May 04, 2024 (MENAFN via COMTEX) --
(MENAFN - Market Press Release) May 3, 2024 5:45 am - High Voltage (HV) Cable Market by Product Type (Cables (XLPE, EPR, HEPR, MI), Accessories (Joints, Termination, Fittings & Fixtures), Conductor Type (Aluminum, Copper), Installation, Voltage, End User and Region.
High Voltage (HV) Cable Market research report identifies, assesses, and analyses the up-and-coming trends along with major drivers, restraints, challenges and opportunities in the market for the Energy industry. The High Voltage (HV) Cable Market report contains estimations of CAGR values, market drivers and market restraints in the Energy industry which are helpful for businesses in deciding upon numerous strategies. The market type, organization size, availability on-premises, end-users organization type, and availability in areas such as North America, South America, Europe, Asia-Pacific and Middle East & Africa are kept into view while formulating this global High Voltage (HV) Cable Market analysis report.
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High Voltage (HV) Cable Market by Product Type (Cables (XLPE, EPR, HEPR, MI), Accessories (Joints, Termination, Fittings & Fixtures), Conductor Type (Aluminum, Copper), Installation, Voltage, End User and Region (North America, Europe, Asia-Pacific, Middle East and Africa and South America). The global High-Voltage (HV) Cable market size was estimated at USD 40.5 billion in 2023 and is projected to reach USD 59.3 billion in 2030 at a CAGR of 5.6% during the forecast period 2023-2030.
High Voltage (HV) Cable Market Competitive Landscape:
Prysmian Group
Sumitomo Electric Industries Ltd.
Nexans
LS Cable & System Ltd.
NKT A/S
Furukawa Electric
Taihan Cable & Solution Co., Ltd.
ZTT
Elsewedy Electric Company
Wuxi Jiangnan Cable
Riyadh Cables
PFISTERER Holding AG
DUCAB
TE Connectivity
Brugg Kabel AG
KEI Industries Ltd.
Tratos
Southwire Company,
Tele-Fonika Kable SA
Synergy Cables
High Voltage (HV) Cable Market Recent Developments:
In May 2023, The Prysmian Group has issued an announcement pertaining to the triumphant acquisition of a contract with an estimated worth exceeding USD 864.9 million. This contractual agreement is in reference to the initiation of a new power interconnection project between France and Spain, which is set to be implemented for the benefit of INELFE. It should be noted that INELFE is a joint venture that is co-owned by Red Electrica, the Spanish grid operator, and ReÌseau de Transport d'EÌlectriciteÌ (RTE), the French grid operator.
In April 2023, Nexans finalized the purchase of Reka Kaapeli Oy, for a total of USD 57.29 million. The integration of Reka Cables into Nexans' Distribution & Usage business group was included in the acquisition. Being a part of Nexans presents Reka Cables with the chance to enhance its growth and development, while also enabling increased investments in renewable energy solutions.
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High voltage cables are utilized for the transmission and distribution of power at elevated voltages. These cables possess structural components comprising of one or more conductors, protective jackets, and insulators. An important structural divergence that sets high voltage cables apart from other cable types is the existence of additional internal layers within the insulation jacket that facilitate the control of electric flow surrounding the conductor. This attribute assists in mitigating power losses during long-range transmissions, thereby rendering high voltage cables more efficient than their counterparts in power transmission. High voltage cables may be installed as overhead cables, buried cables in industrial settings, or even submarine cables for power transmission between different states and countries.
The market for high voltage power cables is ultimately dependent on electricity demand across the world. The increasing demand for electricity is further anticipated to bring lucrative growth opportunities for the market. The replacement of the aged grid infrastructure and transmission lines is another factor that drives the growth of the market. Also, the increasing penetration of renewables such as solar energy and wind energy requires setting up new utility grids with new transmission & distribution networks. Therefore, the growing penetration of renewables acts as the market driver for high voltage cables.
High Voltage (HV) Cable Market Key Findings:
On the basis of installations, the worldwide high voltage cables market is divided into three segments, namely overhead, submarine, and underground, based on the type of installation. The proliferation of overhead installation is primarily attributed to its convenient installation process and low transmission losses across extended distances. Furthermore, the economic benefits of these cables, which do not entail complex technologies, account for their widespread adoption.
On the basis of Analytics, the market is categorized into three segments, namely 100 kV - 250 kV, 251 kV - 400 kV, and above 400 kV. Currently, the 251 kV - 400 kV segment holds the largest market share due to the extensive application of high voltage cables within this voltage range. In developing countries, the power transmission industry is still flourishing, resulting in the increased use of low and medium voltage cables. Consequently, the above 400 kV segment in these countries possesses a relatively minor presence.
On the basis of end-user, the global market for high voltage cables is bifurcated into two segments, namely utility and industrial, wherein the former serves as the primary source of power for most sectors across the nation, consequently constituting a significant proportion of the market. With the escalation of rural electrification plans, population growth, and urbanization, the end-user demand for electricity has substantially increased.
The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America possesses a limited market share within the industry. However, due to the prevailing replacement of antiquated grids throughout the region, the high voltage cable market is anticipated to experience gradual growth within the area.
High Voltage (HV) Cable Market Regional Analysis:
North America to Dominate the Market
North America possesses a limited market share within the industry. However, due to the prevailing replacement of antiquated grids throughout the region, the high voltage cable market is anticipated to experience gradual growth within the area.
The exploration endeavors of the oil and gas industry have significantly contributed to the expansion of the industrial sector of the market.
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