New York, United States, March 04, 2024 (GLOBE NEWSWIRE) -- power transmission cables are referred to as high-voltage cables. There are three ways to install high-voltage cables: above, underground, and undersea. Since they are used in many different industries, such as mining, oil and gas, and electric utilities, underground cables are attractive. The market for high-voltage cable is expanding due to the expansion of infrastructure. Developing nations like China, Japan, India, and Dubai have recently started several significant infrastructure projects. These infrastructure projects include office buildings, shopping centers, homes, theaters, and parks, among other commercial and residential constructions. These projects need a considerable quantity of high-voltage power cables, which helps the industry grow. Additionally, investments and government programs have helped the sector grow.
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Industrialization and Urbanization in Developing Countries to Drive the Global High Voltage Cable Market
According to Straits Research, “The global high voltage cable market size was valued at USD 16.5 billion in 2021 and is estimated to reach an expected value of USD 27.87 billion by 2030, registering a CAGR of 6.2% during the forecast period (2022-2030).” Global urbanization and industrialization are driving the electricity demand. Therefore, as the need for power grows, so does the amount of power generated and transmitted, increasing the need for high-voltage connections. Many governments are investing in renewable energy projects, including offshore/onshore wind farms, solar plants, and tidal power plants, due to the depletion of fossil fuels like coal and oil. In the past ten years, many renewable energy projects have been developed due to the need for electricity in developing nations like China, Japan, and India. As a result, there is a rising need for high-voltage cables in power distribution facilities and sectors like mining, oil & gas, and power utilities. Due to industrialization and urbanization, the amount of power produced by renewable and non-renewable energy resources has increased during the past several years.
Expanding Offshore Power Projects in Developing Countries to Provide Opportunities for the Global High Voltage Cable Market
The governments of these regions are expanding their offshore power projects to supply the need for electricity in developing regions, including the Asia-Pacific, Latin America, and the Caribbean. The installation of 140 floating wind turbines is expected to be completed by 2020. The Japanese government has started building a floating wind farm 12 miles off the coast. In the South China Sea, the Chinese Ship Building Industry Corporation is also building a floating nuclear power plant that will be completed in 2020.
In addition, the Global Wind Energy Council predicts that during the next five years, the capacity of wind turbines to generate energy will increase to 536 GW. A sizable number of high-voltage cables are required for offshore projects like floating wind and solar farms to transport electricity to the primary grid. As a result, these variables are predicted to increase the demand for high-voltage cable throughout the forecast period, offering the market a lucrative development opportunity.
Key Highlights
- Based on Installation, the global high-voltage cable market is divided into overhead, underground, and submarine. The underground segment was the highest contributor to the market and is estimated to grow at a CAGR of 5.7% during the forecast period.
- By end user, the global high voltage cable market is further bifurcated into the renewable energy, industrial, and infrastructure segments. The industrial segment includes power utilities, mining, chemical & petrochemical, oil & gas, and others (paper & pulp, wastewater treatment, manufacturing, and cement industry); the renewable energy segment is divided into the hydro, wind, and others (solar, geothermal, and tidal); and the infrastructure segment is divided into commercial and residential. The industrial segment was the highest contributor to the market and is estimated to grow at a CAGR of 4.5% during the forecast period.
Regional Insights
Based on region, the global high-voltage cable market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific high-voltage cable industry share is estimated to grow at a CAGR of 7.2%. The second-largest electricity producer in the world is located in North America. The use of high-voltage cables in this area has increased as a result of the expansion in energy production in North America. The market for high-voltage cables has expanded due to numerous government efforts, including funding and policy for renewable energy projects. As an illustration, the US government spent $34 billion on wind farms, solar power plants, and other renewable energy initiatives. Many top businesses have also entered the high-voltage cable industry to expand their market reach. Sumitomo Electric Industries installed a 230 Kv AC undersea power line with a 4.5 km route in San Francisco Bay to boost its operations there. The demand for high-voltage cables is anticipated to be driven by an expansion in metals and mining, oil and gas exploration, and building activities in the area.
Europe is the second largest region. It is estimated to grow at a CAGR of 4.9%. Europe is anticipated to expand during the anticipated period due to the rapidly expanding wind and solar industries, which will drive demand for high-voltage cables in this area. High-voltage cables are used more frequently in Germany due to increased electricity production from renewable energy sources. Due to the high population density in this area, the underground cables market segment is also more common and is predicted to continue to dominate the local market. Due to this area's extensive transmission and distribution network, the utility sector generates most of the industrial segment's revenues. The region has also chosen the undersea cables section because of the substantial offshore wind capacity. Many major players are growing their European businesses using diverse tactics, including collaborations and agreements with other firms. By starting new projects, businesses with operations in Europe are expanding their geographic reach. By building two submarine cable links of 14 km and 6 km, the Prysmian Group, for instance, had begun a new project in Venetian Lagoon, Italy.
North America is the third largest region. In the Asia-Pacific region, China and Japan accounted for around 75% of the market. China and Japan are the two most attractive markets from a growth perspective, with much more rapid growth rates forecast over the projected timeframe. China produces 5,810,500 GWh of power annually, making it the largest energy producer in Asia and requiring numerous high-voltage cables for transmission. The market for high-voltage cable in Asia-Pacific is seeing entry from many industry titans. For the sale of its Asia-Pacific division, General Cable Technology Corporation, for instance, reached a sales agreement with MM Logistics Co. Ltd. Additionally, the Chinese government is upgrading grid technology through several projects. For instance, the State Grid Corporation of China makes significant financial investments in smart grid technologies to improve its electrical networks and reduce carbon emissions. Due to cheaper setup costs and easy access to personnel, the region is becoming more industrialized, which is what is primarily causing a rise in the need for high-voltage cables in the industrial sector. High voltage cables are now being used more frequently in the region's renewable energy sector due to the region's extensive wind energy production.
Competitive Landscape
The global high-voltage cable market comprises players such as Prysmian Group, Dubai Cable Company Pvt. Ltd., NKT Cables, Nexans, Southwire Company, LLC, and Sumitomo Electric Industries, Ltd.
Market News
- September 2022- Prysmian Group, the world leader in the energy and telecom cable systems industry, will present its state-of-the-art integrated range of products and services for the onshore and offshore wind power industry at the 2022 edition of WindEnergy Hamburg.
- August 2022 - Prysmian Group has attained a significant technological milestone in the field of Power Transmission, reaffirming its leading position and dedication to the energy transition. The cable industry's global leader has successfully developed and tested the first 525 kV extruded submarine complete cable system for High Voltage Direct Current (HVDC) applications.
Global High Voltage Cable Market: Segmentation
By Product Type
- Cables
- XLPE Cables (Cross-linked Polyethylene)
- EPR Cables (Ethylene-Propylene Rubber)
- HEPR Cables (High Modulus Ethylene-Propylene)
- MI Cables (Mass Impregnated)
- Accessories
- Cable Joints
- Cable Terminations
- Fittings & Fixtures
- Others
By Installation
- Overhead
- Underground
- Submarine
By Voltage Level
- 50KV-110KV
- 115KV-330KV
- Greater Than 330KV
By Conductor Type
- Copper
- Aluminum
By End User
- Industrial
-
- Oil & gas
- Mining
- Power utilities
- Chemical & petrochemical
- Others (paper & pulp, manufacturing, wastewater treatment and cement industry)
- Renewable energy
-
- Wind
- Hydropower
- Others (tidal, solar and geothermal)
- Infrastructure
-
- Commercial
- Residential
By Region
- North America
- Europe
- Asia-Pacific
- LAMEA
Get Detailed Market Segmentation @ https://straitsresearch.com/report/high-voltage-cable-market/segmentation
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