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The demand for energy generation from renewable sources is increasing. Adoption is growing in emerging economies as renewable energy technologies are now cost competitive and are often more reliable and safer. For instance, NKT A/S company delivered the high voltage XLPE cable to transmit renewable energy from the rental offshore wind farm to the Belgian power grid. Major players in XLPE cables manufacturers are opting for mergers and acquisitions, collaberating with local players to increase their market reach in the global market. For instance, the joint venture executed in december 2018 between J-power systems and Siemens for the project named “Nemo Link” in order provide subsea connection between the U.K and Belgium to increase the energy security for both countries. Similarly, demand for infrastructure development mainly in construction, mining, aerospace industry is also accelerating the growth of XLPE cables market. For instance, Dubai Electricity and Water authority awarded a project to Nexans company to manufacture and install 400 Kv XLPE cable to upgrade its power transmission infrastructure.
Key Market Driver -
• Increasing investments in renewable sector and power generation. • Increased focus and awareness in companies for cost effectiveness
Key Market Restraint -
• Fluctuations in the availability of raw materials poses threat to stable prices and production costs.
Number of key manufacturing players have initiated to introduce XLPE cables in innovative manner to opt the market share and create positive impact on the target market. For instance, Prysmian group introduced P-laser cables which carries high-performance insulating system (HPTE) in 2016.
Key players operating in the global XLPE cables market are Kabelwerke Brugg AG, Sumitomo Electric Industries, Ltd., ABB Ltd, The Prysmian Group, General Cable Technologies Corporation., Nexans S.A., Relemac Technologies Pvt. Ltd, Finolex Cables Ltd, Universal Cables Ltd., KEI Industries Limited, Encore Wire Corporation and among others.
North America is experiencing dominance in XLPE cables market owing to increase in spending on the transmission and distribution networks. Furthermore, shift in focus towards renewable energy for electricity production, upgradation of existing transmission & distribution network, grid infrastructure upgradation activities is favouring market growth of XLPE cables. For instance, Nexans S. A. leading player in cable and optical industry installed approximately 100 km high voltage direct current cable and accessories in May 2018 across Strait of Belle Isle subsea in Eastern Canada which valued around US$ 167 Mn.
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The product awareness is expected to grow in Asia Pacific as a result of increasing need of effective technology in order to reduce power outages, efficiency in electricity transmission & distribution, offshore wind farm connections. Similarly, demand for commercial and two wheeler vehicles is increasing in this region. Owing to this adoption of low voltage XLPE cables is increasing as it is required for electrical interconnections in the vehicle.
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