High Voltage Cable Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of High voltage cables Market

The high voltage cables market size was valued at USD 31.89 billion in 2018, and the market is now projected tgrow tUSD 79.65 billion by 2032, exhibiting a CAGR of 6.77% during the forecast period of 2019-2032.

The COVID-19 crisis has exerted a notable influence on the high voltage cables market thanks tvarious disruptions in the manufacturing, supply chain, and construction sectors. Pandemic control measures affected infrastructure activities such as renewable energy plants and transmission line construction, which in turn lowered the near-term requirement of high voltage cables. Yet, as we saw in preceding years, as the global economy recovers there always are signs of improvement due tgrowth in renewable energy investment, upgrading the grid, and growth in urban development. One of the major drivers for HVDC cables market are the sustainable energy solutions which are being inspired by Governments and private sectors around the world and which, after the pandemic phase, should see a sharp increase in the projects diffusion. These factors hindered the high voltage cables market growth.

The up surging global population with the consequent growing and urbanization leading tincreased demand for energy is expected tboost the high voltage cables market. Deteriorated power distribution and transmission networks which meet the existing demand are gradually being substituted with new sophisticated smart grid systems. The upcoming grids call for establishment of new transmission network. These networks require high voltage cables with ability ttransmit high currents over long distances rather than other available types. This will help in the growth of the global market during the mentioned forecast period. These factors drive the high voltage cables market shares.

One trend that have been observed in the high voltage cables market is the rising use of facilities such as the High Voltage Direct Current (HVDC). HVDC technology has the potential of outcompeting the conventional Alternating Current (AC) systems in that way the following advantages come with the HVDC; reduced transmission losses, increased system stability, needed in long distance routes and submarine cables. This makes HVDC specially suitable for connection of renewable power stations including offshore wind farm tthe main grid. The increasing emphasis on renewable energy integration and interstate electricity transactions is catalysing the HVDC conversion schemes, consequently stimulating the High voltage cables market space.

Comprehensive Analysis of High voltage cables Market

The high voltage cables market is responding quite an unprecedented rate of growth because of its market segmentation. This indicators growth in different regions by substituting the major forces of supply and demand which define the shape of local pharmacy benefit management market. Therefore, they are logically divided int3 Segments, by installation analysis, by voltage analysis and by end-user analysis. According tInstallation, the High Voltage Cables market has been classified intOverhead, Submarine, and Underground. The most prominent advantages of the overhead type are: Possibility of installation without considerable difficulties associated with construction of trenches or trenches, low transmission losses at long distances. According tvoltage This market is divided intVoltage: 100 kV – 250 kV , 251 kV – 400 kV and above 400 kV. At the present time, the 251 kV – 400 kV has the highest demand in the market and the maximum usage of the high voltage cables tthe specified voltage level. The use of low and medium voltage cables has inevitably been on the increase because the power transmission industry in the developing countries is still developing. Thus, the above mentioned 400 kV segment in these countries is present in a very limited way. The high voltage cables market is mainly bifurcated by End-User as utility and industrial as per the study. These are the major users as the utility is used tserve power tmost of the sectors most of the sectors in the country. Rural electrification programs, population expansion and urbanization has extended the number of consumers of electricity. The ratiof demand and power has given way tthe use of renewable systems for power generation.

The market size in Asia Pacific had a considerable presence in the global market. The forces that enabled the growth of the region are; the population was seen thave harmonously grown and concurred with the increase in power demand. There is development of new grids because the region has embarked on urbanization. Certain technological advancements which have occurred in the region have coupled with rural electrification roll-outs by various countries tfoster the high voltage cables market.

Prysmian Group [Italy], Nexans [France], General Cable [U.S.], NKT [Denmark], Furukawa Electric Co., Ltd. [Japan], ABB [Switzerland], Dubai Cable Company - Ducab [U.A.E.], Jiangnan Group Limited [China], Schneider Electric [France], Tratos [Italy], Universal Cables Ltd [India], Brugg Cables [Switzerland], Riyadh Cables Group Company [Saudi Arabia], Synergy Cables [Israel], ZTT [China] are significant players in the Power market. They are the key player that ensures the industry's success while still having tkeep pace with their innovation in product and services. They offer a competitive zone that incites the growth of technologies and quality assurance. They operate on a global scale and have a wide range of product lines ensuring that the market players compete on a fair playing field bringing in innovations that result in the market's evolution.

In July 2021, Prysmian received an order worth USD 900 million for HVDC cable systems for an underground transmission project in America. According tthis contract, Prysmian will supply and deliver 525kV HVDC cables for optimal transfer of renewable electricity tover 1.2 million homes and a key step in achieving a US clean energy network.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2015-2026

Base Year 2018

Forecast Period 2019-2026

Historical Period 2015-2017

Unit Value (USD Billion)

Segmentation By Installation

Overhead

Submarine

Underground

By Voltage

100 kV – 250 kV

251 kV – 400 kV

Above 400 kV

By End-User

Utility

Industrial

By Geography

North America (U.S. and Canada)

Europe (UK, Germany, Italy, Spain, France, Russia, and Rest of Europe)

Asia Pacific (China, India, Australia, Japan, Southeast Asia and Rest of Asia Pacific)

Latin America (Brazil, Mexico, Argentina and Rest of Latin America)

Middle East & Africa (GCC, South Africa, Egypt and Rest of the Middle East & Africa)