Energy demand continues to grow, and the power cable market in the asia-pacific region is a business opportunity.

International market research institute Reportlinker has released a report on power cable materials. The research focuses on insulating materials and sheath materials in the asia-pacific region. The research covers the time range from 2013 to 2023 and the base year is 2016. Forecast market from 2017 to 2023.

The areas studied include China, Japan, South Korea, India, asean and other asia-pacific regions, including South Asia, southeast Asia, Australia and New Zealand.

In the report, the strong growth of energy demand in the asia-pacific region is the main factor contributing to the stable growth of power cable materials in the asia-pacific region. Energy demand in the asia-pacific region is expected to double by 2030, and renewable energy could play an extremely important role in sustaining demand growth. India, for example, has ambitious plans to install 275 gigawatts of renewable energy by 2027.

Compared with Europe and North America, the asia-pacific region has very low energy consumption per capita and energy shortage. Rising industrialisation and strong GDP are parallel to the sharp rise in demand for electricity in south and south-east Asia. In addition, China has overtaken the United States in energy consumption, and overall energy demand in the asia-pacific region continues to grow.

China is the world leader in renewable energy generation and is expected to double its capacity by 2020. With the deepening of regional cooperation in power production and trade, there will be huge business opportunities in the power cable market in the asia-pacific region. China, India and asean countries will invest heavily in clean energy.

Traditionally, the market for power cable materials has been dominated by the Chinese market. China is the largest producer and consumer of insulation and sheath materials, and is home to many European and north American materials manufacturers and cable manufacturers. By 2023, China is still expected to be the leader of the power cable material market in the asia-pacific region. Japan and South Korea, on the other hand, are mature economies with slower growth. Markets in these countries are driven by demand for replacement cables.