Global High Voltage Cables Market by End Use (Energy & Power, Building & Construction), by Installation (Overhead, Submarine, Underground) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

In 2019, the global high voltage cables market was valued at USD 35.11 million. It is projected to grow at a compound annual rate (CAGR of 3.7%) between 2020 and 2027. The market is driven by the growth of offshore wind farms, increased investments in grid interconnections, and increasing investments into transmission and distribution systems. High voltage (HV), cables are used extensively for transmission and distribution of electricity at substations. From 2020 to 2027, the augmented investments made in smart grids and power distribution lines will drive economic growth. Increasing investments in underground and sub-sea cables has been a result of the adoption of smart grids in both developed and emerging economies.

A smart grid is an electric grid that consists of control, computers, automation and other new technologies. They transmit electricity efficiently and function together. The increasing population means that there is a greater demand for electricity. This makes it necessary to reduce the frequency and durations of power outages and restore service quickly after they occur. Smarter, more technologically advanced grids are required. Smart grids are capable of providing reliable power and generating renewable power efficiently using a variety of energy sources. They can also be used with smart devices and smart houses, reducing carbon footprint, and encouraging electric vehicles (EVs) use. The forecast increases in smart grid demand will result in a rise of HV cables demand.

Smart grid technology is being adopted due to the growing energy demand and increasing population. This has led to the increased need for power transmission systems that are efficient. Smart grids have seen increased investments in regions such as South America, Asia Pacific, Middle East and the Middle East. Densely populated areas need power grid interconnections. This creates a demand underground and submarine cables. North America and Europe have both adopted underground installation of HV cable, as well as sub-sea installation for inter-regional/country communication.

Underground cables are able to transmit electricity in a more efficient manner and reduce space. Market growth is expected to be driven by the efficient power transmission and distribution systems and the development of offshore wind farms. The Government of Japan, for example, is building a floating wind farm 12 miles from the coast. It is planning to install 140 floating turbines by 2020. Due to the COVID 19 pandemic, the market will experience a slight decline.

The installation of cable and the replacement of aging infrastructure is currently on hold. However, they are expected to resume in order to meet increasing demand from heavy industrialization and urbanization. Australia has used interconnections to improve power transmission. Clean Energy Council reports that Australia has over 850,000 km of distribution grid and 45,000km of transmission grid. The National Electricity Market is located in the east and south-eastern States.

Installation Insights

In 2019, overhead installation accounted for 56% of the total revenue. The most popular technique for overhead installation is still it. This type of installation is both the most convenient and cheapest. However, it requires average installation skills. The underground installation market is expected to grow at a compound annual growth rate (5.5%) between 2020 and 2027.

High voltage carrying capacity and strength of HV cables make them available for both power transmission and communication. Underground installations have lower transmission losses and maintenance costs. They also absorb power loads quickly. Underground cable installations emit no electricity, which is why many countries have adopted them. Infrastructure development is driving product demand.

End-use Insights

In 2019, the energy and power segment had a 37% revenue share. The electricity T&D ecosystem is undergoing several technological upgrades. These include the conversion of old transmission cables to high-voltage lines in order to reduce transmission losses. These technological upgrades are intended to stabilize the ecosystem in spite of the changing nature of renewable energy sources.

The need to link countries' transmission systems has increased due to the increasing renewable power capacity and the energy generation. This will help to balance power generation and consumption through the import and export of electricity. The market will be driven by the increased demand for electricity due to the construction of interconnection lines with higher capacities.

The highest compound annual rate of growth for the building and construction sector is expected to be between 2020-2027. Market growth is expected to be driven by new construction and refurbishment of commercial and industrial buildings in different regions. The market is being driven by new construction projects in South America, the Middle East, Africa, and Asia Pacific. These include rail tunneling and signaling and an expansion of power generation and distribution.

Regional Insights

Asia Pacific held the largest market share, with more than 39.0% in 2019. China is the region with the highest rate of adoption and deployment. IEEFA reported that China had 4.6GW1 operational offshore wind power capacity as of 2018. China installed 1.8GW offshore wind capacity in 2018, representing 40% of the global 4.5GW. China approved 24 offshore wind power plants off Jiangsu Province's coast in January 2019. They have a combined capacity of 6.7GW, and an investment injection of USD 18 billion. These projects are expected to become operational in 2020. These offshore wind projects are supported by China's biggest utilities, China Energy Group, China General Nuclear Power Corp. and China Huaneng Group.

Due to increasing investments in wind farm in the region, the market in MEA will see the highest CAGR between 2020 and 2027. In July 2019, for example, the Middle East Government built the largest windfarm in Al-Jouf. Fossil fuels provide the only electricity source in the region. However, the country is planning to switch from fossil fuels to renewable energy sources, increasing demand for high-voltage cables.

Market Share Insights & Key Companies

Major companies are exploring organic and inorganic growth strategies such as mergers and acquisitions, partnerships and partnership. In August 2016, Nexans and American Superconductor Corporation signed a partnership to promote AMSC's Resilient Electric Grid system (REG). Nexans signed a framework agreement in June 2016 with Energinet.dk (a Danish Transmission System Operator) (TSO). The agreement was worth more than 20 Billion euros and was intended to deliver 500 km HV cables.

Players have been aggressively pursuing contracts and agreements due to their extensive investments in smart grid transmission. LS Cable & System Ltd. was awarded a contract by Power Grid Company of Bangladesh in 2017 for an overhead cable project valued at $60 billion. LS Cable & System Ltd. is responsible for manufacturing and supplying all products as well as constructing the transmission towers. The following are some of the major players in high-voltage cables markets:

• Prysmian Group

• Nexans

• NKT A/S

• Southwire Company LLC

• Sumitomo Electric Industries, Ltd.

• Finolex Cables

• Dubai Cable Company, Ltd. Ltd.

Up Market Research published a new report titled “High Voltage Cables Market research report which is segmented by End Use (Energy & Power, Building & Construction), by Installation (Overhead, Submarine, Underground), By Players/Companies NKT A/S, Southwire Company LLC, Dubai Cable Company Pvt Ltd, Prysmian Group, Finolex Cables, Nexans, Sumitomo Electric Industries Ltd”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global High Voltage Cables Market Report Segments:

The market is segmented by End Use (Energy & Power, Building & Construction), by Installation (Overhead, Submarine, Underground).

High Voltage Cables Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the High Voltage Cables Market

Overview of the regional outlook of the High Voltage Cables Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The High Voltage Cables Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of High Voltage Cables Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Energy & Power

                2. Building & Construction

                1. Overhead

                2. Submarine

                3. Underground

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the High Voltage Cables Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the High Voltage Cables Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.