High Voltage Cables and Accessories Market Research Report – Forecast to 2030

High Voltage Cables and Accessories Market Research Report: Information, By Type (Overhead, Underground, Submarine), by Product, by Voltage ratings (up to 100 kV, 101 kV - 230 kV, 231 kV - 400 kV, above 400 kV) and by Region - Forecast till 2030

ID: MRFR/E&P/0403-HCR | February 2021 | Region: Global | 185 pages         

High Voltage Cables and Accessories Market

High Voltage Cables and Accessories Market share is projected to be worth USD 52.37 billion by 2028, registering a CAGR of 7.25% during the forecast period (2021 - 2028).

Segmentation

By Type Overhead Underground Submarine
By Product Conductors Overhead Fittings & Fixtures Underground & Submarine XLPE Cables MI Cables Cable Joints Cable Termination Others
By Voltage Ratings Up to 100 kV 101 kV - 230 kV 231 kV - 400 kV Above 400 kV

Key Players

  • Siemens AG (Germany)
  • Hitachi Ltd. (Japan)
  • General Electric (U.S.) NKT Holdings A/S (Denmark)
  • Nexans S.A. (France)
  • Prysmian Group (Italy)
  • Finolex Cables Ltd (India)
  • RPG Cables (India)
  • Cable Corporation of India Ltd. (India)
  • Brugg Kabel AG (Switzerland)
  • Synergy Cables Ltd. (Israel)

Drivers

  • Increased demand for electrical power from remote areas
  • Growing urbanization projects
  • Increasing grid connection projects
  • Rising demand for reduction of losses in transmission and distribution network
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High Voltage Cables and Accessories Market is projected to be worth USD 52.37 billion by 2028, registering a CAGR of 7.25% during the forecast period (2021 - 2028)., The market was valued at USD 38.58 billion in 2021.


High Voltage Cables and Accessories Market Overview 


The high voltage cables and accessories market has many products that have a major role in assisting the market functions undertaken for power transmission and distribution at high voltage amounts. The best way of identifying high voltage cables is by looking for the additional internal layers as a part of the insulation jackets. The presence of such layers helps in maintaining and controlling the electric flow around the conductor. One of the benefits of using such wires and cables is that they help to reduce the power losses amid long-range transmissions. Hence, they have a higher degree of transmission during the transmissions.


The high voltage cables and accessories market draws a major part of its functioning to the level of electricity demanded by various consumer groups globally. There has been a rising increase in the demand for electricity which further initiates the global demand for the market operations. The increase follows this trend in demand for renewable types of energy, which expands the demand for utility grids that rely on networks and transmission for their work. 


High Voltage Cables and Accessories Market Key Players 



  • Synergy Cables Ltd. (Israel)

  • Siemens AG (Germany)

  • Brugg Kabel AG (Switzerland)

  • Hitachi Ltd. (Japan)

  • Cable Corporation of India Ltd. (India),

  • General Electric (U.S.) 

  • RPG Cables (India),

  • NKT Holdings A/S (Denmark)

  • Finolex Cables Ltd (India)

  • Prysmian Group (Italy)

  • Nexans S.A. (France)


Recent Developments 



  • Prysmian won a contract to supply the HVDC, a high-voltage direct-current cable system, to an underground transmission project growing in the US region. The company is expected to help the project by providing 525kV HVDC cables concerning renewable energy transmission to help more than 1.2 million households with power. The contract worth 90 million was awarded to the company in July 2021.

  • Nexans is another global market company that has become subject to the contract for providing high voltage accessories, installation services, and cables to another underground RTE project. The contract was awarded to the company in February 2021. The contract holds scope for futuristic collaborations with continuity in the supply for high-voltage products like cables and other accessories.

  • The NKT key players are launching the submarine cables installation operations. This installation procedure is carried out for a massive electrical company. 


The key payers have signed a supplier agreement recently. This agreement is based on high voltage DC delivery for both onshore and offshore applications. The key players of the market are launching market expansion strategies. Especially, in regions such as the Asia Pacific and the Middle East. 


High Voltage Cables and Accessories Market Dynamics 



  • Crucial market drivers 


The demand for electricity is surging in the upcoming years Urbanisation and growing population are two factors that affect the demand of the power industry. With the increasing electricity demand, there is exceptional demand for high voltage cables. The ageing power infrastructure and gird technologies are upgraded to meet the massive demand. Today, the need for advanced grid technology is higher. High voltage cables play a major role in transmitting power over the networks. The high voltage cables are the reliable cables that will sustain tremendous power flow. The high voltage cables can pass electricity over long distances with stability. Therefore, the high demand in the power industry is a crucial driver for the High Voltage Cables and Accessories Market.


Further, the rising awareness about renewable power generation is another driver for the market. Greenhouse emissions are a global issue. The concern regarding greenhouse gas emission is raising the demand for renewable energy. The use of renewable energy will require a new age transmission line. It will ultimately raise the demand for high voltage cables. The high voltage cables can transmit any type of energy with high resistance. Therefore, the utilization of renewable energy in industries will fuel the demand for the market. 



  • Market growth opportunities 


High voltage cables are a diverse market. There are versatile high voltage cables suitable for different electrical operations. Also, the High Voltage Cables and Accessories Market has high investments in R&D. the key players of the market are trying to further increase the investments in the upcoming years. The R&D investments will enable the market to produce new-age high voltage cables. The increasing R&D is enabling more innovation and product variation possibilities for the market. There is going to be the launch of new age high voltage cables that are suitable for advanced grid transmission systems.


 The key players in the Asia Pacific and North America are more likely to invest more in R&D. Technological advancements in this market is expected to be vast in this market. Also, the key players in different regions will make new product launches in the upcoming years. The new products and technological advancements will attract new end users to the market. Ultimately, the market expansion rate is higher for the high voltage cable market in the forecast period. 



  • The market restraints 


The initial cost of the High Voltage Cables and Accessories Market is higher. Many end-users require efficient voltage cables with the less initial cost. Hovered, the global market has major restraints that are the surging install cost. The high cost can hamper the demand rate for the High Voltage Cables and Accessories Market. Also, the end-users become hesitant to purchase this product due to high install investments. The electrical equipment is expensive. Transmission technologies are already a tremendous expenditure for industries. Also, the added initial cost is another expensive expenditure for the industries. 



  • The market challenges 


The high voltage cables global market has few challenges. The government poses stringent rules regarding the use of high voltage cables. Also, the high voltage cables are high electrochemical equipment. The use of these cables is suitable for power-intensive transmission systems. Due to this, the regulatory rules restrict the operations of high voltage cables. Further, the installation cost of these cables is another challenge to the market. The cost of installation is higher than normal cable installation. These two factors can take a dig at the demand market growth rate during the forecast period. However, the key players are trying to reduce the overall installation price of the cables. 



  • Cumulative growth analysis 


The High Voltage Cables and Accessories Market growth is Surging over the forecast period. The market has plenty of profitable segments. The underwater and overhead installation segment of the market is receiving exceptional prominence in the forecast period. There is massive adoption of overhead cables in the forecast period. Also, the voltage cables come in different voltage rates. Recently, the 400 KV voltage cable segment is witnessing extraordinary demand in the forecast period. Further, there are crucial drivers for the market such as high demand in the power industry and renewable energy. These factors continue to make a positive impact on global Market Trends.



  • Value chain analysis 


The utility segments of the high voltage cables global market are experiencing high demand in the forecast period. The Asia Pacific is the top market. It will hold the maximum Market Share in 2027. The replacement of ageing grid infrastructure is eh crucial driver in this region. Further, there is a significant demand from the oil and gas sector for the High Voltage Cables and Accessories Market. The urbanisation in the Asia Pacific is huge. The rise in urbanization is increasing the demand for the power industry. It ultimately impacts the demand rate of the High Voltage Cables and Accessories Market. Chain is a dominant player with plenty of growth strategies. 


High Voltage Cables and Accessories Market Segment Overview 


By type 



  • Overhead 

  • Submarine 

  • Underground 


By product 



  • Conductors 

  • Fitting and fixtures 

  • Cable joints 

  • MI cables 

  • Cable terminations 


By voltage power 



  • upto 100 kV

  • 101 kV - 230 kV

  • 231 kV - 400 kV

  • 400 kV and above 


High Voltage Cables and Accessories Market Regional Analysis 


The High Voltage Cables and Accessories Market is fragmented into Asia Pacific, North America, Europe, Middle East and Latin America. Also, the Asia Pacific market will lead other regional players. The power demand is growing at an exponential pace in this region. The growth in urbanisation is responsible for maximum demand in Asia pacific. The high power demand is increasing the need for high voltage cables. The up-gradation of new grid technology is another driver for the market.


Also, the innovations and technological advancements are higher in this region. The rural electrification process will provide promising growth opportunities. North America is the next largest high voltage cable market with moderate demand. The replacement of ageing grid technology is raising the need for high voltage cables. The establishment of new transmission lines is another demand driving factor. The rapid oil and gas exploration actives are other drivers of the market. Also, Europe, Latin America ns Middle East is emerging markets. These regions have excellent market growth potential in the forecast period. 


Report Overview 



  1. Market overview highlights 

  2. Analysis based upon COVID 19

  3. Explanation upon the Market Dynamics

  4. Value chain analysis

  5. Market segmentation overview

  6. The regional analysis

  7. Competitive landscape analysis

  8. Recent Developments



Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2028: USD 52.37 billion
  • 2030: Significant Value
  •   CAGR   7.25% CAGR (2022-2030)
      Base Year   2021
      Forecast Period   2022-2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Type , Product, Voltage ratings
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   Siemens AG (Germany), Hitachi Ltd. (Japan), General Electric (U.S.) NKT Holdings A/S (Denmark), Nexans S.A. (France), and Prysmian Group (Italy). Finolex Cables Ltd (India), RPG Cables (India), Cable Corporation of India Ltd. (India), Brugg Kabel AG (Switzerland) and Synergy Cables Ltd. (Israel)
      Key Market Opportunities   New product launches and R&D Amongst major key Players
      Key Market Drivers

  • Increased demand for electrical power from remote areas
  • Growing urbanization projects
  • Increasing grid connection projects
  • Rising demand for reduction of losses in transmission and distribution network


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    Frequently Asked Questions (FAQ) :

    The global market holds the potential to attain a CAGR of 6.85% during the review period.

    High Voltage Cables and Accessories Market is projected to be worth USD 52.37 billion by 2028

    The notable vendors in the global market include Cable Corporation of India Ltd. (India), NKT Holdings A/S (Denmark), Synergy Cables Ltd. (Israel), Hitachi Ltd. (Japan), Siemens AG (Germany), Finolex Cables Ltd (India), General Electric (U.S.), Nexans S.A. (France), Prysmian Group (Italy), Brugg Kabel AG (Switzerland), RPG Cables (India), and others.

    The types specified in the MRFR report are Underground, Overhead, and Submarine.

    The growth boosting factors in the market for High voltage cables and accessories are massive demand for electrical power in remote areas, surge in the number of urbanization projects as well as grid connection projects, and the mounting demand to reduce the losses in transmission and distribution network.