January 11, 2022 07:51 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, Jan. 11, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Cables and Accessories Market finds that increase in renewable energy generation is expediting market growth. Primarily driven by adoption of smart grid technology, the total Global Cables and Accessories Market is estimated to reach USD 201.54 Billion by 2028, up from USD 134.35 Billion in 2021, at a compound annual growth rate (CAGR) of 5.2%.
Furthermore, the consequent increase in the demand for power is also anticipated to augment the growth of the global cables and accessories market, states Vantage Market Research, in a report, titled “Cables and Accessories Market.”
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Increase in Renewable Energy Generation to Fuel Global Cables and Accessories Market
According to IEA, the annual renewable capacity additions projected to increase by 45% in 2020 i.e., to almost 280 GW, which is the highest year-on year increase since 1999. The renewables accounted for 90% of new power capacity expansion globally. Furthermore, the solar PV development will continue to grow and break records, with annual additions reaching 162 GW by 2022 which is almost 50% higher than the pre-pandemic level of 2019. Additionally, the United States is expected to be more positive due to the federal tax credit extensions and the new US emissions reduction targets that will boost renewables expansion during the forecast period. Owing to the rise in renewable energy demand from various industries, the global cables and accessories market is also expected to increase in the years to come.
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Adoption of Smart Grid Technology to Stimulate Market Growth
The increasing adoption of smart grid technology owing to the rise in electricity demand is anticipated to augment the growth of the Global Cables and Accessories Market during the forecast period. The global electricity demand is projected to grow strongly in 2021 and 2022. According to IEA, electricity demand was reduced by around 1% in 2020 but in 2021 the global electricity demand is set to grow by 5% and by 4% in 2022. The major increase will be seen from Asia Pacific region. Additionally, the fossil fuel-based electricity is set to cover 45% of additional demand in 2021 and 40% in 2022 and the coal-fired electricity generation will increase by almost 5% in 2021. To meet the required energy demand, it is important to optimize the grid operations and available resources in an efficient, effective and environment sustainable way. This, in turn, has increased the global demand for cables and accessories.
Important questions answered in this report:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the energy & power industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
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The report on Cables and Accessories Market highlights:
North America Dominates the Global Cables and Accessories Market
North America has dominated the Global Cables and Accessories Market in 2021 and are likely to continue the same trend during the forecast period. This is attributable to the increasing adoption of smart grid technologies in the region. Furthermore, increasing focus on grid interconnections is also expected to support the regional growth of the market.
Asia Pacific is likely to witness fastest growth in the Cables and Accessories Market during the forecast period. This is attributable to the presence of fast-growing economies like India and China in the region. Additionally, the rapid industrialisation, and urbanisation are also expected to support the growth of the cables and accessories market in near future.
List of Prominent Players in the Cables and Accessories Market:
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