Global High Voltage Cables Market Size to Predicted to Surpass $27.54 Billion Growth by 2030, Exhibit a CAGR of 6.18%
[223 + Pages Report] According to a market research study published by Zion Market Research, the demand analysis of Global High Voltage Cables Market size & share revenue was valued at around USD 17.26 billion in 2022 and is estimated to grow about USD 27.54 billion by 2030, at a CAGR of approximately 6.18% between 2023 and 2030. The key market players are listed in the report with their sales, revenues and strategies are ABB Ltd., Cable Corporation of India Limited, Finolex Cables Ltd, Nexans SA, NKT A.S., Prysmian SpA, Siemens AG, Southwire Company LLC, Tratos, Hitachi LTD., and others.
New York, NY, Sept. 04, 2023 (GLOBE NEWSWIRE) — Zion Market Research has published a new research report titled “High Voltage Cables Market By Installation (Overhead, Submarine, And Underground), By Voltage (100 KV – 250 KV, 251 KV – 400 KV, And Above 400 KV), By Type Of Transmission (HVDC, HVAC), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the demand of global High Voltage Cables Market size & share in terms of revenue was valued at USD 17.26 billion in 2022 and it is expected to surpass around USD 27.54 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 6.18% during the forecast period 2023 to 2030.”
What are High Voltage Cables? How big is the High Voltage Cables Industry?
The global high voltage cables market size was worth around USD 17.26 billion in 2022 and is predicted to grow to around USD 27.54 billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.18% between 2023 and 2030.
The term “high voltage cables market” refers to the sector of the economy that is responsible for the production and distribution of cables that are intended for the transmission of significant quantities of electrical power at high voltages. The usage of these cables, which are crucial for the reliable and efficient transmission of electricity, allows power plants, substations, and other types of energy infrastructure to be connected to one another. The market is dominated by a few of significant businesses such as Prysmian Group, Nexans, and General Cable, and it includes numerous different kinds of cables, such as overhead, underground, and submarine cables. The demand for high voltage cables is likely to continue to increase over the next several years as a result of increased investments in renewable energy and the requirement for grid modernization. However, the market also confronts problems like as high capital costs, regulatory barriers, and environmental issues associated to the installation of new cables. These concerns are all tied to the business’s expansion into new areas.
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Global High Voltage Cables Market: Growth Factors
The ever-increasing need for electricity, the continued expansion of sources of renewable energy, and the ongoing upgrading of power grids
There are a number of factors that are contributing to the expansion of the high voltage cables market, including the growing need for electricity, the expansion of renewable energy generation, and the modernisation of power networks. The demand for energy is expected to continue to rise in tandem with the expansion of both populations and economies. Cables with a high voltage are required if this electricity is to be sent over a significant distance in an effective and dependable manner. The expansion of renewable energy generation, such as wind and solar power, necessitates the installation of new high voltage cables so that these sources may be connected to the grid.
A number of nations are making investments in the modernization of their power grids in order to improve the dependability, efficiency, and resilience of their systems. This frequently includes upgrading or replacing the high voltage wires that are already in place. This pattern is likely to carry on into the ensuing years as an increasing number of nations realise the significance of bringing their electricity infrastructure into the modern era.
In general, these trends are increasing demand for high voltage cables, which are important for ensuring that the transmission of power is both reliable and efficient.
The High Voltage Cables Market and Its Limiting Factors
The high cost of capital is anticipated to act as a brake on the industry’s expansion to some extent.
One of the most significant challenges faced by the high voltage cable sector is the high cost of capital. Cables for high voltage demand a large expenditure in terms of both the materials used and the manufacture and installation processes. Because of this, it may be difficult for some businesses to enter the market, which would reduce the amount of competition and may ultimately result in higher prices for customers.
It can also be difficult for governments and other entities to fund large-scale infrastructure projects due to the high expense of investing in high voltage cables. Additionally, consumers may be unwilling to invest in new infrastructure, which can slow down the adoption of new technology and limit market growth. This can be a problem because of the interconnected nature of these two factors.
Opportunities Available in the High Voltage Cables Market
Cables for high voltage have benefited from recent advances in technology.
The performance, efficiency, and longevity of high voltage cables are all being significantly improved as a result of technological breakthroughs in this area, which is driving growth in the market for high voltage cables. Cables that were traditionally produced from copper or aluminium have been replaced by cables that are stronger, lighter, and more conductive thanks to the discovery of new materials and improvements in production procedures. In addition, the use of 3D printing technology is enhancing the productivity as well as the quality of the manufacture of high voltage cables. High voltage cables are also becoming more resistant to environmental variables such as harsh temperatures, dampness, and chemical exposure as a result of new designs and materials being used in their construction.
As a result of these improvements, there is a growing demand for high voltage cables among businesses and governments that are working to modernise their power infrastructure in order to enhance the dependability and efficiency of the electricity transmission process. It is anticipated that the high voltage cables business will continue to expand in the years to come, with growth being driven in part by the continual technological breakthroughs that are being made in the design and production of cables.
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|Market Size in 2022||USD 17.26 billion|
|Projected Market Size in 2030||USD 27.54 billion|
|CAGR Growth Rate||6.18% CAGR|
|Key Market Players||ABB Ltd., Cable Corporation of India Limited, Finolex Cables Ltd, Nexans SA, NKT A.S., Prysmian SpA, Siemens AG, Southwire Company LLC, Tratos, Hitachi LTD., and others.|
|Key Segment||By Installation, By Voltage, By Type of Transmission, and By Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa|
|Purchase Options||Request customized purchase options to meet your research needs. Explore purchase options|
High Voltage Cables Market: Segmentation Analysis
The global market for high voltage cables can be broken down into many submarkets according to installation, voltage, type of transmission, and geographical location.
Overhead, underground, and underwater installations make up the three submarkets that make up the global market for high voltage cables. These three categories are dependent on how the cables are installed. It is anticipated that the overhead market will have a significant uptick in growth throughout the course of the year under review. Overhead cables are becoming increasingly popular due to the fact that it is relatively simple to install them and that they have minimal transmission losses over large distances. Because they don’t require complicated technology, overhead cables also have the advantage of being more cost-effective. Other forms of high voltage cabling include those that are submerged in water or buried underground. Underground wiring is the most sophisticated technology now available; nevertheless, it is also the most expensive, which has led to a reduced market share. The transmission of electrical current from one nation or state to another sometimes makes use of submarine cabling.
On the basis of voltage, the market can be divided into three subsets: above 400 kV, between 100 kV and 250 kV, and between 251 kV and 400 kV.
High Voltage Direct Current (often abbreviated as HVDC) and High Voltage Alternating Current (sometimes abbreviated as HVAC) are two distinct types of transmission that can be used to subdivide the high voltage cable market. When compared to HVAC cables, HVDC cables are superior in terms of their ability to transport power over extended distances as well as their ability to sustain significantly lower levels of energy loss. Cables for HVAC systems are normally only utilised for shorter lengths because their efficiency decreases with increasing distance. On the other hand, HVDC cables are often more expensive than HVAC cables, which means that HVDC cables might not be the best choice for some projects. The type of transmission that is used will be decided based on a number of different considerations, such as the total distance that data has to be carried, the total amount of power that needs to be transmitted, and the environmental conditions that exist along the transmission route.
The global High Voltage Cables market is segmented as follows:
- 100 kV – 250 kV
- 251 kV – 400 kV
- Above 400 kV
By Type of Transmission
Browse the full “High Voltage Cables Market By Installation (Overhead, Submarine, And Underground), By Voltage (100 KV – 250 KV, 251 KV – 400 KV, And Above 400 KV), By Type Of Transmission (HVDC, HVAC), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030″ Report At https://www.zionmarketresearch.com/report/high-voltage-cables-market-size
Some of the main competitors dominating the global High Voltage Cables market include –
- ABB Ltd.
- Cable Corporation of India Limited
- Finolex Cables Ltd
- Nexans SA
- NKT A.S.
- Prysmian SpA
- Siemens AG
- Southwire Company LLC
- Hitachi LTD
Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the High Voltage Cables market is likely to expand at a CAGR of around 6.18% during the forecast period (2023-2030).
- In terms of revenue, the High Voltage Cables market size was valued at around US$ 17.26 billion in 2022 and is projected to reach US$ 27.54 billion by 2030.
- The major factors propelling the global market for High Voltage Cables include increasing demand for electricity, growth in renewable energy generation, and modernization of power grids
- Based on the Installation, the overhead segment held the largest market share in 2022.
- Based on the Type of Transmission, the HVDC segment is expected to hold the maximum market share during the forecast period.
- Based on region, Asia Pacific is expected to dominate the market during the forecast period.
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Key questions answered in this report:
- What is the market size and growth rate forecast for High Voltage Cables industry?
- What are the main driving factors propelling the High Voltage Cables Market forward?
- What are the leading companies in the High Voltage Cables Industry?
- What segments does the High Voltage Cables Market cover?
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- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Installation, By Voltage, By Type of Transmission, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Asia Pacific is expected to witness the significant market growth
The Asia Pacific region currently dominates the high voltage cables market, accounting for the largest share. This growth can be attributed to several factors, including the region’s rapidly growing population, which has increased demand for electricity. The ongoing urbanization trend in the region has also led to the development of new power grids to meet the growing demand.
Furthermore, the region has seen significant technological advancements in recent years, with several countries investing in rural electrification roll-outs. These developments have acted as the driving forces behind the high voltage cables market’s growth.
Major players in the Asia Pacific region include China, India, Japan, Australia, and several Southeast Asian countries. With increasing demand for electricity and ongoing infrastructure modernization efforts, the region market is expected to continue its growth trajectory in the coming years.
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
- July 2021 – Prysmian, a leading cable manufacturer, has been awarded a contract worth USD 900 million for the supply of high-voltage direct current (HVDC) cable systems. The cables will be used in an underground transmission project in the United States, aimed at transmitting renewable energy to power over 1.2 million homes.
- February 2021 – Nexans, a leading cable and wire manufacturer, has been awarded a significant frame contract for the supply of cables, accessories, and installation services for an underground grid connection project by RTE. This new contract strengthens the existing partnership between Nexans and RTE and marks a significant increase in the volume of cables, accessories, and services to be delivered.
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