The global high voltage cables market size is expected to reach USD 47.2 billion by 2027 registering a CAGR of 3.7%, according to a new report by Grand View Research, Inc. Increasing investments in offshore wind farms and preference for energy generation from renewable sources are the major factors driving the market. The demand for refined power T&D systems is expected to be another critical factor driving the market over the forecast period.
High
investments and new projects have been launched in various emerging economies
for power generation from renewable energy sources. This energy generation
needs to be supplied to the end-users through efficient cables with less
transmission loss. Thus, high voltage (HV) cables allow the transmission and
distribution of electricity safely. The submarine HV cables are also installed
to enable communication between the regions across the globe.
The
power grid interconnection has proved beneficial for the growth of the overall
market due to its advantages including reduced transmission losses and
efficient power transmission. In addition, the power grid operator is
undergoing upgradation and renovation of the old infrastructure. For instance,
in 2019, NKT A/S signed a contract with TenneT (Germann-Dutch) power grid
operator to provide HV cables.
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High Voltage
Cables Market Report Highlights
- The global
accounted for USD 35.11 billion in 2019 and is expected to register a CAGR
of 3.7% from 2020 to 2027
- Overhead
emerged as the largest installation segment in 2019 and is estimated to
retain the leading position throughout the forecast period
- Asia Pacific
holds the largest share in the global market. Grid interconnections and
increasing offshore wind farms projects in the region are the key factors
responsible for region’s growth
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High Voltage
Cables Market Segmentation
Grand View Research has
segmented the global high voltage cables market on the basis of installation,
end use, and region:
High Voltage
Cables Installation Outlook (Revenue, USD Billion, 2016 - 2027)
- Overhead
- Underground
- Submarines
High Voltage
Cables End-use Outlook (Revenue, USD Billion, 2016 - 2027)
- Aerospace & Defense
- Building & Construction
- Oil & Gas
- Energy & Power
- IT & Telecommunication
- Others
High Voltage
Cables Regional Outlook (Revenue, USD Billion, 2016 - 2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
- South America
- Brazil
- Middle East & Africa
List of Key
Players of High Voltage Cables Market
- Prysmian Group
- Nexans
- NKT A/S
- Southwire Company, LLC
- Sumitomo Electric Industries, Ltd.
- Finolex Cables
- Dubai Cable Company, Pvt. Ltd.
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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