High Voltage Cables and Accessories Market Top prominent companies business landscapes are dynamic, and success depends on a company's ability to adapt to changing circumstances with respect to regions and countries. Companies that successfully integrate emerging technologies like AI, blockchain, and the IoT into their operations often gain a competitive edge.
*Disclaimer: List of key companies in no particular order
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Competitive Landscape of High Voltage Cables and Accessories Market: Navigating a Dynamic Terrain
Key Players and Strategies:
The global arena boasts a mix of established giants and regional disruptors. Nexans, Prysmian Group, NKT Cables, Sumitomo Electric, and General Cable Corporation occupy the top tiers, leveraging their extensive experience, robust R&D capabilities, and global reach. However, regional players like Hengtong Group, Shanghai Cables, and Tata Power Company Limited are rapidly carving their niches, capitalizing on cost-competitiveness and localized expertise.
Strategic maneuvering is key in this dynamic space. Acquisitions and mergers are on the rise, as players seek to diversify their offerings, expand geographically, and acquire critical technologies. Nexans' acquisition of Cimteq, Prysmian Group's joint venture with Siemens for HVDC systems, and NKT Cables' focus on offshore wind farm connections exemplify this trend.
Market Share Analysis: Deciphering the Winners:
Several factors influence market share dynamics. Technological prowess plays a pivotal role, with companies like Sumitomo Electric pushing the boundaries with UHVDC (Ultra High Voltage Direct Current) cables for long-distance power transmission. Geographical dominance matters too, with Chinese giants like Hengtong Group capitalizing on the domestic boom in renewable energy infrastructure. Cost-effectiveness remains a critical differentiator, especially in emerging markets, where players like Tata Power cater to price-sensitive segments.
New Trends and Emerging Technologies:
The high voltage cables and accessories market is abuzz with innovation. Sustainability is taking center stage, with players like Prysmian Group developing bio-based cable materials and NKT Cables focusing on recyclable solutions. Automation and digitization are transforming operations, with ABB's Powerlink HV cable monitoring system enhancing transmission efficiency. The integration of smart grid technologies holds immense potential, as companies like General Cable develop intelligent accessories for real-time data acquisition and optimized network management.
Competitive Outlook: A Shifting Landscape:
The competitive landscape of the high voltage cables and accessories market is characterized by constant flux. Technological advancements, geopolitical shifts, and evolving customer demands necessitate agility and adaptability. Collaboration across the value chain, from raw material suppliers to installation contractors, is becoming increasingly crucial. Partnerships like NKT Cables' collaboration with Ørsted for offshore wind projects exemplify this trend.
In conclusion, the high voltage cables and accessories market presents a compelling picture of dynamic competition. Understanding the strategies of key players, the factors influencing market share, and the emerging trends shaping the future are essential for navigating this challenging yet lucrative terrain. By embracing innovation, forging strategic partnerships, and catering to evolving customer needs, players can secure a sustainable foothold in this electrifying marketplace.
Siemens AG (Germany):
Hitachi Ltd. (Japan):
General Electric (U.S.):
NKT Holdings A/S (Denmark):
Top listed global companies in the industry are:
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)
Worldwide High-voltage cables and accessories Market Size was estimated at USD 31.3 billion in 2021. The high-voltage cables and accessories industry is projected to grow from USD 33.5 billion in 2022 to USD 54.7 billion by 2030, showing a 7.2% compound annual growth rate (CAGR) throughout the predicted period (2022 - 2030). The high-voltage cables and accessories market is growing due to rising grid connectivity demand and increased investments in the new high-voltage cables and accessories market. Because of urbanization and population growth, there will be an increase in the global need for high-voltage cables and accessories. Developing offshore wind farms and grid connections is the key market driver enhancing market growth for high-voltage cables and accessories.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The increasing usage of renewable energy sources like solar and wind power is one of the most recent trends in this industry. The fastest year-over-year rise in renewable power generation is projected for 2021, when it will increase by more than 8% to 8 300 TWh. This growing use of renewable energy results in construction of new transmission lines, which propels the High-voltage cables and accessories Market. The markets for renewable energy and high-voltage cables and accessories will undoubtedly grow due to initiatives by Europe and North America to significantly cut carbon emissions in the coming years. The expanding renewable energy sector is another factor driving the high-voltage cables and accessories market revenue.
Figure 1: Estimated renewable energy worldwide capacity from 2016 to 2021 with total energy added in 2021
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The high-voltage cables and accessories market segmentation, based on type, includes overhead, underground, and submarine. The high-voltage cables and accessories market's largest contributor, overhead, is anticipated to expand at a major rate over the projected period. The need for overhead high-voltage cable accessories has expanded due to the use of overhead power transmission lines, which power plants typically use to supply power to far-flung outlying locations. The underground installation segment is anticipated to experience the fastest rate. The underground system quickly absorbs the power loads and endures fewer transmission losses, which lowers maintenance expenses. Hence, rising applications of underground cables positively impact high-voltage cables and accessories market growth.
July 2020: Taihan Electric Wire Co., Ltd.'s CEO (Hyung-Kyun Na) stated that Taihan had signed a deal with the United Kingdom's National Grid to provide underground cables and accessories for the London Power Tunnels 2 (LPT2) project. The contract is worth around 92.5 billion Korean Won (about 60 million Pound Sterling), making it the largest power grid project ever given to a Korean cable manufacturer in the United Kingdom. This contract has further broadened the growth opportunity for the high-voltage cables and accessories industry.
Based on product, the high-voltage cables and accessories market segmentation has been divided into fittings & fixtures, conductors overhead, underground & submarine, XLPE cables, mi cables, cable joints, cable termination, and others. The market's largest contributor, cable joints and splices, dominated the market. Cable joints are used to deliver electricity over great distances while preserving the continuity of the cables. The XLPE cable also showed a significant growth in the High-voltage cables and accessories Market revenue. The factors propelling the sector's growth are the rising demand for offshore power generation and the rising proportion of renewable energy in the mix of power generation.
The high-voltage cables and accessories market data have been bifurcated by voltage rating into 231 kV - 400 kV, 101 kV - 230 kV, up to 100 kV and above 400 kV. With the greatest use of high-voltage cables in this voltage range, 231 kV - 400 kV now holds the largest market share. 231 kV-400kV voltage cables must be used more frequently in emerging nations due to the power transmission sector's continued growth.
Figure 2: High-voltage cables and accessories Market, by Voltage Rating, 2021& 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The second fastest-growing segment in the high-voltage cables and accessories industry is the above 400kV cables. With the technological developments that enable their installation, the over 400 kV category in North America and Europe will see an increase in market share.
By Region, the study provides market insights into Europe, North America, Asia-Pacific and the Rest of the World. Asia Pacific's high-voltage cables and accessories market accounted for USD 12.9 billion in 2021 and is predicted to exhibit a significant CAGR of 41.3 percent growth during the study period. With the rise in energy demand brought on by urbanization, economic modernization, and higher living standards throughout the region, Asia-Pacific has recently emerged as one of the world's largest high-voltage cables and accessories markets. Moreover, China's high-voltage cables and accessories market held the largest market share, and the Indian high-voltage cables and accessories market was the fastest-growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: High-voltage Cables And Accessories Market Share By Region 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's high-voltage cables and accessories market accounts for the second-largest high-voltage cables and accessories market share. The region's use of renewable energy sources for power generation has increased due to the green energy targets set by several nations. German officials want to completely phase out fossil fuels by 2035 as opposed to their earlier goal of doing so "far before 2040," according to a government draught paper. In the EU, renewable energy sources provided 22% of the energy used in 2021. Further, the German high-voltage cables and accessories market held the largest market share, and the UK high-voltage cables and accessories market was the fastest-growing market in the European region.
North America's high-voltage cables and accessories market only accounts for a minor portion. The region's high-voltage cables and accessories market is expected to increase at a moderate rate due to the continuing replacement of the country's outdated grids. The US Department of Energy (DOE) has made a $13 billion funding commitment to support the modernization and growth of the country's electrical grid as of 2022.
As major market players invest heavily in R&D to diversify their product lines, the market will grow. In addition to key market developments, including new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations, market participants participate in several strategic efforts to enhance their global positions. If they want to expand and be successful in a market that is getting more competitive, the rivals in the high-voltage cables and accessories industry must price their products competitively.
One of the primary business strategies used by the high-voltage cables and accessories industry to service clients and grow the market sector is local production to reduce operational costs. Some of the most significant improvements in medicine have recently been made possible by the high-voltage cables and accessories industry. High-voltage cables and accessories market major players, including Nexans S.A. (France), Synergy Cables Ltd. (Israel), RPG Cables (India), and Siemens AG (Germany), are funding R&D initiatives to spur demand.
Ducab manufactures high-voltage copper, aluminum wire, and cable products for various sectors. Ducab runs six high-tech production sites, each with its R&D and testing capabilities. They manufacture copper and aluminum wire and cable products emphasizing renewable energy. For instance, in October 2020, Ducab HV was granted a contract to supply and install high-voltage cables for Dubai's Mohammed bin Rashid (MBR) solar park's 900MW fifth phase. The phase five photovoltaic (PV) project will necessitate 275km of high-voltage cables. Shanghai Electric, China's EPC contractor for the 900MW fifth-phase solar project, has awarded the contract to Ducab HV.
TenneT Holding B.V. is a holding corporation. The Company provides power transmission and distribution services through its subsidiaries. TenneT owns and operates roughly 24,500 kilometers of high-voltage lines and cables as the Transmission System Operator (TSO) for the Netherlands and a substantial portion of Germany. For instance, in August 2020, TenneT Holdings awarded a contract to NKT HV cables for the fabrication and installation of DC underground and submarine cables for the BorWIn5 project in Germany. The contract calls for the production of approximately 230 kilometers of 320 kV high-voltage DC on- and offshore power cables and accessories and offshore installation by the cable-laying vessel NKT Victoria.
July 2021: Prysmian was granted a USD 900 million contract to deliver high-voltage direct current (HVDC) cable systems for an underground transmission project in the United States. Prysmian will provide 525kV HVDC cables for the efficient transmission of renewable energy to power more than 1.2 million homes under this deal, which is a significant step in building a clean US energy grid.
February 2021: Nexans has been awarded a three-year frame contract by France's Transmission System Operator (TSO), Réseau de Transport d'Electricité (RTE), to provide accessories, cables, and installation services for underground grid connections at 90 kV, 220 kV, and 400 kV.
In October 2020, Ducab HV wins a high voltage cable contract for Mohammed bin Rashid (MBR) Solar Park in Dubai. The contract involves the supply and installation of cable and accessories for the solar park with a total length of 275 kilometers.
In August 2020, TenneT Holdings has awarded NKT HV cables a contract for production and installation of the DC underground and submarine cable for the BorWln5 project in Germany. The contract comprises approximately 230 kilometers of high voltage DC onshore and offshore cables and accessories.
High Voltage Cables Accessories Market Highlights:
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