High Voltage Cable Market Developments and Forecast by 2031

The high voltage cable market size is projected to reach US$ 62.2 billion by 2031 from US$ 38.7 billion in 2023. The market is expected to register a CAGR of 6.1% in 2023–2031. The need to replace aging grid infrastructure and industrialization in developing regions are likely to remain key high voltage cable market trends.

High Voltage Cable Market Analysis

The high voltage power cable market relies heavily on global electricity demand. The rising need for electricity is expected to create profitable growth prospects for the market. Additionally, the market is driven by the replacement of outdated grid infrastructure and transmission lines. Furthermore, the expansion of renewable energy sources like solar and wind energy necessitates the establishment of new utility grids and transmission & distribution networks, thus serving as a key market driver for high voltage cables.

High Voltage Cable Market Overview

High voltage cables are specialized cables used for transmitting and distributing power at high voltages. These cables are equipped with structural elements, including one or more conductors, protective jackets, and insulators. What sets high voltage cables apart from other types is the presence of additional internal layers in the insulation jacket, which helps control the electric flow around the conductor. This feature reduces power losses during long-range transmissions, making high voltage cables more efficient than other types of voltage cables for power transmission. They can be used as overhead cables, buried cables in industries, and even as submarine cables for power transmission between states and countries.

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High Voltage Cable Market: Strategic Insights

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High Voltage Cable Market Drivers and Opportunities

Need to Replace Aging Grid Infrastructure to Favor Market

The need to replace aging grid infrastructure and accommodate the expanding smart grid network is expected to fuel the growth of the global high voltage cables market. As the demand for energy continues to rise due to population growth and urbanization, outdated grid systems are being replaced with advanced smart grids, necessitating the establishment of new transmission networks. High voltage cables, capable of carrying high currents over long distances, are the preferred choice for these new grids, driving the anticipated expansion of the global market in the foreseeable future.

Adoption of Renewable Energy in Power Generation – An Opportunity in the Market

Growing environmental concerns regarding greenhouse gas emissions and the escalating global energy demand drive the expanding adoption of renewable energy in power generation. This has prompted countries to seek alternative power generation solutions, with renewable sources, particularly wind and solar energy, emerging as the most favored options. The increased deployment of renewables necessitates the establishment of new transmission lines, thereby propelling the global market. Furthermore, Europe and North America have ambitious plans to significantly reduce carbon emissions in the near future, which is expected to substantially enhance the market for renewables and, consequently, high voltage cables.

High Voltage Cable Market Report Segmentation Analysis

Key segments that contributed to the derivation of the high voltage cable market analysis are type and end user.

• Based on type, the market is segmented into overhead, underground, and submarine. The overhead segment held a significant market share in 2023.
• By end user, the market is segmented into industrial, renewable energy, and infrastructure. The industrial segment held a substantial share of the market in 2023.

High Voltage Cable Market Share Analysis by Geography

The geographic scope of the high voltage cable market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

Various factors, including government initiatives, electricity production, renewable energy projects, and industrial activities, influence the high voltage cable market in North America. Underground cables have greater penetration in North America due to increasing electricity production, renewable projects, and government initiatives supporting renewable energy projects. The surge in electricity production has further augmented the usage of high voltage cables. The increase in mining metals, oil & gas exploration activities, and growth in construction activities in North America is anticipated to positively impact the demands for high voltage cables.

High Voltage Cable Market Regional Insights

The regional trends and factors influencing the High Voltage Cable Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses High Voltage Cable Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

High Voltage Cable Market Report Scope

High Voltage Cable Market Players Density: Understanding Its Impact on Business Dynamics

The High Voltage Cable Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the High Voltage Cable Market are:

1. Dubai Cable Company - Ducab
2. Furukawa Electric Co., Ltd.
3. Nexans SA
4. NKT A/S
5. Prysmian Group (General Cable Corporation)
6. Siemens AG

Disclaimer: The companies listed above are not ranked in any particular order.

High Voltage Cable Market News and Recent Developments

The high voltage cable market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:

• NKT wins €1.2bn high-voltage power cable contracts in Germany. The company is investing €100m ($108.77m) in its Cologne facility to increase capacity gradually by 2027. Danish cable manufacturer NKT has secured a contract from German transmission system operator (TSO) Amprion to supply high-voltage alternating current (AC) and direct current (DC) onshore power cable systems.

(Source: NKT A/S, Company Website, 2024)

High Voltage Cable Market Report Coverage and Deliverables

The “High Voltage Cable Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles