High Voltage Cables and Accessories Market Overview:
Global industry is expected to grow faster than ever before due to new technologies and various key industry players choosing multiple business tactics to expand globally by 2030.
Government policies and various regulations are playing vital role in this industry. Regional market growth is outstanding post pandemic. Some drivers and trends are helping the industry to grow at a high CAGR during forecast period 2023-2030.
High Voltage Cables and Accessories Market to grow at CAGR of 7.2% from 2022 to 2030, with valuation of USD 54.7 billion by 2030. The High Voltage Cables and Accessories Market was valued at USD 38.58 billion in 2021.
Our Market Overview and Regional Analysis provide an understanding of the industries, companies and products within the market. Our Trends section provides an analysis of how the market is currently performing and looks set to perform in the future. Our Growth Forecast section gives you an idea about how our Market Analysis works, by giving us further details on how we can build our Market Forecast model for a particular domain within this report. Lastly, in our Metrics section we outline important data points relating to each of these sections as well as our current forecasted price range.
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The market for high-voltage cables and accessories is driven by factors such as increased demand for electrical power from remote areas and increasing urbanization projects, increased grid link projects and increased demand for loss reduction in the transmission and distribution network. The that oil rigs in offshore regions need time-consuming power for smooth operations, and high-voltage marine cables allow the power to enter the production facilities for offshore oil. Security issues surrounding overhead equipment and cables, however, are limiting the demand for high voltage cables and equipment.
Segmental Analysis
The market for high voltage cables and accessories is segmented by size, products, tension ratings and area.
The market is further categorized, based on the segment by form, as overhead, underwater, and submarine. Due to the rising urbanization projects and the benefits of being less vulnerable to harm and reduced risk, the underground segment holds the largest market share. Based on the voltage rating, the market has been segmented into upto 100 kv, 101 kv-230 kv, 230 kv-400 kv, and above 400 kv.
The market for high voltage cables and accessories is segmented by goods as MI cables, conductors, XLPE cables, fittings fixtures, cable joints, cable terminations and others. Among these, drivers dominate the market for high voltage overhead cables accessories, as they have a high tensile strength to withstand mechanical stresses.
Regional Review
The global business regional overview was performed in four major regions including Asia Pacific, North America, Europe and the rest of the world.
The global market for high-voltage cables and accessories is expected to rise at a high rate because of increased power sector demand. Asia Pacific is slated to have the largest market share in emerging economies such as China, South Korea and India due to the rising power sector. In addition, the area has seen an increase in the number of industrialization, smart grids, urbanization, power generation, and power transmission and distribution infrastructure projects. For starters, by 2030 South Korea, one of the fastest developing nations, has plans for a fully integrated smart grid. Hitachi, one of the major players in transmission and distribution network providers, has also contributed to the development of China's transmission and distribution network through the ultra-high voltage network and the gas-insulated switchgear to prevent damage caused to the network due to load imbalance.
What is the current demand for this market?
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Competitive Analysis
The major market players operating in the global market as identified by MRFR are Brugg Kabel AG (Switzerland) Hitachi Ltd. (Japan), Siemens AG (Germany), General Electric (U.S.) Nexans S.A. (France), NKT Holdings A/S (Denmark), and Prysmian Group (Italy). Finolex Cables Ltd (India), Cable Corporation of India Ltd. (India), RPG Cables (India), and Synergy Cables Ltd. (Israel) are among others.
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