ID: MRFR/E&P/0403-HCR | February 2021 | Region: Global | 185 pages
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 os a crucial cable in any power transmission technology. The high voltage cables are used in oil and gas, chemical, renewable, mining and other infrastructures. Today, it is impossible to sustain without power industry. The electrical power industry is witnessing tremendous demand. To regulate electricity the transmission technologies are gaining massive demand. The high voltage cables are made with high conductor materials that can resist any amount of voltage. The high voltage cables can protect the transmission system from moisture, mechanical issues and earthling.
Also, the high voltage cables can carry electricity in an area that has no electric generation utilities. The high voltage cable enables an undisrupted and reliable power supply. Also, the efficiency of the high voltages cables is unbeatable any its competitor. Due to these factors, the High Voltage Cables Market Value is expected to increase tremendously in the forecast period. The surging demand for a reliable power supply will fuel the demand for the market. There is going to be a significant development in the market in the forecast period.
The outbreak of covid 19 has caused financial losses and a decline in demand for several global markets. High voltage cable market will witness few difficulties during this period. The demand for the high voltage cables depends on grid connection project, construction and power distribution operations. Covid 19 has affected the global electricity industry. The lockdowns have restricted the High Voltage Cables Industry operations. Further, the demand from the Asia Pacific and North America has reduced significantly. The electricity consumption in trains and other public equipment has considerably declined. These factors affect the market. However, the global Market Outlook will change positively post covid 19.
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.
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 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 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.
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.
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.
By voltage power
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.
|Market Size||2028: USD 52.37 billion|
|CAGR||7.25% CAGR (2021-2028)|
|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||
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.