Rising investments in renewable power generation is anticipated to stimulate the growth of high voltage cable market
Latest market study on “High Voltage Cable Market to 2027 by Type (Overhead, Underground and Submarine); & End User (Industrial, Renewable and Infrastructure); – Global Analysis and Forecast”, the high voltage cable market is estimated to reach US$ 47.8 Bn by 2027 from US$ 28.8 Bn in 2018. The report includes a key understanding of the driving factors of this growth and also highlights the prominent players in the market and their developments.
During a past few years, the popularity of renewable energy is growing at an impressive rate globally, thereby attracting the attention of power generation companies to the corresponding resources. According to International Renewable Energy Agency (IRENA) estimates, the overall renewable power capacity reached around 2,351 GW globally by the end of 2018, with a year-on-year growth rate of 7–8% in 2018. Solar and wind power contributed 24% and 20%, respectively, to the overall renewable power capacity. During the past few years, the addition of renewable power plants has outnumbered net fossil and nuclear power capacity installations worldwide. The renewable energy has grabbed ~33% share of the world’s total installed power capacity. As of 2018, more than 90 countries around the world have installed renewable generating capacity of around 1 GW or more, including 30 countries with 10 GW generation capacity. Some of the major countries that are at the forefront of investments made in the renewable energy generation industry include China, the US, Germany, Brazil, and India. According to the estimates of BloombergNEF (BNEF), in 2018, the global investments in renewable energy and renewable fuels was worth ~US$ 288 billion. Moreover, these investments have exceeded the total investments in fossil and nuclear power generation. The solar power generation projects attract most of the renewable power investments, and they accounted for US$ 139 billion in 2018. The increasing investments in renewable energy in power generation, leading to the growing deployment of the same, are expected to drive the demand for high-voltage cables worldwide.
There have been several efforts by leading market players to innovate and launch high voltage cables. The General Cable Corporation launched lead-free, high voltage cables while Nexans, launched new, high voltage power cable with reduced weight for power transmission. The major players have adopted expansion and agreement as the key strategies to strengthen their foothold in the market. For instance, Nexans has qualified its 420 kV XLPE power cable design for use in water depths down to 550 meters create power connection across a Norwegian Fjord. This development offers new possibilities for creating higher voltage subsea links in deeper locations than ever before. ZTT completed acquisition of Demirer Kablo, a well-regarded technological and pioneering factory of HV, UHV power cables. Through this acquisition, ZTT pledged to take it to another greater height of quality and economic growth, thus strategically deploying itself on the global Market for UHV Cable.
The global market for high voltage cable market is segmented based on the parameters such as type, end-user, and geography. Based on type, the underground segment dominates the high voltage cable market heavily and is expected to dominate the market in the forecast period from 2019 – 2027. Further, based on end-user, industrial application of high voltage cables led the market with the maximum market share. Key players operating in the market are partnering with the small as well as large manufacturers and other companies which are helping them to gain customer traction. The major companies offering high voltage cable market include Dubai Cable Company – Ducab, Furukawa Electric Co., Ltd., Nexans SA, NKT A/S, Prysmian Group (General Cable Corporation), Siemens AG, Southwire Company, LLC, Sumitomo Electric Industries, Ltd., TELE-FONIKA Kable SA (TF Kable), and ZTT Group among others. Several other companies are also offering these high voltage cable for various end-uses, which is facilitating the market to propel over the years.
High voltage cable Market - Region Breakdown, 2018
The report segments the global high voltage cable market as follows:
Global High voltage cable Market – By Type
Global High voltage cable Market – By End-User
Global High voltage cable Market – By Geography
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