The demand for high voltage cables worldwide is on the rise due to an increase in the global population, which is further straining the electricity networks worldwide. Thus the emphasis is on the need to expand electricity grids. The global high voltage cables market is expected to reach USD XX billion by 2022, from USD XX billion in 2016, at a CAGR of XX%.
Currently, there is a huge increase in the electricity usage worldwide. As countries move towards industrialization, and improved living standards, existing power grids are being strained. Many developing countries today have an aging transmission infrastructure. This, in addition to being inefficient in meeting the overall demand, also faces power theft problems. These factors are prompting utilities to improve their power transmission infrastructure, which is expected to benefit the high voltage cables market. Growth is also seen in the use of renewable energy to meet the rising power demand and to also curb pollution. As most renewable energy generation plants are located far from the consumption centers, an efficient transmission network is required to connect the two. High voltage cables market is expected to benefit from this. The development of power projects is often caught in a loop of government regulations, which delay their implementation. The installation of power cables (both underground and overhead) also faces public opposition due the safety issues they pose, especially in the residential zones. These act as restraints to the high voltage cables market. It has been observed that HVDC power transmission is gaining popularity for long distance transmission, especially with the growth in renewable power generation (example: the use of HVDC transmission for offshore wind farms). This, in addition to smart grids, which help in optimizing power usage, is seen as future opportunities that will create a demand for high voltage cables.
The global high voltage cables market has been segmented based on the type of transmission into overhead cables, underground cables, and submarine cables market. Overhead cables, currently, hold the largest market share as they are cheaper and easier to install and maintain. Underground cables are however gaining popularity owing to their advantages like longer life and lower operating costs. The market has also been segmented based on the type of current transmitted, into HVDC and HVAC cables. Geographic segmentation has also also been done; wherein Asia-Pacific is found to have the highest growth rate.
*Values given are for indicative purpose only. Real values will be available in the full report.
The major players in the market include:
Key Deliverables in the Study: