The new report by Expert Market Research titled, ‘Global High Voltage Cable Market Report and Forecast 2022-2027’, gives an in-depth analysis of the Global High Voltage Cable Market, assessing the market based on its segments like installation, end-use, and regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
- Historical Market Size (2021): USD 16.1 Billion
- Forecast CAGR (2022-2027): 6.2%
- Forecast Market Size (2027): USD 23.2 Billion
Market Overview (2017-2027)
With rising rural electrification programmes, population growth, and urbanisation, the number of end users of electricity has increased. Renewable energy sources are growing increasingly popular as the need for electricity rises. As a result, the number of new grids being built to reach remote areas has risen. The high voltage cable business is also growing due to rising demand from companies and energy distribution centres. To satisfy the demands of electricity transmission, industries all over the world are investing in the building of new facilities or modernising current infrastructure. Moreover, as public awareness of the environmental consequences of excessive use of non-renewable sources of energy, such as coal, has grown, various industries have been pushed to use environmentally friendly resources for power generation. Renewable energy sources, such as windmills and solar panels, are becoming more popular, which is fueling the rise of the high-voltage cable business.
Industry Definition and Major Segments
High voltage refers to the amount of voltage power that exceeds the normal norm or threshold. High voltage is defined by two characteristics: it generates flying sparks and can cause electric shocks to anyone who comes too close to it. Between two system conductors or between a conductor and the ground, a voltage could exist. In this case, a high voltage cable is one that is used for high-voltage electric power transmission. Their design allows for high-voltage transmission with minimal power loss.
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On the basis of installation, the market is segmented into:
On the basis of end-use, the market is divided into:
- Power Utilities
- Oil and Gas
- Chemical and Petrochemical
- Renewable Energy
- Wind Energy
On the basis of region, the market is segmented into:
- North America
- Latin America
- Middle East and Africa
Increased government investments in smart grid technology and offshore power projects are significant drivers of the high voltage cable industry's global expansion. Power transmission infrastructure in several developing countries is old, resulting in inefficient power and the facilitation of power theft. As a result of these factors, utility companies are being forced to improve their existing power transmission infrastructure, which is likely to increase demand for high-voltage cables. With a lot of projects for power generation from renewable energy sources being announced, an effective transmission network will be necessary to connect generation facilities and consumption centres, boosting the high voltage cable industry's growth.
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Key Market Players
The major players in the market are Dubai Cable Company Pvt. Ltd., Nexans, Hitachi Metal, Ltd., Sumitomo Electric Industries, Ltd., Siemens AG, and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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