PUBLISHER: The Business Research Company | PRODUCT CODE: 1436352
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436352
High voltage cables are wires or cables rated for more than 1000 volts, used in power production units, solar and wind energy production units, the instrument industry, and power transmission. They are employed for the transfer of electricity at high voltage in various applications such as direct power transmission, ignition systems, alternating currents, and other instruments.
The primary types of installations in the high voltage cable market are overhead, submarine, and underground. Submarine refers to a vessel navigated underwater, usually built for warfare and armed with torpedoes or guided missiles. Voltages range from 50kV-110kV, 115kV-330kV, and >330kV, serving utility and industrial end-users.
The high voltage cable market research report is one of a series of new reports from The Business Research Company that provides high voltage cable market statistics, including high voltage cable industry global market size, regional shares, competitors with a high voltage cable market share, detailed high voltage cable market segments, market trends and opportunities, and any further data you may need to thrive in the high voltage cable industry. These high voltage cable market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The high voltage cable market size has grown strongly in recent years. It will grow from $38.36 billion in 2023 to $40.76 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth observed in the historical period can be attributed to electrification initiatives, the integration of renewable energy, urbanization and infrastructure development, grid modernization, demand from the industrial sector, and the increasing cross-border power transmission.
The high voltage cable market size is expected to see strong growth in the next few years. It will grow to $51.85 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The anticipated growth in the forecast period can be attributed to a focus on energy transition, the expansion of offshore wind farms, the development of electric vehicle charging infrastructure, emphasis on grid resilience and reliability, and the increasing power demand in emerging markets. Major trends expected in the forecast period include advancements in cable technologies, the adoption of digitalization and smart grid technologies, a focus on energy efficiency and loss reduction, the integration of smart grid technologies, and the development of high-performance materials.
The high voltage cables market is anticipated to grow due to the increasing demand for electricity. High-voltage cables are widely used in power transfer, distribution, electric stations, and municipal networks. The International Energy Agency's projection of a 2.4% increase in global electricity demand in 2022, as reported in July 2022, emphasizes the rising consumption of electricity. The escalating demand for electricity is expected to boost the utilization of high voltage cables, driving market growth during the forecast period.
The high-voltage cables market is expected to experience growth due to increasing investment in infrastructure. Infrastructure refers to the physical and organizational structures and facilities necessary for societal, industrial, or enterprise operations. High-voltage cables are essential components for efficiently transmitting electrical power in various applications, including transportation, utilities, and communication systems. According to Statistics Canada in February 2023, capital expenditures on Canadian infrastructure, covering various assets, grew by $5.7 billion (5.6%), reaching a total of $108.1 billion in 2021. The increasing investment in infrastructure is driving the high-voltage cables market.
Strategic partnerships and collaborations are gaining popularity in the high voltage cables market, with companies seeking to strengthen their positions. For instance, in March 2022, Taihan Cable & Solution, a South Korean company, partnered with the Saudi company Mohammed Al-Ojaimi Group to establish a high voltage cables plant in Saudi Arabia. This collaboration aims to capture the market in the region through localized production. Additionally, in October 2021, Gulf Cable & Electrical Industries Company Co, a Kuwait-based manufacturer of electrical cables, collaborated with Riyadh Cables Group Company, a Saudi Arabia-based manufacturer of high voltage cables, for the establishment of a high voltage cables production factory in Kuwait. This strategic partnership aims at diversifying products and revenue sources.
Major companies are dedicated to developing advanced sustainable solutions, such as cross-linked polyethylene (XLPE) solutions, for high-voltage transmission to gain a competitive edge. Cross-linked polyethylene (XLPE) is a thermosetting polymer enhancing cable insulation's durability and heat resistance, ensuring improved performance and longevity. For instance, in July 2023, Dow, a US-based materials science company, introduced ENDURANCE HFDD-4201 SC Compound, a novel XLPE solution for cable systems in the North American market. This solution reduces degassing times during cable manufacturing, leading to lower CO2 emissions without compromising quality. When used in manufacturing processes, ENDURANCE Compounds contribute to delivering high-quality underground power transmission cables meeting global reliability and durability standards.
In March 2022, Ravin Group, an India-based solutions provider in the areas of cables, solar, EHV projects, and power equipment, acquired Cable Corporation of India Ltd for an undisclosed amount. Through this acquisition, the Ravin Group aims to enhance its manufacturing capacity and extend its presence across the country. Cable Corporation of India Ltd., an India-based manufacturer of high voltage cables, aligns with Ravin Group's growth strategy.
Major companies operating in the high voltage cable market report are Taihan Electric Wire Co. Ltd., NKT Cables A/S, Siemens Aktiengesellschaft, Tratos Cavi SpA, Hengtong Optic-Electric Co. Ltd., Finolex Cables Limited, Sumitomo Electric Industries Ltd., Hunan Cables Group Co. Ltd., Fujitsu General Limited, ABB Ltd., Shanghai Electric Cable Co. Ltd., Southwire Company LLC, Fujikura Ltd., Riyadh Cables Group Company, Furukawa Electric Co. Ltd., Prysmian Group S.p.A., Leoni AG, Encore Wire Corporation, Belden Inc., Dubai Cable Company Private Limited, Showa Cable Systems Co. Ltd., KEI Industries Ltd., BRUGG Cables AG, Okonite Company, Bahra Cables Company BSC (c), LS Cable & System Ltd., Hitachi Cable Ltd., Nexans SAS, General Cable Industries Inc., Cable Corporation of India Limited,
North America was the largest region in the high voltage cables market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the high voltage cable market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the high voltage cable market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The high voltage cables market consists of sales of tape shielded, drain wire-shielded, general cable uni-shield, concentric neutral (CN), and jacketed concentric neutral (JCN). Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
High Voltage Cable Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on high voltage cable market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for high voltage cable ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The high voltage cable market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.