLPE) cables in oil-filled transition joints connecting oil-filled cables, the market is estimated to witness significant traction in the next few years.
Key Players:
Key players involved in the XLPE cable market are,
Finolex Cables Ltd. (India)
Universal Cables Ltd. (India)
Laser Power & Infra (India)
Nexans (France)
Prysmian Group (Italy)
NKT A/S (Denmark)
Encore Wire Corporation (US)
Brugg Kabel AG (Switzerland)
Eland Cables (UK)
KEI Industries Limited (India)
Relemac (India)
Sumitomo Electric Industries Ltd. (Japan)
Competitive Landscape
The highly competitive global XLPE cable market appears fragmented, with many players forming a competitive landscape. Market players take several strategic approaches to maintain their market positions and gain a competitive advantage, such as collaborations, mergers & acquisitions, expansion, and product launches. They also make strategic investments to drive their research & development activities and expansion plans.
Considering current opportunities in the market, XLPE cable manufacturers substantially invest in innovative product developments and improve their existing product line efficiencies. They are forming alliances with key financers and shareholders involved in the refinancing. These factors, as a result, are expected to boost the XLPE cable market size cumulatively.
For instance, recently, on Jan.04, 2023, Chord Company (the UK), a leading manufacturer of cables used in hi-fi and home cinema systems, launched the new Epic speaker links, offering a speaker terminal upgrade path. The new Epic speaker links are high-quality loudspeaker terminal link cables designed to upgrade the freebie pressed metal plates provided with most dual-input-terminal loudspeakers.
The new Epic speaker links, hand-built using the company’s popular EpicXL loudspeaker cables, benefit from XLPE insulation, individually shielded silver-plated connectors, and a high-density foil with 95 per cent coverage braid. The EpicXL cable used combines elements of the high-performance dielectric XLPE.
Industry Trends
The growing use of XLPE cables for power transmission & distribution boosts the market size. Moreover, rapid and excessive growth in marine trades and the rising demand for XLPE cables in power generation applications drive the growth of the market. The rise in offshore wind, wave & tidal power, island connection, and oil & gas sectors escalates the XLPE cable market value.
Growing R&D investments made by industry players in product development influence market revenues. Substantial funding for submarine modernization and upgrades creates vast market demand. Additionally, augmenting demand for advanced submarine power cables spurs the XLPE cable market growth. Developing regions with favorable government policies for cable production present untapped opportunities for the XLPE cable industry.
Emerging countries also offer significant opportunities to international players, creating substantial market demand. Government initiatives for power and infrastructure development drive the XLPE industry expansion. On the other hand, price volatility & demand-supply gap in key raw materials affect market growth. Fluctuating prices and the demand-supply gap in raw materials required to produce XLPE cables are major factors impeding the market growth.
Nevertheless, the high demand for medium voltage and developments in transmission & distribution networks would support the market during the assessment period. Also, the increasing demand for electricity and the integration of sustainable electrical networks would accelerate the growth of the market. Furthermore, increasing renewable energy and government programs for electrification, housing, and smart cities create significant market opportunities.
Segments
The global XLPE cable industry data is segmented into installations, voltages, end-users, and regions. The installation segment comprises overhead, submarine, and underground. Similarly, the voltage segment comprises low, medium, and high voltage. The end-user segment comprises infrastructure & transportation, chemical, manufacturing, power, oil & gas, metals & mining, and others. Further, the region segment is sub-segmented into North America, Europe, Asia-Pacific, and the-rest-of-the-world.
Geographical Analysis
Geographically, the Asia Pacific region is the largest market for XLPE cables, witnessing increased consumer demands. The strong presence of major XLPE cable manufacturers and the massive availability of raw materials in this region are key driving forces. Besides, collective efforts by key players in the region, such as investments in developing technologically advanced cables, drive the XLPE cable market growth.
The growing demand for steady & reliable power supply in various cargo and cruise ships fosters the region’s XLPE cable market share. Growing oil & gas activities and relaxed approach & lenient government regulations for XLPE cable production in this region influence the market size. Moreover, increasing developments in existing oil fields and growing investments in the oil & gas industry substantiate the region’s XLPE cable market value.
In North America and Europe, XLPE cables are becoming the mainstream in energy generation, especially in renewable energy projects, due to their easy installation, connection, and maintenance. However, there are a few companies operating in the XLPE cable market in these regions, which limits the market growth.
On the other hand, the demand for XLPE cables is growing rapidly in Europe and North America. The good news is that some XLPE cable manufacturers are coming forward to develop them, which is expected to accelerate the penetration of XLPE cables in these regions.
