Due to rapid industrialization in the developing countries and rapid urbanization all over the world, there is an increase in the sales of power cable in the market. Industrialization in these countries leads to an increasing power and energy consumption, which leads to increasing sales of power cables in such markets. Industrialization in the developed countries is also leading to a demand for the replacement of the aging power cables and installation of efficient power cables. In addition, urbanization is also fuelling the growth of the global power cable market as rapid urbanization leads to the requirement and consumption of more electricity, and for this purpose, more number of distribution networks need to be deployed. Due to the increasing consumption of energy due to the factors related to urbanization and industrialization, there is going to be a rapid growth in the global power cable market.
A volatile and unstable power cable market has widespread repercussions for the manufacturers of power cables. From rising energy costs to unexpected fluctuations in raw material price levels, unforeseen obstacles are destabilizing supply chains and making it difficult for the manufacturers to remain stable. With supplies of raw materials becoming harder to secure, the volatility in commodity prices is there to stay. This leads to the manufacturers passing on the additional costs along to the consumers who are already reluctant to spend. These factors are likely to hinder the global power cable market.