Asia-pacific High Voltage Cable Market 2023-2030
MARKET OUTLOOK
Triton’s research report on the Asia-Pacific high voltage cable market insinuates that the market is set to progress at a CAGR of 6.29% during the forecast phase of 2023-2030. India, China, Japan, Australia & New Zealand, South Korea, ASEAN countries, and Rest of Asia-Pacific are considered in the region’s report.
The Indian renewable energy sector has witnessed substantial growth in recent years, ranking fourth in wind power and fifth in solar power capacities. As per estimates, the country is looking to invest billions in creating renewable energy generation capacity by 2028. This investment is mainly going to be in grid expansion and modernization of infrastructure to support green energy capacity. Thus, the growing focus on green energy infrastructure is estimated to drive the adoption of HVC cables for energy transmission, thereby creating opportunities for the studied market.
On the other hand, South Korea has emerged among the major countries sustained by self-produced energy. Since 2012, electricity providers with a generation capacity of 500 MW or more have been given a mandatory quota to offer a specific percentage of power with renewable energy, such as solar or wind. Therefore, the strong footing of the nation in the renewable energy sector boosts the high voltage cable market’s development to a large extent.
COMPETITIVE OUTLOOK
The prominent players in the HVC cable market consist of Finolex Cable Ltd, Furukawa Electric Co Ltd, Hitachi Ltd, Nexans SA, and Prysmian Group.
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