The global high voltage cables market size is expected to reach USD 47.2 billion by 2027 registering a CAGR of 3.7%, according to a new report by Grand View Research, Inc. Increasing investments in offshore wind farms and preference for energy generation from renewable sources are the major factors driving the market. The demand for refined power T&D systems is expected to be another critical factor driving the market over the forecast period.
Recent new developments in the power sectors are pushing the demands of critical infrastructure to a new level as they are essential to supply generated power to long distances safely without leakages. These developments like increasing shift towards renewable energy generation options like, tidal and wind energy source among others require high voltage cables for safe supply of the generated power. In addition to this, submarine HV cables are also installed to enable communication between the regions across the globe. Therefore, demand for these cables in the market is surging and similarly, market growth rate is also expected to observe an uptick.
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High Voltage cables are required in multiple projects from several fields, that is one of the major reasons for its growth all over. And to this potent factor, increasing demand for the need of power and energy year-on-year due to increasing population is proving to be a positive addition. Some of the fields which are heavily known to consume the cables are:
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Aerospace & Defense
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Building & Construction
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Oil & Gas
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Energy & Power
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IT & Telecommunication
Also, to provide continuous supply of electricity for the growing human populace, new advent of technologies such as smart grid and power grid interconnection are taking centre-stage. These developments are able to increase the reach of power supply to a larger region, however, they tend to create an intense need for the infrastructure, leading to greater demand in the high voltage cables market.
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Further key findings from the study suggest:
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The global accounted for USD 35.11 billion in 2019 and is expected to register a CAGR of 3.7% from 2020 to 2027
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Overhead emerged as the largest installation segment in 2019 and is estimated to retain the leading position throughout the forecast period
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Asia Pacific holds the largest share in the global market. Grid interconnections and increasing offshore wind farms projects in the region are the key factors responsible for region’s growth
Major Key Players:
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Prysmian Group
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Nexans
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NKT A/S
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Southwire Company, LLC
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Sumitomo Electric Industries, Ltd.
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Finolex Cables
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Dubai Cable Company, Pvt. Ltd.
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Some Recent Developments:
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In July 2019, Nexans, leader in advanced cabling systems, solutions and services, completed the final type-test to qualify its state-of-the-art 420 kV XLPE subsea cable for installation at a world record depth of 550 meters. The cable type-testing, carried out by Nexans Norway, is a vital preparation for a project to create a subsea power interconnector crossing Fensfjorden, a fjord close to Bergen in Norway, which is approximately 8 km wide and 526 meters at its deepest point. This provides credibility to the Nexans product in the market when it comes to deep sea high voltage cables.
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In January 2020, Nexans opened its new South Carolina plant to meet the growing demand for high voltage cables. The plant started producing high voltage power cables and is expected to create 200 manufacturing jobs over the next few years. The 350 000 square foot plant (32 500 m²) near Charleston will serve the growing demand for HV power systems in North America fuelled by major new power transmission infrastructure projects.
In January 2019, The Prysmian Group won a contract from utility SP Power Assets Limited, worth an estimated €33 million, for the design, supply, installation and commissioning of two high-voltage power cable systems to connect the Rangoon and Paya Lebar substations in Singapore. The power transmission system will require 44 km of HVAC (High Voltage Alternating Current) underground 2000 sq-mm 230 kV cables with a seamless corrugated aluminum sheath and related high-voltage accessories. The EPCI type contract will highlight the Group ability to provide a comprehensive package of services and to deliver a complete cable system solution including installation in a 50-m deep tunnel in water-cooled troughs and supply of auxiliary cables (telephone and LV cables), fiber optic cable and DTS (Distributed Temperature Sensor) for distributed temperature sensing of power cables.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 126 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 4126 analysts and consultants, the company adds 121200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 600 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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