Impact Analysis of COVID-19 on the Global XLPE cables market
COVID-19 to affect the global XLPE Cables Market
As per the research by Market Research Future Reports (MRFR), the global XLPE cables market 2020 is majorly driven by the rising share of renewable energy in the power generation mix. Due to the rising population, global electricity demand is likely to rise exponentially. Besides, rapid urbanization increased access to electricity, and the increasing infrastructure activities have also aided in the expansion of the market. Moreover, the growing concern towards protecting the environment has led to the rising awareness of renewable resources, which directly augments the market. In addition, several nations across the globe, such as India, the US, Germany, the UAE, and Saudi Arabia, have set aims to grow the generation capacity of renewable energy generation sources to add to the share of renewable energy in the power generation mix.
Due to the sudden outbreak of novel coronavirus, there has been an immense change in the market dynamics. Several regions have been affected due to the pandemic. We will provide COVID-19 impact analysis with the report.
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The global XLPE cables market can be segregated on the basis of voltage, installation, end-user, and the region.
On the basis of voltage, the global XLPE cables market can be segregated into high voltage, medium voltage, and low voltage.
On the basis of installation, the global XLPE cables market can be segregated into underground, overhead, and submarine
On the basis of end-user, the global XLPE cables market can be segregated into chemical, power, oil gas, manufacturing, infrastructure transportation, metals mining, and others.
On the basis of region, the global XLPE cables market can be segregated into Europe, the Middle East Africa, Asia-Pacific, and the Americas.
The geographical analysis of Europe, the Middle East Africa, Asia-Pacific, and the Americas have been conducted. As per the analysis by Market Research Future Reports (MRFR), the APAC region is likely to acquire the largest market share during the forecast period. The market of the APAC region is excelling due to the increasing investment in the oil gas industry and the advancements in the existing oil fields. Moreover, the increasing technological developments, the fast development of infrastructure, and the growing oil exploration in the region are likely to expand the market in the region. These are the estimated factors propelling the market in the region during the forecast period. In the region, China plays a significant role.
On the other hand, the other regions like North America also contribute significantly to the expansion of the market. The US, along with other countries like France and China, is mainly concentrating on growing the offshore wind energy share. The usage of XLPE cables is estimated to grow the supply of electricity in the oil gas and power industries. Other countries like the UAE have taken several initiatives to expand the market. The UAE government launched Energy Strategy 2050 to encourage the usage of renewable energy in the country. Such initiatives have a direct impact on the expansion of the market.
However, due to the outbreak of pandemic coronavirus, several regions have been adversely affected. The dynamics of the market are changed significantly due to the observation of worldwide lockdown.
The forefront players of the global XLPE Cable Market are Nexans (France), Prysmian Group (Italy), NKT A/S (Denmark), Sumitomo Electric Industries, Ltd. (Japan), KEI Industries Limited (India), Universal Cables Ltd. (India), Brugg Kabel AG (Switzerland), Finolex Cables Ltd. (India), Encore Wire Corporation (US), Relemac (India), Eland Cables (UK), and Laser Power Infra (India).
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