The global high voltage cable market was valued at $14.6 billion in 2019, and is projected to reach $23.4 billion by 2027, registering a CAGR of 6.0% from 2020 to 2027. High voltage cable (HVC) is used for electric power transmission at high voltage over long distances, to meet the electricity demand at the respective loads. The high voltage cable market is largely driven by ongoing industrialization and urbanization in developing countries such as China, Japan, and India.
Moreover, increased number of renewable energy projects such as wind and solar power plants have supplemented the growth of the HVC market. Furthermore, these cables offer several advantages such as presence of additional insulation jacket that minimizes power loss, and enhanced stability in comparison to other cables. HVCs are widely used in overhead lines, underground cables, and submarine cables. However, volatile prices of metals such copper and aluminum adversely impact the market growth. Growing investments in smart grid technology and increasing number of offshore power projects in developing countries are further expected to create numerous opportunities for the growth of the HVC market in the years to come.
Prominent strategies such as expansion, product launch, acquisition, partnership & collaboration, and agreement are adopted by leading market players in an effort to expand their product offerings and widen their market reach. The prominent players such as ABB, Prysmian Group, Nexans, NKT Cables, and General Cable Technologies Corporation are analyzed in the report in an effort to gain an insight into their performance and developments. The high voltage cable market is highly concentrated, as top five players account for 60% share of the overall HVC market revenue.
The high voltage cable market is segmented on the basis of type, end user, and region. Based on type, the market is divided into overhead, underground, and submarine. On the basis of end user, the market is divided into industrial (oil & gas, mining, power utilities, chemical & petrochemical, and others), renewable (wind, hydropower, and others), and infrastructure (commercial and residential). On the basis of region, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America is divided into the U.S., Mexico, and Canada; whereas, Europe is further segmented into Italy, Sweden, Germany, France, and rest of Europe. The countries covered under Asia-Pacific are China, India, Japan, South Korea, and rest of Asia-Pacific. LAMEA includes Latin America, the Middle East, and Africa.
The major companies profiled in the report include TELE-FONIKA Kable S.A., Prysmian group, Dubai Cable Company Pvt. Ltd., NKT Cables, Nexans, Southwire Company, LLC, Sumitomo Electric Industries, Ltd., Siemens AG, TBEA Co. Ltd. (TBEA), and Hitachi, Ltd.
Key benefits for stakeholders
- The report provides extensive qualitative and quantitative analyses of the current high voltage cable market trends and future estimations of the market size from 2019 to 2027 to determine the prevailing opportunities.
- Comprehensive analysis of factors that drive and restrict the growth of the market is provided.
- Estimations and forecast are based on factors impacting the market growth, in terms of both value and volume.
- Profiles of leading players operating in the high voltage cable market has been provided, and this helps in understanding the competitive scenario.
- The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable market growth.
- The high voltage cable market forecast is done from 2020-2027.
KEY MARKET SEGMENTS
By End User
o Oil & gas
o Power Utilities
o Chemical & Petrochemical
o Other (Paper & Pulp, Manufacturing, Wastewater Treatment, and Cement Industry)
- Renewable Energy
o Other (Tidal, Solar, and Geothermal)
- North America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
o Latin America
o Middle east