Pune, India, Aug. 22, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global high voltage cables market size is projected to hit USD 54.97 billion by 2026 and exhibit a CAGR of 7.11% during the forecast period. The market size stood at USD 31.89 billion in 2018. The market is mainly driven by the increasing demand for power and transmission cables for electric vehicles, renewable energy, and other high-voltage applications.
The high voltage cables market is segmented on the basis of application and geography. The market is mainly segmented into transmission cables and power cables. Transmission cables are mainly used in power transmission and are mainly used in high-voltage grids. Power cables are used in power generation and are mainly used in electric vehicles and renewable energy applications.
Key Industry Developments of the High Voltage Cables Market include:
- On July 21, 2021, Prysmian was awarded a contract worth USD 900 million to supply high-voltage direct current (HVDC) cable systems for an underground transmission project in the US. Under this contract, Prysmian will provide 525kV HVDC cables for efficient transmission of renewable energy to power more than 1.2 million houses, and a milestone in building a US clean energy grid.
- On February 02, 2021, Nexans has won a major frame contract to deliver cables, accessories, and installation service for the underground grid connection RTE project. This enables the future expansion of Nexans partnership with RTE and marking the increasing volume for cables, accessories, and services.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2019-2026 |
| Forecast Period 2019 to 2026 CAGR | 7.11% |
| 2026 Value Projection | USD 54.27 billion |
| Base Year | 2018 |
| Market Size in 2018 | USD 31.89 billion |
| Historical Data for | 2015-2017 |
| No. of Pages | 130 |
| Segments covered | By Installation, By Voltag, By End-User and Regional Forecast |
| Growth Drivers | Rise in Greenhouse Gas Emission is Fueling Demand for Renewable Sources Energy, thus Boosting Market |
| Asia Pacific to Hold High Market Share on Account of Increasing Demand for Renewable Power Sources |
Rise in Greenhouse Gas Emission is Fueling Demand for Renewable Sources Energy, thus Boosting Market
The increasing population, coupled with the rise in urbanization and industrialization are important factors boosting the market for high voltage cables. In addition to that, age old grid infrastructures are being replaced by the new ones, and this requires high current carrying capacity over long distances in order to satisfy the power transmission and distribution throughout. This is anticipated to promote the growth of the market in the forecast period.
On the other hand, the increase in greenhouse gas emission concerns have urged various nations to look for alternative ways of extraction energy from renewable sources of energy. This created the demand for alternative sources of energy such as solar and wind energy. All factors mentioned above are further prognosticated to promote the growth of the market in the forecast duration.
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On the flipside, high cost of materials used for making cables such as steel, aluminum, copper, and others may act as a hindrance to the market in the future. Nevertheless, active participation of government in building of smart grid technology, coupled with the rise in the number of offshore power projects are likely to create lucrative growth opportunities for the market in near future.
Regional Segmentation:
The Asia Pacific region is the largest market for high voltage cables, followed by North America and Europe. The Asia Pacific region is also the fastest-growing market for high voltage cables, owing to the growing demand for electricity in the region. China is the largest market for high voltage cables in the Asia Pacific region, followed by India and Japan.
The North American high voltage cables market is growing due to the rising demand for electricity, growing renewable energy installations, and the need for grid expansion and upgradation. The United States is the largest market for high voltage cables in North America, followed by Canada.
| Segmentation | By Installation
|
By Voltage
| |
By End-User
|
Asia Pacific to Hold High Market Share on Account of Increasing Demand for Renewable Power Sources
As per Fortune Business Insights, the market for high voltage cables is expected to attract high revenue from Asia Pacific owing to the rising population and surge in demand for power generation to serve various residential, industrial and commercial purposes. In 2018, the Asia Pacific held a high voltage cables market share of USD 11.50 Billion. On the other side, North America currently holds a small high voltage cables market share due to the ongoing replacement of the age old grids. However, the oil and gas exploration activities are also driving the regional market.
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Some of the players operating in the high voltage cables market include:
- Furukawa Electric Co., Ltd.
- General Cable
- Prysmian Group
- Dubai Cable Company - Ducab
- Schneider Electric
- Universal Cables Ltd
- Riyadh Cables Group Company
- ZTT
- Nexans
- NKT
- ABB
- Jiangnan Group Limited
- Tratos
- Brugg Cables
- Synergy Cables
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Scope of the Report:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Value Chain Analysis
- Global High Voltage Cables Market Analysis (USD Billion), Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Installation
- Overhead
- Submarine
- Underground
- Market Analysis, Insights and Forecast – By Voltage
- 100 KV - 250 KV
- 251 KV - 400 KV
- Above 400 KV
- Market Analysis, Insights and Forecast – By End-User
- Industrial
- Utility
- Market Analysis, Insights, and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Frequently Asked Questions:
1. Who has the best High voltage cables Market?
Furukawa Electric Co., Ltd., General Cable, Prysmian Group, Dubai Cable Company - Ducab, Schneider Electric, Universal Cables Ltd, Riyadh Cables Group Company, ZTT, Nexans, NKT, ABB, Jiangnan Group Limited, Tratos, Brugg Cables, Synergy Cables, ,
2. How big is the High voltage cables Market?
The global high voltage cables market size stood at USD 31.89 Billion in 2018 and it is projected to reach USD 54.97 Billion by 2026.
3. Which region held the highest share in the market?
Asia Pacific dominated the market share in 2018.
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