The global high voltage cables market size is projected to register a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to rising adoption of renewable sources and displacement of old grid infrastructure with smart grids.
High voltage cable is suitable for being run overhead, underwater, and underground. It has a wide array of applications including instruments, ignition systems, and alternating & direct current power transmission.
The crucial structural variation between high voltage cables from other cables is the existence of additional inner layers in the insulation portion that supports to control the electric flow around the conductor. It helps in conquering the power dissipation during large range transmissions. High voltage cables are found to be more efficient than other type of voltage cables in power transmission. These cables can run be used as overhead cables and submarine cables for power transmission.
Markets Trends, Drivers, Restraints and Opportunity
- Growing government initiatives supporting offshore power projects and smart grid technology is estimated to positively influence the market growth during the forecast period.
- Rising demand for electrical power from remote areas is anticipated to drive the market growth.
- Increasing stipulation for reduction of losses in distribution network and transmission is expected to spur the market growth.
- Delay in development of power stations can create challenges for the market in the coming years.
- Unstable price of raw materials and environmental and complicated compliance processes can restrain the market growth.
- Expanding orders of high voltage cables due to upcoming renewable energy projects are likely to come up with opportunities for the market during the forecast period.
Scope of the Report
The report on the global high voltage cables market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
High Voltage Cables Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Voltage Levels (Greater than 330KV, 115KV - 330KV, and 50KV - 110KV), Types of Transmission (HVAC and HVDC), and Locations of Deployments (Submarine Cables, Underground Cables, and Overhead Cables)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Prysmian SpA; Nexans SA; Finolex Cables Ltd; Cable Corporation of India Limited; and ABB Ltd
High Voltage Cables Market Segment Insights
Greater than 330KV segment is projected to hold a significant market share
Based on voltage levels, the market is divided into greater than 330KV, 115KV - 330KV, and 50KV - 110KV. The greater than 330KV segment is estimated to account for a significant market share during the forecast period owing to increasing use of 330KV voltage level and high voltage level of cables in the transmission lines. Moreover, high voltage cables are used for distribution application in different end-use industries such as power utilities, cement, and mining and mass power transmissions.
HVDC segment is anticipated to expand at a substantial CAGR
On the basis of types of transmission, the high voltage cables market is bifurcated into HVAC and HVDC. The HVDC segment is projected to expand at a considerable CAGR during the forecast period. Growing amount of HVDC connections is driving the segment growth. Furthermore, HVDC cable transmissions provide numerous technical advantages, such as improved system stability, lower losses, and enhanced reliability is anticipated to fuel the growth rate.
Overhead cables segment is expected to register at a rapid pace
In terms of locations of deployments, the market is segregated into submarine cables, underground cables, and overhead Cables. The overhead cables segment is anticipated to expand at a rapid pace during the forecast period on account of its easy installation and low transmission loss for long distances. On the other hand, the submarine cables is expected to hold a considerable market share in the projected timeline.
Asia Pacific to constitute a considerable market share
Based on regions, the high voltage cables market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia pacific is expected to constitute a key share of the market during the projected period. Rising population, which has conclusively increased the power demand, and rapid urbanization are key drivers of the regional market growth. Technological developments and rural electrification establishments by other countries have together acted as the driving forces for the high voltage cables market growth in the region.
- Greater than 330KV
- 115KV - 330KV
- 50KV - 110KV
Types of Transmission
Locations of Deployment
- Submarine Cables
- Underground Cables
- Overhead Cables
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Prysmian SpA
- Nexans SA
- Finolex Cables Ltd
- Cable Corporation of India Limited
- ABB Ltd
Key players competing in the global high voltage cables market are Prysmian SpA; Nexans SA; Finolex Cables Ltd; Cable Corporation of India Limited; and ABB Ltd.
Companies are focusing on partnering with local manufacturers and collaborating with other industry players to expand their market share.