High Voltage Cables Market Forecasts to 2028 – Global Analysis By Installation (Submarine, Overhead), Voltage (100 KV-250 KV, Above 400 KV), Type, End User, and By Geography
According to Stratistics MRC, the Global High Voltage Cables Market is accounted for $16.43 billion in 2021 and is expected to reach $28.15 billion by 2028 growing at a CAGR of 8.0% during the forecast period. High voltage cable is cables utilized for electric power transmission at high voltages over long distances. High voltage cables are equipped with primary elements of one or more conductors, protective jackets, and insulators. This assists in reducing the power losses during long-range transmissions, and hence high voltage cables are found to be more effective than other types of voltage cables in power transmission.
Market Dynamics:
Driver:
Replacement of aged grid infrastructure and the growing number of smart grids
Aged grid infrastructure, which fulfilled the power distribution and transmission demand to date is being replaced with new high-level smart grids. The upcoming grids need the setting up of a new transmission network. High voltage cables having high current carrying capacity over long distances are preferred for these networks over other available counterparts.
Restraint:
High cost
The high cost of materials utilized for making cables such as steel, aluminum, copper, and others may act as a hindrance to the market. Many end-users need efficient voltage cables with less initial cost. The global market has major restraints that are the surging installation cost. Also, the end-users become hesitant to purchase this product because of high install investments. The electrical equipment is expensive. Transmission technologies are already a tremendous expenditure for industries.
Opportunity:
Increasing government initiatives
The increased government investments in smart grid advancements and offshore power projects are the key factors supporting the growth of the high voltage cable market. Various emerging countries have outdated power transmission infrastructure that provides inefficient power and facilitates power theft. These considerations are forcing utility organizations to enhance their existing power transmission infrastructure, which is likely to support the demand for high voltage cables. With various projects for power generation from renewable energy sources being announced, an effective transmission network would be needed to connect generation plants and consumption centers, which is likely to further propel the growth of the market.
The overhead segment is expected to be the largest during the forecast period
The overhead segment is estimated to have a lucrative growth due to the ease in installation and low transmission losses over long distances are the major factors for the growth of an overhead type of installation. Maximum adoption of overhead cables is the economic advantage provided by these cables as they don’t have complex technologies involved are additionally driving the growth of the segment growth.
The above 400 KV segment is expected to have the highest CAGR during the forecast period
The above 400 KV segment is anticipated to witness the fastest CAGR growth during the forecast period owing to the maximum installation of these voltage lines. In many countries, the above 400 kV segment will witness a rise in their share, because of the technological advancements which support their installation.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period due to expanding population, which has certainly increased the power demand. Urbanization taking place in the region has prompted the setting up of new grids. Technological advancements taking place in the region, and rural electrification roll-outs by various countries have together acted as the driving forces for the high voltage cables market growth.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period owing to the continuous replacement of the aged grids taking place in the region the market for high voltage cables is set to develop at a moderate pace in the region. The oil & gas exploration activities have been a major factor driving the growth of the industrial segment of the market.
Key players in the market
Some of the key players profiled in the High Voltage Cables Market include Sumitomo Electric Industries, Ltd., TELE-FONIKA Kable S.A. , NKT Cables, Southwire Company, LLC, HITACHI, LTD., Siemens AG , Prysmian group, Nexans, Dubai Cable Company Pvt. Ltd. , TBEA Co. Ltd and Huber + Suhner.
Key Developments:
In July 2021, Nexans expanded by opening a cable manufacturing facility in Tianjin, China. The new plant covers a 3,000-meter square to produce a large range of cable products and solutions.
In November 2020, Huber + Suhner launched its new flexible and robust Radox Screened Flex high voltage battery cable range for electric vehicles by combining Radox technology with a new type of semiconductor.
Installations Covered:
• Underground
• Submarine
• Overhead
Voltages Covered:
• 100 KV-250 KV
• 251 KV-400 KV
• Above 400 KV
Types Covered:
• DC Power Cable
• AC Power Cable
End Users Covered:
• Renewable Energy
• Infrastructure
• Industrial
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook