Increasing Development Of Eco-Friendly Insulated Cables Used For Power Transmission
The latest trend in the insulated cables market is the development of efficient, reliable and eco-friendly cables used for power transmission. The new cables are produced to provide power transmission across long distances coupled with high thermal performance and high reliability. The new eco-friendly cables that reduce carbon emission, represent the next generation solutions for land cable systems. Following the trend, in 2019, Prysmian Group, an Italy based manufacturer of electric power transmission and telecommunications cables, completed its testing for two new 525 kV land cable systems that use a zero-gas process that reduces carbon emission by around 30%. The two cable systems use P-Laser and XLPE insulations. P-Laser is an eco-friendly insulated Extra High-Voltage (EHV) cable that can operate in harsh environments with increased operating temperatures of 20%, whereas the XLPE insulated cable system uses a new insulation compound specific for high voltage power transmission.
The insulated cables market consists of sales of insulated cables and related services that are used in various applications such as electrical equipment, construction, telecommunications, and motor vehicles. An insulated cable is a cable that is resistant to electric current as it consists of non-conductive material. Insulated cables are used in lights, fans, computers, television, and telephone.
The global insulated cables market was worth $158.45 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 5.88% and reach $199.16 billion by 2023.
Increased use of insulated cables and wires in the automotive sector will enhance the growth of the insulated cables market. Insulated wires are used to handle unique stress during the manufacturing process in the automotive industry and are also used to connect car batteries with other components. The heavy demand for insulted wires in the automotive industry is supported by the wide range of insulting wires offered by the manufacturers in the insulated cables market. According to the European Automobile Manufacturers Association (ACEA), as of 2019, there were a total of 98.1 million units of motor vehicles along with 79.3 million units of passenger cars produced in the world. Therefore, the increasing use of insulated cables and wires in the automotive sector is driving the market.
The insulated cables market is segmented by type into copper, aluminum, fiber optic, and others. It is also segmented by application into electrical equipment, construction, telecommunications, motor vehicles, and industrial machinery. Major players in the insulated cables market are Southwire, General Cable, 3M, ABL Electronic Supplies, Inc., AFC Cable Systems, Amphenol Corp, Asia Pacific Wire, and Cable Corporation Limited, Belden, Inc., Cable USA, and LS Corporation.