The global high voltage power cable market is evaluated at US$40.866 billion for the year 2019 growing at a CAGR of 4.98% to reach the market size of US$57.417 billion by the year 2026.
High voltage power cables have insulators and conductors which can run underwater or underground. The high voltage power cables have lower inductance than other cables owing to the reduced spacing between conductor and earth which enables cables to have a high charging current. These cables are used in buildings, apparatus, and industrial plants for power dissemination as well as submarine cables for power transmission.
The global market for high voltage power cables is driven by the increasing need for efficient transmission systems coupled with government initiatives for implementing projects having grid interconnections. Moreover, the growing offshore wind farms and increasing inclination towards renewable energy resources further contribute to the market growth. On the contrary, factors like the requirement of various government approvals which causes a delay in power project implementation may restrain the market growth. Moreover, funding constraints and complex planning, as well as complex engineering, may negatively impact the market growth too.
Key market drivers.
Moreover, upcoming and ongoing projects involving the use of high voltage power cables in various end-user industries are expected to drive the market in the coming years.
The adoption of smart grids in developed as well as emerging economies fulfills the need for grid interconnections, thus, has resulted in increased investments in underground and submarine cables installations.
The advent of COVID-19 harmed the high voltage power cable market given restrictions imposed on the industrial operations by the governments during the year 2020 to curb the widespread of the disease. The industries operated at lesser capacity during the period owing to the strict protocols. This resulted in several ongoing projects in several end-user industries coming to a standstill declining the demand for high voltage power cables during the period. As the world recovers from the pandemic, industries started the operations at lesser capacity in the second half of the year to cope up with the losses incurred during the pandemic. As the industries recover from the impact, the demand for high voltage power cables is expected to recover too during the forecast period.
Developments in smart grids across the countries are expected to fuel the market during the forecast period.
The increasing energy demand with a growing population is one of the significant factors responsible for the adoption of smart grid technology and the need for efficient power transmission systems.
|Market size value in 2019||US$40.866 billion|
|Market size value in 2026||US$57.417 billion|
|Growth Rate||CAGR of 4.98% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Product Type, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||ABB Ltd., Cable Corporation of India Limited, Finolex Cables Ltd, Nexans SA, NKT A.S., Prysmian SpA, Siemens AG, Southwire Company LLC, Tratos|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the high voltage power cable market size by 2026?
A1. The global high voltage power cable market is projected to reach a market size of US$57.417 billion in 2026.
Q2. What is the size of global high voltage power cable market?
A2. High Voltage Power Cable Market was valued at US$40.866 billion in 2019.
Q3. What are the growth prospects for the high voltage power cable market?
A3. The high voltage power cable market is projected to grow at a CAGR of 4.98% over the forecast period.
Q4. What factors are anticipated to drive the high voltage power cable market growth?
A4. The global high voltage power cables market is driven by the increasing need for efficient transmission systems coupled with government initiatives for implementing projects having grid interconnections.
Q5. Who are the major players in the high voltage power cable market?
A5. Prominent key market players in the high voltage power cable market include ABB Ltd., Cable Corporation of India Limited, Finolex Cables Ltd, Nexans SA, NKT A.S., Prysmian SpA, Siemens AG, among others.
Cable Corporation of India Limited
Finolex Cables Ltd
Southwire Company LLC
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