Pune, India, May 09, 2022 (GLOBE NEWSWIRE) -- The global high voltage cables market size is projected to grow from USD 31.89 billion in 2018 to USD 54.97 billion in 2026, at CAGR of 7.11% during forecast period; Rapid urbanization witnessed worldwide to boost global high voltage cables market growth. On the basis of installation, the overhead installation segment is dominating the market because of the low transmission losses and easy installation processes.
The report is based on an in-depth analysis of the high voltage cables market. It offers details about major factors propelling and repelling growth, along with major high voltage cables market trends and opportunities. Such insights will help players invest accordingly and strategize their moves in order to maintain their position in the competition.
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Market Growth Factors and Restraints:
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.
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.
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Market Segmentation:
On the basis of Installation, the market is divided into Overhead, Underground, Submarine.
By Voltage market is segmented into 100 kV – 250 kV, 251 kV – 400 kV, Above 400 kV.
By End-User the market further categorized into Industrial, Utility.
Finally, by geography, the market is separated into North America, Asia Pacific, Europe, and the Rest of the World.
Regional Insights:
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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Global High Voltage Cables Market 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 (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Value Chain Analysis
Continued…
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