Aluminum Cable Market is on trend with growing adoption in renewable energy by 2024
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| Aluminum Cable Market |
Aluminum cable, also known as aluminium cable, is made of
aluminum conductors which provide high conductivity and resistance to
corrosion. Aluminum cables offer excellent thermal resistance and low weight
which makes them suitable for overhead power transmission and distribution. The
low weight of aluminum cables allows for easier and cheaper installation.
Aluminum cables are mainly used in power transmission, power distribution,
telecommunication, and other applications owing to their affordability and
reliability.
The Global
Aluminum Cable Market is estimated to be valued at US$ 25.23 Bn in 2024 and is
expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Aluminum Cable market are NEXANS , Prysmian S.p.A,
Finolex Cables, Havells India, Polycab, Sterlite Technologies, Paraflex, Elson
House, Vimco Plast, Emmflex Group, Modern Industries, KIE Industries, Cerro
wire LLC, DUCAB, Encore Wire Corporation, South wire Company, LLC. The demand
for aluminum cables is growing globally due to the increasing focus on renewable
energy sources like solar and wind energy. Aluminum cables are widely used in
solar and wind farms and power transmission infrastructure due to their light
weight and corrosion resistance. Major players are expanding their production
facilities globally to tap the growing demand from emerging economies of Asia
Pacific and Middle East regions.
Market Key Trends
One of the key trends in the
Aluminum Cable Market Demand is the development of nano-barrier
aluminum conductors. Nano-barrier aluminum conductors have a very thin barrier
layer, only a few nanometers thick that prevents corrosion. This significantly
improves conductivity and allows aluminum cables to be used in more
applications while retaining the benefits of low weight and cost. Another key
trend is the increasing use of aluminum conductors in underground cables to
replace copper conductors. The low temperature heat release, tensile strength
and ampacity of aluminum offer advantages over copper for underground MV and HV
applications. This is expected to drive expanded use of aluminum cables
globally over the forecast period.
Porter's
Analysis
Threat of
new entrants: New companies will need significant investment and infrastructure
to produce and distribute aluminum cables. Established brands have economies of
scale.
Bargaining power of buyers: Buyers have moderate power as there are many
established players. However, buyers can negotiate on bulk orders and demand
value-added services.
Bargaining power of suppliers: Suppliers of raw materials like aluminum have
some power as materials require specific Qualities. However, availability of
substitutes keeps their power in check.
Threat of new substitutes: Copper cables are a threat but aluminum cables'
lower costs support its demand. Optic fibers are also replacing cables but in
high bandwidth applications only.
Competitive rivalry: Intense as players compete on pricing, Innovation, and
integrated solutions. Brand reputation and relationships influence choices.
Geographical Regions
Asia Pacific accounts for over 40% value share led by China, India due to
rapid industrialization and infrastructure growth. Established aluminum cable
producers expanding capacities to tap rising demand.
Middle East and Africa register fastest CAGR during the forecast period with
increased investment in power grids, rail networks across GCC nations and
Africa. Ongoing and planned projects driving aluminum cable deployment.
Get more insights on Aluminum
Cable Market
About
Author:
Money
Singh is a seasoned
content writer with over four years of experience in the market research
sector. Her expertise spans various industries, including food and beverages, biotechnology,
chemical and materials, defense and aerospace, consumer goods, etc.
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