High Voltage
Cables and Accessories Market Size - Overview
High voltage cables allow
power transmission at longer distances without considerable losses. Report on
the High
Voltage Cables and Accessories Market Size,
published by Market Research Future (MRFR), counts gains for this market at
6.27% CAGR between 2018 and 2023.
The vital factor promoting
the global high voltage cables and accessories market growth is the growing use
of technology and machine due to which, everything is dependent on electricity.
Need for cables that can endure high voltage, high resistances, and heat is
also impacting the market output. The ability of high voltage cables and
accessories to supply power above 500 kilovolts (kV), and ability to protect
transmission & distribution systems from mechanical wear out &
moisture, can be taken into consideration as well. The increasing number of oil
rigs in the offshore regions need a continuous power supply for smooth
operations, which can be facilitated by high voltage marine cables.
Other factors speeding up
the market growth include growing urbanization projects, increased demand for
electrical power from remote areas, surge in grid connection projects, and hike
in demand for reduction of losses in transmission & distribution network.
However, safety issues related to overhead accessories and cables can restrain
market growth.
High Voltage
Cables and Accessories Market Segmentation:
The global high voltage
cables and accessories market segmentation covers product and voltage rating.
MRFR is analyzing the features of these segments to understand market trends.
The product-based
segmentation of this market covers overhead cables, underground cables, and
submarine cables. Overhead cables segment has been sub-segmented into
conductors, fittings & fixtures, and others. Underground cables segment has
been sub-segmented into cable joints, cable termination, cross-linked
polyethylene (XLPE) cables, mineral insulated (MI) cable, and others.
Based on the voltage rating,
the market has been segmented into up to 100 kV, 101 kV – 230 kV, 230 kV – 400
kV, and above 400 kV.
Regional
Segmentation
The regional segmentation of
the global high voltage cables and accessories market size covers Asia Pacific,
Europe, North America, and Rest of the World (RoW).
Asia Pacific region can hold
the largest market share during the forecast period due to the growing power
sector in growing economies like China, India, and South Korea. In this region,
various developmental projects are taking place that creates a strong market.
Such projects involve the development of power generation, smart grids, and
power transmission & distribution infrastructure. Increasing
industrialization and urbanization are also contributing to the market growth.
Due to technological advancement, Japan is another major country-specific
market in this region. South Korea has plans for a completely integrated smart
grid by 2030. Market players in this region like Hitachi are playing an
important role in grid integration in countries like China.
Due to technological
advancement, North America is another important regional market with USA and
Canada, generating maximum revenue. Some of the major market players are based
in North America.
Europe is another major
regional market due to technological advancement and the presence of major
market players. In this region, the conspicuous country-specific markets are
France, Germany, Italy, and the UK. Other countries in Europe also contribute
decent revenue to the market.
Key Players
Major players in the high
voltage cables and accessories market size include Brugg Kabel AG
(Switzerland), Cable Corporation of India Ltd. (India), Finolex Cables Ltd
(India), General Electric (USA), Hitachi Ltd. (Japan), Nexans S.A. (France),
NKT Holdings A/S (Denmark), Prysmian Group (Italy), RPG Cables (India), Siemens
AG (Germany), and Synergy Cables Ltd. (Israel).
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