The global high voltage cable market accounted for US$ 28.8 Bn in 2018 and is expected to grow at a CAGR of 6.1% over the forecast period 2019-2027, to account for US$ 47.8 Bn in 2027
NEW YORK, Sept. 17, 2019 /PRNewswire/ -- The global high voltage cable market accounted for US$ 28.8 Bn in 2018 and is expected to grow at a CAGR of 6.1% over the forecast period 2019-2027, to account for US$ 47.8 Bn in 2027. The factors that are driving the growth of the high voltage cable market include the increasing demand for electricity due to industrialization and economic developments and rising investments in renewable power generation. However, the uncertainty in prices of conductor materials is anticipated to hinder the high voltage cable market for same in the coming years. In addition, the growing focus on smart grid technology and escalating need for power in remote areas and offshore locations are the factors that are expected to create a lucrative market opportunity for high voltage cable market. Some of the leading players in high voltage cable market are highly focusing on strategic market initiatives to enrich their product capabilities as well as to expand their geographical presence across the globe. This, in turn, is contributing to the growth of the high voltage cable market.
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The global high voltage cable market is segmented on the basis of type, end-user, and geography.Based on type, the market is divided into the overhead, underground, and submarine cables.
Underground cables currently hold a significant share in the overall HVC market, due to their application in various industries such as power utilities, mining, paper & pulp, and cement.On the basis of end-users, the market is bifurcated into industrial (oil & gas, mining, power utilities, chemical & petrochemical, and others), renewable (wind, hydropower, and others), and infrastructure (commercial and residential).
In the end-user segment, the industrial sector accounted for the maximum share in 2015, due to industrialization in developing countries such as China, Japan, and India. Geographically, the high voltage cable market is categorized as North America, Europe, Asia Pacific, and Latin America, Middle East, & Africa.
Asia-Pacific has emerged as the largest market for high voltage cables, due to the rise in demand from developing countries such as China.Increased adoption in the industrial sector owing to the rapid industrialization rates has promoted the high voltage cables market in the region.
The penetration of underground and overhead lines is relatively higher in developing regions such as Asia-Pacific and LAMEA due to the low cost and easy operation.The submarine and underground cables segment are more popular in developed regions such as Europe, on account of the high population density and the extensive offshore wind capacity potential.
The use of cables has further increased in the regions of North America and Europe, in the booming solar and wind technologies of power generation.
The overall high voltage cable market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the high voltage cable market.
It also provides the overview and forecast for the global high voltage cable market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, and Latin America, Middle East, and Africa.Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the high voltage cable market. Some of the players present in high voltage cable market are Dubai Cable Company - Ducab, Furukawa Electric Co., Ltd., Nexans SA, NKT A/S, Prysmian Group (General Cable Corporation), Siemens AG, Southwire Company, LLC, Sumitomo Electric Industries, Ltd., TELE-FONIKA Kable SA (TF Kable), and ZTT Group among others.
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