Selbyville, Delaware, Nov. 23, 2022 (GLOBE NEWSWIRE) --
The high voltage cables market is expected to record a valuation of USD 34.5 billion by 2030, according to a new research report by Global Market Insights Inc. Rising peak load demand across major world economies will stimulate demand for high voltage cables. This growth is attributed to the increasing investments focused on establishing a sustainable electrical network to aid the ever-growing demand for electricity and the implementation of a favorable regulatory framework regarding the electrification of off-grid rural areas.
For instance, under the Nigeria Electrification Project, the World Bank, in association with the African Development Bank, offered a loan facility worth $550 million to Nigeria to provide off-grid electricity to about 705,000 households in the country. Besides, the rapid growth in urbanization and an increased emphasis on upgrading the deteriorating and aging electric infrastructure across developing regions will drive high voltage cables market growth.
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The >220 kV voltage segment accounted for around 90% of the high voltage cables market share in 2021. The increasing number of cable manufacturers focusing on introducing novel and improved products and the rising consumer inclination toward combining product configurations. In addition, the unprecedented transition toward restructuring and revamping traditional electricity infrastructure across industrial, utility, and commercial sectors will provide an anticipated boost to this segment.
High voltage cables market from the HVDC segment is predicted to observe more than 6% growth rate till 2030. HVDC cables are moderately low maintenance and lightweight. They involve minimum handling cost and allow high power transmission capacity, driving product demand throughout the forecast period. The rapidly growing demand for improved energy transmission resulting in the increasing deployment of superconducting cables and the continuous expansion of long-distance transmission lines will positively complement the business landscape.
The underground installation segment held over 56% revenue share in 2021. The positive outlook of the construction sector, backed by the rising world population and accelerating urban development, will create optimistic scenarios for the industry outlook. Moreover, the accelerating demand for sustainable, reliable, and safe electric supply with minimal environmental impact will support segment expansion.
Asia Pacific high voltage cables market is projected to record nearly 2% CAGR through 2030. The ongoing expansion of the existing energy infrastructure, in tandem with an unprecedented shift in consumer power consumption patterns, will stimulate industry revenue streams. Furthermore, the continuous rollouts of favorable regulatory policies focused on the electrification of rural and off-grid locations will proliferate regional expansion.
Top players operating in the high voltage cables market are Prysmian Group, Elsewedy Electric, Ducab, Power Plus Cables Co. L.L.C., Sumitomo Electric Industries, Ltd., Nexans, Riyadh Cable, Brugg Kabel AG, alfanar Group, Jeddah Cables, ZTT, NKT A/S, Southwire Company, LLC, Cablel, TF Kable, FURUKAWA ELECTRIC CO., LTD., Tratos, Hitachi Energy Ltd, Mitsubishi Electric Corporation, Gupta Power, ZMS Cable, ILJIN ELECTRIC, Taihan Cable & Solution Co., Ltd., LS Cable & System Ltd., and Siemens Energy. These companies have been actively working in collaboration with government authorities to foster the expansion of existing energy infrastructure.
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Partial Table of Contents (ToC) of the report:
Chapter 3 High Voltage Cables Market Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 COVID- 19 impact on the industry outlook
3.4 Impact of Russia-Ukraine war on the industry
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 North America and Europe
3.5.1.1.1 Stringent energy efficiency reforms
3.5.1.1.2 Expansion of smart grid networks
3.5.1.1.3 Refurbishment & retrofit of existing grid infrastructure
3.5.1.2 Asia Pacific
3.5.1.2.1 Rising peak load demand
3.5.1.2.2 Expansion of micro-grid networks
3.5.1.2.3 Grid stability & security of supply concerns
3.5.1.3 Rest of World
3.5.1.3.1 Increasing electricity demand
3.5.1.3.2 Integration of a sustainable electrical network
3.5.2 Industry pitfalls & challenges
3.5.2.1 Slow paced technological evolution across developing regions
3.5.2.2 High dependency on imports
3.6 Growth potential analysis
3.7 Porter's Analysis
3.8 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
