High Voltage Cables and Accessories Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.91 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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High Voltage Cables and Accessories Market Analysis
The high-voltage cable and accessories market is estimated to be at USD 692.05 million by the end of this year and is projected to reach USD 922.08 million in the next five years, registering a CAGR of over 5.91% during the forecast period.
- Over the medium term, increasing integration of renewable energy generation and aging power grids and investments in transmission and distribution infrastructure are expected to drive the market's growth.
- On the other hand, the increasing raw material prices and investment in distributed renewable energy generation are expected to hamper the growth of the high-voltage cables and accessories market during the forecast period.
- Nevertheless, with the rising electrification projects in Africa, cables are being used for transmission and distribution networks from power generation, i.e., delivered from substations to the customer. The increasing rural electrification in African and Asian countries is likely to create lucrative growth opportunities for the high-voltage cables and accessories market in the forecast period.
- The Asia-Pacific region dominates the market and is likely to witness the highest CAGR during the forecast period. This growth is attributed to the increased urbanization growth rate and growing electricity demand, mainly from China and India.
High Voltage Cables and Accessories Market Trends
Underground Segment to be the Fastest Growing Market
- Deployment of underground cables instead of overhead ones has been one of the trends in regions, like Europe and North America, in recent times. In urban areas, underground cables are more favored, as above-ground space is unavailable.
- Global electricity generation has increased significantly over the past three decades, from less than 12,000 terawatt-hours in 1990 to nearly 29165.1 terawatt-hours in 2022. During this period, electricity generation worldwide only registered an annual decline twice: in 2009, following the global financial crisis, and in 2020, amid the coronavirus pandemic.
- The installation of underground cables is increasing across several regions such as Asia-Pacific, North America, and Europe. Several countries are shifting to underground transmission line as it has several advantages over overhead cables, such as less chance of fault, safety (cables placed underground), and useful life (approximately 40-50 years). The general appearance of this system is good as all lines are invisible, etc.
- In July 2022, A consortium of 20 lenders led by the European Investment Bank (EIB) agreed to provide USD 406.5 million for the NeuConnect interconnector project. This high-voltage direct current link will connect Germany with the United Kingdom. The predominantly submarine cable will have a length of 725 km, a capacity of 1.4 GW, and a DC voltage of 525 kV. It will connect a converter station operated by Tennet near Fedderwarden, in Germany, to the United Kingdom network operated by National Grid via a converter station on the Isle of Grain. The project is expected to drive the underground segment for the high-voltage cable accessories market.
- In August 2022, Taihan introduced its flagship products and strategic products such as ultra-high voltage cables, submarine cables, and HVDC (super high voltage direct transmission) with various voltages, including 500kV. The 500kV ultra-high voltage cable is the highest voltage underground cable currently commercialized. Taihan has the first commercial record in North America and the first commercial record in Korea.
- Therefore, based on the above-mentioned factors and its advantages, the underground segment is expected to be the fastest-growing segment in the high-voltage cable accessories market during the forecast period.
Asia Pacific to Dominate the Market
- Asia-Pacific has emerged as one of the largest cable accessories markets in the recent years, with the rise in energy demand associated with urbanization, economic modernization, and better living standards across the region has resulted in the growth of sustainable power systems, which in turn increased the demand for cable accessories in this region.
- Many countries in Asia-Pacific have inadequate transmission and distribution (T&D) networks; hence, electricity is unavailable in some remote and rural areas. To bring electricity to these areas, the countries in the region are investing heavily in building transmission and distribution line networks.
- China has witnessed high electricity demand due to the record growth of the economy, coupled with factors such as rapid urbanization and industrialization. According to the National Energy Administration (NEA), the total power use in China was approximately 8.31 trillion kilowatt-hours (kWh) in 2021. Specifically, the power consumed by the primary, secondary, and tertiary industries climbed 16.4%, 9.1%, and 17.8% year-on-year, respectively.
- Furthermore, according to the State Grid Corporation of China (SGCC), the largest state-owned utility corporation, China's energy demand is expected to exceed 10 petawatt hours (PWh) in 2030, representing a considerable challenge to power transmission that the country needs to address. The transmission network growth is parallel to the power generation growth to develop the infrastructure and support the high-power generation.
- India is the third-largest power generator in the world, after China and the United States. The electricity sector in India is growing at a rapid pace. As of June 2023, the installed capacity was registered to be almost 423.36 GW, with the generation mix being fossil fuels (56.3%), hydro (11.1%), nuclear (1.8%), and renewables (30.9%).
- The Indian government has set exceptionally ambitious targets to double installed capacity over the coming decade, primarily through accelerated deployment of renewable energy. By 2030, India aims to have 500 GW of power generation capacity by renewables. In order to meet the 2030 target, the country needs an investment of around USD 225-250 billion.
- Also, the power transmission and distribution grid of China has been experiencing major up gradations and modifications for making it capable to transmit higher electricity and cope up the future demand.
- Asia-Pacific region has had an increment in the number of projects in terms of smart grids, power generation, industrialization, and power transmission and distribution infrastructure. For an instance, South Korea, one of the fastest emerging nation, has plans for a completely integrated smart grid by 2030.
- In July 2022, Hitachi Energy India Ltd announced that it received a significant order from Adani to provide a direct high-voltage (HVDC) transmission system that will connect Kudus to Mumbai on India's west coast. The new HVDC link will supply up to 1,000 MW of electricity, increasing power from outside the city by nearly 50 percent. The link will help Adani ensure a reliable power supply in the region by strengthening the existing transmission infrastructure.
- Therefore, based on the above-mentioned factors, Asia-Pacific region is expected to have a positive impact on high voltage cable accessories market during the forecast period.
High Voltage Cables and Accessories Industry Overview
The high-voltage cable and accessories market is moderately fragmented. Some of the major players in the market (not in particular order) include Nexans SA, Prysmian SpA, NKT A/S, TE Connectivity Ltd, and Brugg Kabel AG.
High Voltage Cables and Accessories Market Leaders
Nexans SA
Prysmian SpA
NKT A/S
TE Connectivity Ltd
Brugg Kabel AG
*Disclaimer: Major Players sorted in no particular order
High Voltage Cables and Accessories Market News
- In June 2023, NKT announced that it is finalizing the power cable contract for Poland's 1.2 GW Baltic Power offshore wind farm. The USD 128.3 million contract will design and produce approximately 130 kilometers of 240 kV high-voltage power cables for the Baltic Power offshore wind project. The Baltic Power offshore wind park is one of the first in Poland. The export power cables will be produced at the NKT factory in Cologne, with the anticipated commissioning of the total project in 2026. It will supply more than 1.5 million Polish households with renewable energy annually for about 25 years.
- In May 2023, NKT announced plans to build a new factory, including a third extrusion tower in Karlskrona, Sweden. The investments are navigated by increasing demand for high-voltage power cables and strong order intake. The investments will amount to about USD 1.2 billion from 2023 to 2026. The investment will strengthen NKT's market-leading position significantly by improving the company's abilities to meet the growing demand for especially long-length HVDC power cable solutions. The new factory is expected to commence operation in 2027.
High Voltage Cables and Accessories Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Increasing Integration Of Renewable Energy Generation
4.5.1.2 Aging Power Grids And Investments In Transmission And Distribution Infrastructure
4.5.2 Restraints
4.5.2.1 Increasing Raw Material Prices And Investment In Distributed Renewable Energy Generation Affect The Growth
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Location of Deployment
5.1.1 Overhead
5.1.2 Underground
5.1.3 Submarine
5.2 Voltage Level
5.2.1 High Voltage
5.2.2 Extra High Voltage
5.2.3 Ultra High Voltage
5.3 Geography
5.3.1 North America
5.3.2 Asia-Pacific
5.3.3 Europe
5.3.4 South America
5.3.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Nexans SA
6.3.2 Prysmian SpA
6.3.3 NKT A/S
6.3.4 TE Connectivity Ltd
6.3.5 Brugg Kabel AG
6.3.6 Sumitomo Electric Industries, Ltd.
6.3.7 LS Cable & System Limited
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Development of a Super Grid In Emerging Markets To Provide Opportunities
High Voltage Cables and Accessories Industry Segmentation
The high-voltage cable and accessories comprise cable joints, connectors to switchgear and transformers, and outdoor terminations. Cable accessories are used in power cable networks. High-voltage cables are designed to transmit electrical power at high voltage levels. These cables are typically used to transport electricity over long distances, such as from a power plant to a substation or from a substation to a distribution network. High voltage cable accessories comprise mainly the cable joints, connectors to switchgear and transformers, as well as the outdoor terminations.
The high-voltage cable and accessories market is segmented by location of deployment, voltage level, and geography. By location of deployment, the market is segmented into Overhead, Underground, and Submarine. By voltage level, the market is segmented into High Voltage, Extra High Voltage, and Ultra High Voltage. The report also covers the market size and forecasts for the high-voltage cables and accessories market across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD).
| Location of Deployment | |
| Overhead | |
| Underground | |
| Submarine |
| Voltage Level | |
| High Voltage | |
| Extra High Voltage | |
| Ultra High Voltage |
| Geography | |
| North America | |
| Asia-Pacific | |
| Europe | |
| South America | |
| Middle-East and Africa |
High Voltage Cables and Accessories Market Research FAQs
What is the current High Voltage Cable Accessories Market size?
The High Voltage Cable Accessories Market is projected to register a CAGR of 5.91% during the forecast period (2024-2029)
Who are the key players in High Voltage Cable Accessories Market?
Nexans SA, Prysmian SpA, NKT A/S, TE Connectivity Ltd and Brugg Kabel AG are the major companies operating in the High Voltage Cable Accessories Market.
Which is the fastest growing region in High Voltage Cable Accessories Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in High Voltage Cable Accessories Market?
In 2024, the Asia Pacific accounts for the largest market share in High Voltage Cable Accessories Market.
What years does this High Voltage Cable Accessories Market cover?
The report covers the High Voltage Cable Accessories Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the High Voltage Cable Accessories Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
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