High Voltage Cables Market size is expected to cross USD 34.5 billion by 2030, according to a new research report by Global Market Insights Inc. Rising peak load demand across major world economies will stimulate demand for high voltage cables. This growth is attributed to the increasing investments focused on establishing a sustainable electrical network to aid the ever-growing demand for electricity and the implementation of a favorable regulatory framework regarding the electrification of off-grid rural areas.
For instance, under the Nigeria Electrification Project, the World Bank, in association with the African Development Bank, offered a loan facility worth $550 million to Nigeria to provide off-grid electricity to about 705,000 households in the country. Besides, the rapid growth in urbanization and an increased emphasis on upgrading the deteriorating and aging electric infrastructure across developing regions will drive industry growth.
Accelerating product innovations to foster the adoption of >220 kV cables
In terms of voltage, the >220 kV segment held over 90% of the high voltage cables market share in 2021. The increasing number of cable manufacturers focusing on introducing novel and improved products and the rising consumer inclination toward combining product configurations. In addition, the unprecedented transition toward restructuring and revamping traditional electricity infrastructure across industrial, utility, and commercial sectors will provide an anticipated boost to this segment.
Expanding log-distance transmission infrastructure to enhance the demand for HVDC cables
In terms of current, the high voltage cables market from HVDC segment is projected to grow at more than 6% CAGR between 2022 and 2030. HVDC cables are moderately low maintenance and lightweight. They involve minimum handling cost and allow high power transmission capacity, driving product demand throughout the forecast period. The rapidly growing demand for improved energy transmission resulting in the increasing deployment of superconducting cables and the continuous expansion of long-distance transmission lines will positively complement the business landscape.
Browse key industry insights spread across 385 pages with 562 market data tables & 37 figures & charts from the report, “High Voltage Cables Market Size By Voltage (< 110 kV, 110 kV - 220 kV, > 220 kV), By Current (HVAC, HVDC), By Installation (Overhead Lines, Submarine, Underground), COVID- 19 Impact Analysis, Regional Outlook, Price Trends, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:
Fast-paced urbanization may lead to increased underground high voltage cable installations
The underground installation segment accounted for around 56% revenue share in 2021. The positive outlook of the construction sector, backed by the rising world population and accelerating urban development, will create optimistic scenarios for the industry outlook. Moreover, the accelerating demand for sustainable, reliable, and safe electric supply with minimal environmental impact will support segment expansion.
Increasing emphasis on rural electrification to propel product demand across the Asia Pacific
Asia Pacific high voltage cables market is slated to attain nearly 2% gains through 2030. The ongoing expansion of the existing energy infrastructure, in tandem with an unprecedented shift in consumer power consumption patterns, will stimulate industry revenue streams. Furthermore, the continuous rollouts of favorable regulatory policies focused on the electrification of rural and off-grid locations will proliferate regional expansion.
Public-private partnerships to strengthen the competitive outlook
Prominent enterprises operative in the high voltage cables market are Prysmian Group, Elsewedy Electric, Ducab, Power Plus Cables Co. L.L.C., Sumitomo Electric Industries, Ltd., Nexans, Riyadh Cable, Brugg Kabel AG, alfanar Group, Jeddah Cables, ZTT, NKT A/S, Southwire Company, LLC, Cablel, TF Kable, FURUKAWA ELECTRIC CO., LTD., Tratos, Hitachi Energy Ltd, Mitsubishi Electric Corporation, Gupta Power, ZMS Cable, ILJIN ELECTRIC, Taihan Cable & Solution Co., Ltd., LS Cable & System Ltd., and Siemens Energy.
These companies have been actively working in collaboration with government authorities to foster the expansion of existing energy infrastructure. For instance, in January 2022, Egytech Cables, a subsidiary of Elsewedy Electric, signed a USD 28 million agreement with the Public Authority for Housing Welfare in Kuwait to streamline power transmission for the residential city of El Mutlaa. The development project will be accomplished on a turnkey basis for over 18 months as per the contract. Also, the company will offer its expertise in the design, supply, and installation of 132kV ground cables.