Dublin, March 14, 2024 (GLOBE NEWSWIRE) -- The "High Voltage Cable Accessories Market Size & Share Analysis - Growth Trends & Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The global high-voltage cable and accessories market is experiencing rapid growth, with a compound annual growth rate (CAGR) projected at 5.91% from 2023 to 2028. The market size, which is estimated to be USD 692.05 million by the end of 2023, is expected to reach USD 922.08 million in the next five years.
Driving this growth are several key factors. Of significant influence is the integration of renewable energy solutions into electricity grids, coupled with the aging infrastructure of existing power networks. Investments in transmission and distribution (T&D) infrastructure play a pivotal role in spurring the upward trajectory of the market's expansion.
Despite these positive indicators, the market faces headwinds due to the volatility in raw material prices and the shift towards distributed renewable energy sources, which may inhibit the growth of the high-voltage cable and accessories sector.
Opportunities in the market are particularly promising with the uptick of electrification projects in regions like Africa. These undertakings aim to extend power networks from generation points to end-users, thus addressing the demand for high-voltage solutions. Developing economies in Asia and Africa, with their burgeoning rural electrification programs, are poised to unlock new prospects for market players.
Key Market Trends
The underground cables sector is notably the fastest-growing segment within the market. Europe and North America are observing a shift towards the adoption of underground cables over traditional overhead models mainly for reasons such as enhanced reliability and aesthetics, coupled with a substantially lower likelihood of faults and higher safety standards.
Recent large-scale international projects, like NeuConnect which links Germany and the United Kingdom, further underline the growth potential of the underground segment within the high-voltage cable accessories market.
Asia-Pacific at the Forefront
Leading the market from a regional perspective is Asia-Pacific, anticipated to witness the highest CAGR within the forecast period. This growth is powered by the increased need for electricity spurred by urbanization, especially in populous nations like China and India.
China's massive energy consumption and India's soaring power generation ambitions, including the target to achieve 500 GW from renewables by 2030, necessitate vast enhancements in transmission networks - providing substantial momentum for the high-voltage cable and accessories market.
Competitive Landscape
While the market is moderately fragmented with key players such as Nexans SA, Prysmian SpA, NKT A/S, TE Connectivity Ltd, and Brugg Kabel AG leading the way, emerging players and new entrants are contributing to the competitive dynamics.
A selection of companies mentioned in this report includes:
- Nexans SA
- Prysmian SpA
- NKT A/S
- TE Connectivity Ltd
- Brugg Kabel AG
- Sumitomo Electric Industries, Ltd.
- LS Cable & System Limited
For more information about this report visit https://www.researchandmarkets.com/r/lni96p
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