Pune, India, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Global High Voltage Cables Market to Reach USD 54.97 Billion At 7.11% CAGR.
The global high voltage cables market is expected to witness robust growth on account of increasing demand for power generation in order to supply electricity to the increasing population. For instance, a preferred supplier agreement or PSA was signed by NKT for the delivery of high voltage DC for both offshore and onshore locations. Here, NKT would act as the main contractor and export cable systems from the Doggerbank Creyke Beck A and B offshore wind farms.
Fortune Business Insights in their report titled, “High Voltage Cables Market Size, Share & Industry Analysis, By Installation (Overhead, Underground, Submarine), By Voltage (100 kV – 250 kV, 251 kV – 400 kV, Above 400 kV), By End-User (Industrial, Utility) and Regional Forecast, 2019-2026.” foresees the global market to exhibit a CAGR of 7.11% and reach a value of USD 54.97 Billion by 2026 from USD 31.89 Billion in the year 2018. On the basis of installation, the overhead installation segment is dominating the market because of the low transmission losses and easy installation processes.
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The report is based on an in-depth analysis of the high voltage cables market. It offers details about major factors propelling and repelling growth, along with major high voltage cables market trends and opportunities. Such insights will help players invest accordingly and strategize their moves in order to maintain their position in the competition. The report is available for sale on Fortune Business Insights website.
Asia Pacific to Hold High Market Share on Account of Increasing Demand for Renewable Power Sources
As per Fortune Business Insights, the market for high voltage cables is expected to attract high revenue from Asia Pacific owing to the rising population and surge in demand for power generation to serve various residential, industrial and commercial purposes. In 2018, the Asia Pacific held a high voltage cables market share of USD 11.50 Billion. On the other side, North America currently holds a small high voltage cables market share due to the ongoing replacement of the age old grids. However, the oil and gas exploration activities are also driving the regional market.
Some of the players operating in the high voltage cables market include:
- Furukawa Electric Co., Ltd.
- General Cable
- Prysmian Group
- Dubai Cable Company - Ducab
- Schneider Electric
- Universal Cables Ltd
- Riyadh Cables Group Company
- ZTT
- Nexans
- NKT
- ABB
- Jiangnan Group Limited
- Tratos
- Brugg Cables
- Synergy Cables
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Part 2:-
Medium Voltage Cables Market Reach USD 55.31 Billion by 2028 At 7.4% CAGR.
The global medium voltage cables market size is projected to reach USD 55.31 billion by 2028, exhibiting a CAGR of 7.4% during the forecast period. Fortune Business Insights™ shares this information in its report, titled “Medium Voltage Cables Market, 2021-2028”. As per the report, the value of the market stood at USD 31.47 billion in 2020.
Government Initiatives Promoting Renewable Energy to Enhance Demand
In the battle against global warming, governments across the world are launching initiatives to make renewable energy their primary resource for power-related requirements. For instance, Since February 2021, Singapore has initiated its project of building solar farms at Tengeh reservoir. These farms will be floating in the sea as the country lacks real estate. The project is handled by Public Utilities Board and Sembcorp, a leading urban development enterprise in Singapore. Such initiates are projected to strengthen the adoption of these type of voltage cables.
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List of Key Companies Covered in the Market Report:
• Prysmian Group (Italy)
• Nexans (France)
• NKT A/S (Denmark)
• ABB (Switzerland)
• Brugg Cables (Switzerland)
• Riyadh Cables Group Company (Saudi Arabia)
• ZTT (China)
• General Cable Technologies Corporation (U.S.)
• FURUKAWA ELECTRIC CO., LTD. (Japan)
• Jiangnan Group Limited. (China)
• Tratos (England)
• Universal Cables Ltd. (India)
• Schneider Electric (France)
• DUCAB (UAE)
• Synergy Cables (Israel)
Report Scope & Segmentation -
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 7.4 % |
| 2028 Value Projection | USD 55.31 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 31.47 Billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 180 |
| Segments covered | Installation; Voltage; Application; |
| Growth Drivers | Rapidly Increasing Energy Demand & Need for Reliable Power Supply to Foster Growth. Developing Electricity Infrastructure to Play a Pivotal Role in Shaping Medium Voltage Cables Market Trends. |
| Pitfalls & Challenges | High Initial Expenditure and Project Delays May Obstruct Market Growth. |
Medium Voltage Cables Market Observed -11% Growth Stoked by Reduced Energy Demand amid COVID-19
The lockdown enforced amid the COVID-19 pandemic had significantly reduced the energy and power consumption among nations globally. For instance, according to the International Energy Agency, the overall demand for electricity in China, the first nation to be affected by the pandemic, was -11% in February 2020 compared to the same month in 2019. This has significantly impacted the growth of the related markets including this market. According to our analysis, the market observed a -9.6% growth in 2020.
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Part 3:-
Low Voltage Cable Market to Reach USD 155.52 billion by 2026 At 6.7% CAGR
The global low voltage cable market size is predicted to reach USD 155.52 billion by 2026 owing to the increasing population and their dependency on electricity for various residential, industrial, and commercial purposes. Low voltage cables are utilized in electrical equipment within the voltage rate of 75 and 1500V for direct current and within 50 to 1000V for altering current. These cables are usually made of copper and aluminum and are not subject to high electric stress.
Fortune Business Insights™ in their report titled, “Low Voltage Cable Market Size, Share and Industry Analysis, By Installation (Overhead, Underground) By Voltage (1V-240V, 241V-440V, 441V-1000V), By Application (Residential, Commercial and Industrial), and Regional Forecast, 2019-2026,” provides an in-depth analysis of the market and its growth trajectories. As per this report, the market value was USD 93.39 billion in 2018 and will rise at 6.7% CAGR between 2019 and 2026.
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Regional Segmentation:
Asia Pacific to Continue Dominating Market with Increasing Number of Smart Home Projects
Asia Pacific generated a revenue of USD 34.25 billion in 2018 and earned the largest low voltage cable market share. Factors responsible for this dominance include increasing population, rapid urbanization, and the need to supply electricity to their increasing demand. This, coupled with the rise in construction activities in nations such as India, South Korea, Japan, and China will also augment the regional market growth in the forecast duration. On the other side, North America and Europe are in close competition to Asia Pacific.
The presence of major companies dealing with LV cables is promoting the North American market growth. Moreover, the up-gradation of present electric grids and the adoption of renewable energy for electricity production is boosting the Europe market. Additionally, the newly laid electrical plans for LV cable installation will help promote Latin America and the Middle East, and the Africa market in the coming years.
Competitive Landscape:
Duopolistic Nature of Market to Propel Other Companies to Engage in Collaborative Efforts
Companies such as Nexans, ABB, and Prysmian Group are currently dominating the market owing to their wide geographical expansion and high brand value. Other vendors engaged in merger and acquisition, joint ventures, agreements and contracts, and other collaborative efforts to gain a competitive edge in the market. They are also investing in better product development and efficient operations of the product to attract more low voltage cable market revenue in the forthcoming years.
List of key Market Manufacturers include:
- Encore Wire Corporation (US)
- KEI Industries (India)
- Prysmian Group (Italy)
- Polycab India (India)
- ABB (Switzerland)
- Riyadh Cables Group Company (Saudi Arabia)
- Nexans (France)
- BRUGG Cables (Switzerland)
- General Cable (US)
- Bahra Cables Company (Saudi Arabia)
- NKT Cables(Denmark)
- Finolex Cables (India)
- Other notable players
Major Industry Developments of the Low Voltage Cable Market include:
October 2019 – A global contract was awarded to Prysmian Group from Siemens Gamesa Renewable Energy SA to supply 1200 km of low voltage cables and 60 km of medium voltage cables from Nexan’s Windlink Brand.
November 2019 –A two-year contract was signed between MHI Vestas and Nexans SA for supplying medium and low voltage cable kits from nearby Vestas operation hubs.
Click here to get the short-term and long-term impact of COVID-19 on this market:- https://www.fortunebusinessinsights.com/industry-reports/low-voltage-cables-market-101642
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