High Voltage Cable Market Size, Share, Growth Analysis, Business Insights And Forecast To 2033

Jul 17, 2024 - 13:17

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Overview and Scope
High voltage cables refer to a wire or cable that is rated for more than 1000 volts. These cables are also used at locations such as power production units, solar and wind energy production units, the instrument industry, and power transmission. It is used for the transfer of electricity at high voltage and is used for various types of applications like direct power transmission, ignition systems, alternating currents, and other instruments.

Sizing and Forecast
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 in the historic period can be attributed to electrification initiatives, renewable energy integration, urbanization and infrastructure development, grid modernization, demand from industrial sector, 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 growth in the forecast period can be attributed to focus on energy transition, expansion of offshore wind farms, electric vehicle charging infrastructure, focus on grid resilience and reliability, increasing power demand in emerging markets. Major trends in the forecast period include advancements in cable technologies, digitalization and smart grid technologies, focus on energy efficiency and loss reduction, integration of smart grid technologies, development of high-performance materials.

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Segmentation & Regional Insights
The high voltage cable market covered in this report is segmented –
1) By Installation: Overhead, Submarine, Underground
2) By Voltage: 50kV-110kV, 115kV-330kV, > 330kV
3) By End-User: Utility, Industrial

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.

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Major Driver Impacting Market Growth
The increase in electricity demand is expected to propel the growth of the high voltage cables market going forward. Electricity refers to a fundamental form of energy observable in positive and negative forms that will occur naturally (as in lightning) or is produced (as in a generator) and that has been expressed in terms of the movement and interaction of electrons. High-voltage cables have been used in power transfer and distribution, national transfer network cabling, electric stations, and municipal networks. the rapid growth in electricity demand is expected to boost utilization of high voltage cables, as they are widely used in power distribution and industrial applications. For instance, in July 2022, according to a press release published by International Energy Agency, a Paris-based autonomous intergovernmental organization, following the 2021, 6% increase in the electricity demand, the global electricity demand is projected to expand by 2.4% in 2022, matching its average growth rate over the five years preceding the COVID-19 pandemic. Therefore, the increasing consumption of electricity is expected to boost demand for high voltage cables during forecast period.

Key Industry Players
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,,

The high voltage cable market report table of contents includes:
1. Executive Summary
2. High Voltage Cable Market Characteristics
3. High Voltage Cable Market Trends And Strategies
4. High Voltage Cable Market - Macro Economic Scenario
5. Global High Voltage Cable Market Size and Growth

...

32. Global High Voltage Cable Market Competitive Benchmarking
33. Global High Voltage Cable Market Competitive Dashboard
34. Key Mergers And Acquisitions In The High Voltage Cable Market
35. High Voltage Cable Market Future Outlook and Potential Analysis
36. Appendix

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