PUBLISHER: Inkwood Research | PRODUCT CODE: 1170414
PUBLISHER: Inkwood Research | PRODUCT CODE: 1170414
The Asia-Pacific high voltage cable market is anticipated to surge with a 5.88% CAGR between the forecasted years 2023 and 2032. Constant efforts to meet the electricity demands of the populated countries and cost-effective renewable energy technologies drive market growth.
The Asia-Pacific high voltage cable market growth evaluation entails the analysis of Japan, China, Australia & New Zealand, Indonesia, India, South Korea, Vietnam, and Rest of Asia-Pacific. According to the Institute of Energy Economics and Financial Analysis (IEEFA), India is expecting a $500 billion investment to create renewable energy generation capacity with tendering of 500 Gigawatt (GW) by 2028. In addition, a $250 billion investment in modernization and grid expansion is required to uptake green energy capacity, driving the market growth for high voltage cables in the country.
In contrast, South Korea can provide itself completely with self-produced energy. According to World Data Info, the aggregate production of electric-producing facilities is 526 billion kWh, which is approximately 104% of the total requirements. The rest of the self-produced energy is either exported or left unused. Moreover, along with production and consumption, exports and imports play an important role in the South Korea high voltage cable market. Other energy sources used include natural gas or crude oil.
Furthermore, the Indonesia high voltage cable market is witnessing a stable demand owing to abundant resources for the country's solar, wind, and bioenergy development. The growing demand enables Indonesia to develop solar thermal as well as solar photovoltaic power. In addition to generating power, these energy sources could support transport, cooling, and heating applications.
Some of the leading companies include: Finolex Cables Ltd, Furukawa Electric Group, Hitachi Ltd, etc