Selbyville, Delaware,, Aug. 27, 2023 (GLOBE NEWSWIRE) --
The underground high voltage cable market valuation is anticipated to cross USD 48 billion by 2032, as reported in a research study by Global Market Insights Inc. Driven by the increasing demand for electricity, the adoption of renewable energy sources, and the need for efficient transmission systems.
Underground high voltage cables play a crucial role in the energy infrastructure as they can provide better monitoring and control of the power flow, ensuring optimal usage of energy resources and improved grid stability. The growing urbanization and industrialization across the globe have led to the expansion of power grids. Additionally, the integration of smart grid technology into power transmission systems has increased the demand for underground HV cables.
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Underground high voltage cable market from the 110 kV - 220 kV segment will exhibit a remarkable growth rate through 2032, owing to the increasing need for power transmission networks with high voltage capacity. These cables are capable of transmitting large amounts of electricity over longer distances, making them vital for grid expansion projects and interconnections between power systems. Moreover, advancements in cable technology and materials have led to the development of cost-effective solutions that can withstand high voltages and offer improved performance.
Underground high voltage cable market share from the HVAC segment will grow at an exponential pace between 2023 and 2032. HVAC cables are widely used for underground power transmission due to their advantages in terms of efficiency, reliability, and cost-effectiveness. These cables also offer lower transmission losses compared to direct current (DC) cables and can efficiently handle high voltage levels, making them suitable for long-distance power transmission.
Europe will account for a substantial share of the global underground high voltage cable market by 2032, driven by the increasing focus on renewable energy, the expansion of power grids, and the need for efficient transmission systems. Stringent regulations and environmental concerns have led to the adoption of underground cables as a preferred mode of power transmission in the region. Furthermore, the European Union's initiatives to reduce greenhouse gas emissions and promote sustainable energy sources are propelling regional market growth.
Some of the major players operating in the underground high voltage cable market include Prysmian Group, Sumitomo Electric Industries, Ltd., Brugg Kabel AG, Jeddah Cables, ZTT, Southwire Company, LLC, Nexans, Furukawa Electric Co., Ltd., Hellenic Cables, Iljin Electric, Taihan Cable & Solution Co., Ltd., Tratos, and LS Cable & System Ltd.
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Underground High Voltage Cable Market News
- April 2023 – Nexans announced its selection by Swissgrid, which handles Switzerland’s power transmission grid, for a USD 26 million turnkey project focused on burying the (VHV) Very High Voltage overhead power cables along the Geneva-Cointrin airport’s southern region. Nexans has been tasked with replacing the overhead cables with underground cables, in order to free up a large space of land for urban development in the greater Geneva region.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Underground High Voltage Cable industry 360º synopsis, 2018 – 2032
2.1.1 Business trends
2.1.2 Voltage trends
2.1.3 Current trends
2.1.4 Regional trends
Chapter 3 Underground High Voltage Cable Industry Insights
3.1 Industry ecosystem analysis
3.1.1 Vendor Matrix
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 COVID- 19 impact on the industry outlook
3.5 Growth potential analysis
3.6 Porter's Analysis
3.6.1 Bargaining power of suppliers
3.6.2 Bargaining power of buyers
3.6.3 Threat of new entrants
3.6.4 Threat of substitutes
3.7 PESTEL Analysis
Chapter 4 Competitive Benchmarking
4.1 Competitive landscape, 2022
4.1.1 Strategic dashboard
4.2 Innovation & sustainability landscape
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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.
