The global high voltage cables and accessories market will develop at a 7.25% CAGR in the forecast period (2020- 2027), states the current Market Research Future (MRFR) report. High voltage cables are utilized for the functioning of electrical power transmission at high voltages. They are widely used for applications like megacities or the expansion of power supplies.
Alluring Features that Boost Market Growth
According to the MRFR report, there are numerous factors that are propelling the high voltage cables and accessories market growth. Some of these entail the growing focus on grid interconnections, developing offshore wind farms, the requirement for efficient transmission systems, booming energy infrastructure, the coherent integration of energy efficient systems, projects for decentralization and centralization of grids, rising government initiatives in offshore power projects and smart grid technology, and the growing awareness of the benefits of using these high voltage cables and accessories such as field application support, cost efficiency of the cables, easy installation, and flexible custom solutions. The additional factors adding market growth include the growing need for electricity, the replacement of aged grid infrastructure and transmission lines, increasing penetration of renewables like wind energy and solar energy that needs setting up new utility grids with new transmission and distribution networks, growing penetration of renewables, and upcoming renewable energy projects like offshore and onshore wind farms and solar farms may necessitate the need for HV cables.
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On the contrary, volatile nature of raw material prices and regulatory, environmental, and complex authorization procedures, delays in implementation of power projects, and the lack of knowledge of the use of high voltage cables and accessories may limit the global high voltage cables and accessories market growth over the forecast period.
The current COVID-19 pandemic has adversely impacted the high voltage cables and accessories market growth due to fall in demand. The manufacturing of these cables and accessories was restricted following social distancing and also government-imposed lockdowns across countries which affected the market growth. Again disruptions in supply chain in its entirety, shortage of labors, and the challenge to source raw materials because of transportation restrictions had a negative effect on the market growth.
The MRFR report highlights an inclusive analysis of the global high voltage cables and accessories market based on type, product, and voltage ratings.
By type, the global high voltage cables and accessories market is segmented into underground, overhead, and submarine. Of these, the underground segment will lead the market over the forecast period.
By product, the global high voltage cables and accessories market is segmented into underground and submarine, and overhead. The overhead segment is again segmented into conductors, fittings and fixtures, and others. The underground and submarine segment is segmented into cable terminators, cable joints, MI cables, XLPE cables, and others.
By voltage ratings, the global high voltage cables and accessories market is segmented into above 400 KV, 230 KV – 400 KV, 101 KV – 230 KV, and up to 100 KV.
APAC to Command High Voltage Cables and Accessories Market
Geographically, the global high voltage cables and accessories market is bifurcated into Europe, North America, the Asia Pacific, Rest of the World (RoW). Of these, the APAC region will command the market over the forecast period. Rising power sector in South Korea and China, increase in industrialization, urbanization, smart grids, industrialization, power transmission and distribution infrastructure projects, and power generation, investments in TD infrastructure, service providers and manufacturers focusing and making huge prospects in the service industry, cable and accessories manufacturers, service providers, private producers, and governments constantly integrating their existing technologies and developing new ones to boost the capacity of high voltage transmission and reducing the impact of high voltage transmission near residential areas are adding to the global high voltage cables and accessories market growth in the region.
North America to Have Healthy Growth in High Voltage Cables and Accessories Market
In North America, the global high voltage cables and accessories market is predicted to have healthy growth over the forecast period. Oil and gas exploration activities coupled with ongoing replacement of the aged grids for high voltage cables are adding to the global high voltage cables and accessories market growth in the region. The US holds the utmost market share.
Europe to Have Admirable Growth in High Voltage Cables and Accessories Market
In Europe, the global high voltage cables and accessories market is predicted to have admirable growth over the forecast period. Green energy targets set up by different countries leading to rise in the use of renewable sources for power generation, the presence of maximum power generation using renewable sources, setting up of new smart grids, and high voltage cables having lucrative growth opportunities are adding to the global high voltage cables and accessories market growth in the region. Russia, France, Germany, UK, Spain, and Italy have the utmost market share.
RoW to Have Sound Growth in High Voltage Cables and Accessories Market
In RoW, the global high voltage cables and accessories market is predicted to have sound growth over the forecast period. Increase in power demand, the rural electrication programs, setting up of new distribution and transmission lines, increase in power generation and exploration activities using renewables, dependency of countries on the oil and gas industry for their economy, evolving wind energy generation projects, rise in infrastructure developments, and investments in RD are adding to the global high voltage cables and accessories market growth in the region.
The key players in the global high voltage cables and accessories market report include Synergy Cables Ltd. (Israel), Brugg Kabel AG (Switzerland), Cable Corporation of India Ltd. (India), RPG Cables (India), Finolex Cables Ltd (India), Prysmian Group (Italy), Nexans S.A. (France), NKT Holdings A/S (Denmark), General Electric (U.S.), Hitachi Ltd. (Japan), and Siemens AG (Germany), among others.
The high voltage cables accessories market is fragmented and also competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.
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