High
voltage cables allow power transmission at longer distances without
considerable losses. Report on the global high
voltage cables and accessories market, 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.
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.
Key Players
Major players in the global high voltage cables and
accessories market 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).
Regional Segmentation
The regional segmentation of the global high voltage
cables and accessories market 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.
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