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 Additionally, the market is driven by the replacement of outdated grid infrastructure and transmission lines.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
Market Size Value in US$ 28.8 Billion in 2018 Market Size Value by US$ 47.8 Billion by 2027 Growth rate CAGR of 6.1% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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High Voltage Cable Market: Strategic Insights
| Market Size Value in | US$ 28.8 Billion in 2018 |
| Market Size Value by | US$ 47.8 Billion by 2027 |
| Growth rate | CAGR of 6.1% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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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 Report Scope
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 ($108.77m) in its Cologne facility to increase capacity gradually by 2027. Danish cable manufacturer NKT has secured a contract from German transmission system operator (TSO) Amprion to supply high-voltage alternating current (AC) and direct current (DC) onshore power cable systems.
(Source: NKT A/S, Company Website, 2024)
High Voltage Cable Market Report Coverage and Deliverables
The “High Voltage Cable Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type ; & End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
The market was estimated to be US$ 38.7 billion in 2023 and is expected to grow at a CAGR of 6.1% during the forecast period 2024 - 2031.
The need to replace aging grid infrastructure and industrialization in developing regions are the major factors that propel the high voltage cable market.
Infrastructure development is anticipated to play a significant role in the high voltage cable market in the coming years.
The key players in the market are Dubai Cable Company – Ducab, Furukawa Electric Co., Ltd., Nexans SA, NKT A/S, and Prysmian Group (General Cable Corporation).
The market is expected to reach US$ 62.2 billion by 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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