Portland, OR, May 13, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global high voltage cables market generated $14.6 billion in 2019, and is estimated to reach $23.4 billion by 2027, registering a CAGR of 6.0% from 2020 to 2027. The report offers an extensive analysis of the changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Growing industrialization and urbanization, rise in number of infrastructure in developing industries and growing investment in smart grid technology drive the growth of the global high voltage cables market. However, volatile prices of metals such as copper and aluminum hinder the market growth. On the other hand, expanding offshore power projects in developing countries create new opportunities in the coming years.
Covid-19 scenario:
- Due to reduced fixed investments and industrial activities, the global lockdown has led to a decrease in global wire and cable demand throughout 2020.
- With the outbreak of the pandemic, industries that manufacture high voltage cables have shut down their operations. Therefore, it is likely to affect other supporting industries including the road and building construction & utility industries.
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Based on installation, the underground segment contributed to the largest share in 2019, accounting for more than half of the total share, and is estimated to maintain its dominant position during the forecast period. However, the submarine segment is estimated to portray the highest CAGR of 7.3% during the forecast period.
Based on end-user, the industrial segment accounted for the largest share in 2019, holding more than two-fifth of the total share, and is expected to maintain the largest share throughout the forecast period. However, the infrastructure segment is expected to register the highest CAGR of 7.9% from 2020 to 2027.
Based on region, Asia-Pacific contributed to the highest share, accounting for more than two-fifth of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, the LAMEA region is expected to grow at the highest CAGR of 7.4% from 2020 to 2027.
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Leading market players analyzed in the research include Dubai Cable Company Pvt. Ltd., NKT Cables, Nexans, South wire Company, LLC, Sumitomo Electric Industries, Ltd, and PrysmianGroup.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.