Selbyville, Delaware, March 30, 2021 (GLOBE NEWSWIRE) -- According to expert analysts and seasoned forecasters, worldwide voltage cable (HVC) market, worth USD 15.49 billion in 2020, is projected to register a yearly growth rate of 5.42% CAGR over 2021-2028 and reach a valuation of USD 23.72 billion by the end of the forecast period.
Surging demand for power generation, rising number of infrastructure development activities, and large-scale investments in smart grid technology are the key factors promoting the global high voltage cable (HVC) market growth. Asia-Pacific is considered to hold the largest share in the high voltage cable market and is expected to continue its stronghold till 2028. The region’s growth can be attributed to the continual efforts to fulfill electricity needs due to rising urbanization activities in countries like China, India, and Japan. Among the countries, China is one of the largest electricity producers, which calls for the adoption of high voltage cables for power transmission.
On the contrary, volatile costs of conducting materials, like copper and aluminum, is negatively impacting the business landscape as these metals determine the final costs of high voltage cables.
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Regional analysis overview:
Global high voltage cable (HVC) market size spans across North America, Latin America, Middle East & Africa, Asia Pacific, and Europe.
Latin America
Latin America high voltage cable (HVC) market is touted to grow at an annual rate of 6.57% during 2021-2028, largely creditable to increasing energy trade between Mexico and the United States, along with favorable initiatives by governments in the region towards promoting the adoption of clean energy resources like renewables and nuclear energy.
Mexico is considered one of the significant partners in the US energy trade market. Additionally, recently, the United States-Mexico-Canada Agreement replaced the North America Free Trade Agreement as the agenda for regulating energy trade among the US and Mexico.
Moreover, earlier, the government’s energy development plan reported a significant amount of power generated in the country through clean energy resources, such as renewables and nuclear energy. Hence, such developments are primarily driving the demand for high voltage cables for power transmission, motivating the growth of Mexico’s HVC market.
The renewable electricity from solar and wind energy represented a substantial amount of the country’s energy supply, and the volume is anticipated to surge each year. Besides, the government launched its decarbonization program, which aims to completely replace coal with other energy resources. This step implies a higher development of hydroelectric plants, adding to the growth of the HVC market.
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Asia Pacific
Asia Pacific high voltage cable (HVC) industry is slated to expand at 6.19% CAGR through 2028, mainly driven by mounting electricity demand due to rapid urbanization in economies like India, China, and Japan. India, ranking fourth globally in renewable energy space, is expected to contribute significantly to the regional growth as it plans to invest heavily in grid expansion and modernization for green energy facilities.
In India, the renewable energy sector ranks fourth globally and strives to invest significantly in grid expansion and modernization for approval of green energy facilities. Moreover, the long-term outlook for renewable energy is favorable as the country witnessed a substantial decline in the wholesale electricity rates from solar and wind generation resources in the past few years. Such developments in renewable energy production are likely to influence the high voltage cable market’s growth across India.
High voltage cable market is experiencing a substantial growth rate, owing to the availability of solar, wind, and bioenergy development resources. This permits the country to enhance solar photovoltaic and solar thermal power generation. Hence, the factors mentioned above have the potential to augment the demand for high voltage cables, in turn, boosting Indonesia?s HVC market.
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Europe
Europe high voltage cable (HVC) industry is expected to record 4.29% CAGR over the projected timeline, with France expected to emerge as a major growth propeller. In fact, the French photovoltaic production facilities are targeted to reach 38.6 GW by 2028, and has subsequently led to introduction of several favorable government schemes to reach the goal. Meanwhile, Sweden is steadily contributing to the industry growth owing to abundance of water and biomass, which significantly enhances the growth prospects of renewable energy sector in the nation.
In France, the Multiannual Energy Program target is to surge French photovoltaic production facilities to reach 38.6 GW by 2028. Hence, several schemes have been introduced by the government. For instance, they are setting up solar facilities in areas, such as large production sites, parking lots, and public institutes. Further, the country is developing its offshore wind energy sector as the wind force enables twice the energy production than the onshore branch. In terms of fixed bottom wind turbine technologies, the country has paved the way for floating wind turbines with four projects sanctioned by the European Commission. This development significantly influences the demand for high voltage cables, thus positively impacting the French HVC market.
Furthermore, the government energy policies have also added to the use of renewable energy. For instance, the Electricity Certificate System is a system that supports the production of renewable electricity, thereby adding to the growth of the HVC market in the country.
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North America
North America high voltage cable (HVC) industry is touted to register a yearly growth rate of 4.16% during the stipulate timeframe, with United States and Canada leading the growth. Spike in renewable energy consumption in the U.S., along with increase in number of new offshore wind projects in the country is adding considerable traction to the regional industry expansion. Moreover, increasing oil & gas exploration activities and rise in construction projects is enhancing the demand for high voltage cables in the U.S. Meanwhile, the industry growth in Canada is fueled by investment in electricity infrastructure development, and government initiatives, including plans to complete transition from coal-fired power to other clean energy sources by 2030.
In recent years, renewable energy consumption in the residential and commercial sectors has surged, which denotes the healthy growth of the renewable energy sector in the United States. Moreover, several new offshore wind projects have been announced in the country, with several stakeholders taking measures to enhance the offshore wind industry. Further, the growing discovery activities in oil & gas, along with rising construction activities, is probable to drive the demand for high voltage cables. Hence, such developments are likely to fuel the high voltage cable market in the United States in the near future.
Canada, on the other hand, has announced its plans to phase out the usage of coal-fired power by 2030. Here, Alberta, Saskatchewan, and British Columbia have stated their own policies to generate electricity using renewable resources, setting renewable energy targets to be adopted by 2030. Moreover, the renewable energy sector is expected to invest significantly in electricity infrastructure to generate demand for the implementation of several new energy technologies across the country. Therefore, such new developments to advance the renewable energy sector are anticipated to widen the requirement of high voltage cables, which will directly impact the progress of the high voltage cable market across Canada.
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Global High Voltage Cable (HVC) Market Installation Sub-Segments (Revenue, USD Million, 2021-2028)
- Underground
- Overhead
- Submarine
Global High Voltage Cable (HVC) Market End-User Sub-Segments (Revenue, USD Million, 2021-2028)
Industrial
- Oil & Gas
- Power Utilities
- Mining
- Chemical & Petrochemical
- Others
Renewable Energy
Infrastructure
- Residential
- Commercial
Global High Voltage Cable (HVC) Market Geographical Segmentation (Revenue, USD Million, 2021-2028)
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Germany
- Sweden
- Italy
- Spain
- Russia
- Rest of Europe
Asia Pacific
- India
- China
- Japan
- South Korea
- Australia & New Zealand
- ASEAN Countries
- Rest of APAV
Latin America
- Mexico
- Brazil
- Rest of Latin America
Middle East & Africa
- Turkey
- United Arab Emirates
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Global High Voltage Cable (HVC) Market Company Profiles (2021-2028)
- Finolex Cables Ltd.
- Tratos Group
- ABB Ltd.
- Hitachi Ltd.
- TBEA Co., Ltd.
- Siemens AG
- Sumitomo Electric Industries, Ltd.
- Southwire Company, LLC
- Nexans S.A.
- NKT A/S
- Ducab Cable Manufacturing Company
- Prysmian Group
- Tele-Fonika Kable S.A.
Table of Content:
1. GLOBAL HIGH VOLTAGE CABLE (HVC) MARKET - SUMMARY
2. INDUSTRY OUTLOOK
2.1. MARKET DEFINITION
2.2. KEY INSIGHTS
2.3. PORTER’S FIVE FORCES ANALYSIS
2.4. MARKET ATTRACTIVENESS INDEX
2.5. VENDOR SCORECARD
2.6. KEY MARKET STRATEGIES
2.7. MARKET DRIVERS
2.8. MARKET RESTRAINTS
2.9. MARKET OPPORTUNITIES
2.10. IMPACT OF COVID-19 ON HIGH VOLTAGE CABLE (HVC) MARKET
3. GLOBAL HIGH VOLTAGE CABLE (HVC) MARKET OUTLOOK - BY INSTALLATION
3.1. OVERHEAD
3.2. UNDERGROUND
3.3. SUBMARINE
4. GLOBAL HIGH VOLTAGE CABLE (HVC) MARKET OUTLOOK - BY END-USER
4.1. INDUSTRIAL
4.1.1. POWER UTILITIES
4.1.2. OIL & GAS
4.1.3. MINING
4.1.4. CHEMICAL & PETROCHEMICAL
4.1.5. OTHERS
4.2. RENEWABLE ENERGY
4.3. INFRASTRUCTURE
4.3.1. COMMERCIAL
4.3.2. RESIDENTIAL
5. GLOBAL HIGH VOLTAGE CABLE (HVC) MARKET - REGIONAL OUTLOOK
5.1. NORTH AMERICA
5.2. EUROPE
5.3. ASIA-PACIFIC
5.4. LATIN AMERICA
5.5. MIDDLE EAST AND AFRICA
6. COMPETITIVE LANDSCAPE
6.1. TELE-FONIKA KABLE SA
6.2. PRYSMIAN GROUP
6.3. DUBAI CABLE COMPANY PVT LTD
6.4. NKT CABLES
6.5. NEXANS
6.6. SOUTHWIRE LLC
6.7. SUMIMOTO ELECTRIC INDUSTRIES LTD
6.8. SIEMENS AG
6.9. TBEA CO LTD
6.10. HITACHI LTD
6.11. ABB LTD
6.12. TRATOS
6.13. FINOLEX CABLES
7. METHODOLOGY & SCOPE
Related Report:
Global High Voltage Cables Market Size, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2019 - 2025
High Voltage Cables Market size is projected to exceed USD 29000 Million by 2025, as per new research report. Rapid commercialization to suffice the overall economic growth positively influenced by foreign direct investment (FDI) schemes to favour commercial and industrial establishments will drive the demand for complex & reliable grid infrastructure.
Ongoing commercialization to serve the global economic growth favored by FDI schemes to positively influence industrial and commercial establishments will boost the demand for reliable & complex grid infrastructure. Furthermore, rapid digitalization across the industrial peripherals has significantly infused a competitive industrial scenario owing to rising energy demand from data centers and communication base stations. Growing adoption of secure, energy efficient, advanced and reliable cables have further stimulated the HV cables market.
The power cable industry has majorly been regulated by various sets of guidelines and mandates, which have standardized the deployment and manufacturing trends globally. In the recent years, grid-isolated establishments have been the prime focus for installers and regulators as these pose immense potential for business growth and expansion. Moreover, the increasing energy demand favored by positive consumer shift to incorporate a sustainable electricity network will stimulate the high voltage cables market.
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