According to a research report published by BCC Research, a foreign market research firm, the global power cable market is about $ 153.2 billion (about $ 951 billion) in 2014 and is expected to grow to $ 219.7 billion by 2019 (about RMB 1.36 trillion yuan), during the compound annual growth rate of 7.7%.
The report said that the rapid development of alternative energy sources such as renewable energy is to promote the development of power cable market, a major factor. Second, with the growing demand for electricity, the market demand for a strong and stable power grid more and more. Transmission and distribution network and related equipment upgrades and replacement is also an important factor in the development of power cables.
The report also pointed out that with the development of the market and the demand for power grid, the technical requirements of the power cable is also getting higher and higher. Therefore, technology is essential to support the development of power cables.