PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1358220
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1358220
The Underground Cabling EPC Market size was valued at USD 13,908.6 Million in 2022, expanding at a CAGR of 3.3% from 2023 to 2030.
Underground cabling EPC (Engineering, Procurement, and Construction) is the term used to describe the entire project cycle of designing, procuring materials, and constructing underground electrical or telecommunication cable systems. Engineering and construction businesses often carry out these projects, often in partnership with utilities, governments, or private organizations. Conducting initial investigations to determine the practicality of underground cabling, taking into account geography, soil conditions, and environmental impact. An underground power cable is under the ground so maintenance costs are quite low as the wire is safe from potential damage. The cables are not exposed to the weather elements like rain, snow, lightning, storms, and hurricanes.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. Asia Pacific region is expected to drive the growth of the market, due to increasing investments in the renewable sector, along with technological advancements such as Ultrahigh-Voltage Direct Current (UHVDC) technology in the region. As the renewable energy sector expands, there will be a greater demand for significant cabling infrastructure to integrate these power sources into the grid, particularly because many renewable energy sources are located away from consumption centers. According to Climate Corporation China, Renewables became the majority in China's new power capacity installations in 2022, incremental renewable capacity accounted for 76.2% of China's overall newly installed capacity. China's renewable energy capacity reached 1,213 GW in 2022, making up 47.3% of China's total generation capacity. North America and Europe are expected to drive the growth of the market in the forecast period, due to rising electricity consumption.
The underground cabling EPC (Engineering, Procurement, and Construction) industry has seen an increase in demand as a result of urbanization, increased emphasis on aesthetics, safety concerns, and the requirement for robust infrastructure against natural calamities. As with most industries, there are dominant firms, new entrants, mergers and acquisitions, and a competitive desire for innovation. The industry has witnessed a considerable amount of M&A activity, which corporations utilize as a strategy to grow their global footprint, diversify their product line, or enter new markets. Market participants are always inventing strategies to create efficient, long-lasting, and cost-effective solutions. Smart grids, integration with renewable energy sources, and real-time monitoring systems are being prioritized. The regulatory landscape can be complex and differs among countries and regions. Companies must be familiar with local rules, safety standards, and quality criteria. For example, Sep.2021, A tie-up of German group Siemens Energy AG and Japan's Sumitomo Electric Industries Ltd nowadays said it had been chosen to build the 500-MW Greenlink interconnector between Wales and Ireland.
On 21 September 2021, Greenlink has awarded the engineering, procurement and construction (EPC) contract for the Greenlink electricity interconnector project to a consortium comprised of Siemens Energy AG (Siemens Energy) and Sumitomo Electric Industries Ltd (Sumitomo Electric). As part of an overall project investment that exceeds €500m, the contract will deliver the 190km subsea and underground electricity interconnector to connect the power grids of Ireland and the United Kingdom.
The scope of this report covers the market by its major segments, which include as follows: