China will continue to dominate the power cable materials market in Asia Pacific by 2023
International market research institute Reportlinker recently released power cable material research report. This research study focused on power cable insulation materials such as insulation materials and jacketing materials in the Asia Pacific region. The study covers the period from 2013 to 2023 with a base year of 2016 and a forecast of the market from 2017 to 2023.
The research areas include China, Japan, South Korea, India, ASEAN and other Asia-Pacific regions including South Asia, Southeast Asia, Australia and New Zealand.
The report argues that the strong growth in energy demand in the Asia Pacific region is a major factor contributing to the steady growth of the power cable materials market in the Asia Pacific region. By 2030, the energy demand in the Asia Pacific region is expected to double and renewable energy may play an extremely important role in supporting the growth in demand. For example, India has ambitious plans to install 275 GW of renewable energy by 2027.
Compared with Europe and North America, the per capita energy consumption in the Asia Pacific region is very low and energy deficit. Rising industrialization and strong GDP performance are parallel to the sharp rise in electricity demand in South and Southeast Asia. In addition, China has overtaken the United States in energy consumption and the overall energy demand in the Asia Pacific region has continued to grow.
China is the world leader in renewable power generation and it is estimated that by 2020, China's solar power generation capacity will double. With the deepening regional cooperation in electricity production and trade, there will be tremendous business opportunities in the power cable market in the Asia Pacific region. Countries such as China, India and the ASEAN region will invest heavily in clean energy.
Traditionally, the power cable material market has been dominated by the Chinese market. China is the largest producer and consumer of insulation and sheathing materials and is home to many European and North American material manufacturers and cable manufacturers. It is estimated that by 2023, China will remain the leader in the power cable materials market in the Asia Pacific region. On the other hand, Japan and South Korea are mature, slower-growing economies. The markets in these countries are driven by the demand for alternative cables.