The global water blocking tapes market size is expected to reach USD 575.7 million by 2030, according to a new study by Polaris Market Research. The report " Water Blocking Tapes Market Share, Size, Trends, Industry Analysis Report, By Conductive Type (Conductive, Semi-conductive, Non-Conductive), By Application (Optical Fiber Cable, Submarine Cable, Power Cable, Communication Cable, Others), By Region; Segment Forecast, 2022 - 2030" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The global market is driven by an increasing number of countries focusing on improving their energy independence and upgrading their energy infrastructure. Several developing countries, such as India, Indonesia, Brazil, and South Africa, are developing nation-wide grids to meet energy demands, improve power delivery standards with improved technology, and lower operating costs.
The Visual Capitalist says that China raised its overall spending on the energy transition by 60% from 2020 levels, thereby solidifying its position as a worldwide leader. 2021 saw a 19% growth in the nation's wind and solar power generation capacity, with electrified transportation also contributing to a sizable chunk of the expenditure.
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Although the COVID-19 pandemic has had negative effects on all end users, it has also negatively impacted the water-blocking tape market. In the OECD's report, the industrial sector consumes about 39% of the energy, transportation consumes 27%, residential consumes 19%, commercial consumes 8%, and agricultural consumes the remaining 1%.
Water Blocking Tapes Market Report Highlights
Polaris Market Research has segmented the water blocking tapes market report based on conductive type, application, and region:
Water Blocking Tapes, Conductive Type Outlook (Revenue - USD Million, 2018 - 2030)
Water Blocking Tapes, Application Outlook (Revenue - USD Million, 2018 - 2030)
Water Blocking Tapes, Regional Outlook (Revenue - USD Million, 2018 - 2030)