PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401794
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401794
High Voltage Cables Market size was valued at USD 34,400.4 Million in 2022, expanding at a CAGR of 7.4% from 2023 to 2030.
When transferring electricity between asynchronous networks that span huge bodies of water, longer transmission lines are needed, and the systems are typically hybrid in design, HVDC cable systems are the most practical option. With these technologies, bulk power transmission capacity can be controlled without raising short circuit current levels.
High Voltage Cables Market- Market Dynamics
Increasing demand for HVDC transmission for power, AI to propel market demand
Transmission and distribution network development is anticipated to be driven by the increased power generation and consumption of electricity as well as shifting dynamics in the power generating industry. These factors will ultimately propel the high voltage cables market during the forecast period. There is enormous commercial potential for the market under study as a result of the shift in worldwide attention toward the implementation of high voltage power transmission systems, the expansion of new capabilities, and the upgrading of the current transmission network.
Numerous technical benefits, including reduced losses, increased system stability, and increased dependability, are provided by HDVC cable transmissions. For cable lines longer than about 80 km, HVDC transmission is typically needed. This is because when AC lines are 80 km or longer, very little electricity is transmitted via subterranean or underground connections. These factors are estimated to boost the market growth.
High Voltage Cables Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.4% over the forecast period (2023-2030)
Based on Type of Transmission segmentation, HVDC transmission was predicted to show maximum market share in the year 2022, owing to its high reliability and efficiency.
Based on Deployment segmentation, underground cables segment was the leading type in 2022, these cables are preferred due to safety concerns.
Based on Voltage Level segmentation, 115KV-330KV was the leading type in 2022, mainly due to growing demand for high power generation.
On the basis of region, Asia Pacific was the leading revenue generator in 2022, owing to growing power network across Asian countries.
The Global High Voltage Cables Market is segmented on the basis of Type of Transmission, Deployment, Voltage Level, and Region.
The market is divided into two categories based on Type of Transmission: HVDC and HVAC. The HVDC segment dominates the market. The increased demand for high voltage power transmission is expected to boost the market growth in the coming years.
The market is divided into three categories based on Deployment: overhead cables, underground cables, and submarine cables. The underground cables segment dominates the market and is likely to maintain its dominance during the forecast period. This is partly due to the high adoption of underground cable in urban areas.
The market is divided into three categories based on Voltage Level: 50KV-110KV, 115KV-330KV, and more than 330KV. The 115KV-330KV dominates the market and is likely to maintain its dominance during the forecast period. High demand for over 330KV power at large power plants is boosting the market growth.
High Voltage Cables Market- Geographical Insights
Geographically, this market is widespread into 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.
High voltage cables market high fragmented with few major player dominating the global market. Market players are focusing on different HVDC solution offered, making investments in transmission projects, and branching out geographically to explore new markets to expand their reach. Additionally, inorganic methods include strategic alliances, mergers, and acquisitions to swiftly gain access to cutting-edge technologies and break into untapped markets.
In July 2021, Prysmian received a contract worth USD 900 million to supply HVDC system for constructing underground transmission project in the U.S.
The scope of this report covers the market by its major segments, which include as follows: