December 11, 2019
According to the new research report available at MarketStudyReport.com under the title ‘High Voltage Cable Market to 2027 - Global Analysis and Forecasts by Type (Overhead, Underground and Submarine); & End User (Industrial, Renewable and Infrastructure)’, the worldwide high voltage cable market is projected to amass US $47.8 billion by the year 2027.
Factors that are fueling the growth of high voltage cable (HVC) market include growing demand for electricity owing to economic developments and industrialization in tandem with increasing investments in renewable power generation. In addition, rising adoption of smart grid technology and growing demand for power across offshore locations and remote areas will further augment the market outlook. However, unpredictable prices of conductor materials may hamper the high voltage cable market growth over the forecast timeframe.
As per the report, high voltage cable market was worth US $28.8 billion in 2018 and is projected to grow with a CAGR of 6.1% through the year 2027, hence amounting US $47.8 billion.
High voltage cable market is examined on the basis of type, end-user, and regional outlook. Considering the type, the market is segmented as submarine, underground, and overhead, wherein, the underground cables segment dominated the HVC market in 2018, owing to their application across several industries like paper & pulp, cement, mining, and power utilities.
As per end-user spectrum, the market is fragmented as infrastructure, renewable, and industrial. High voltage cable market from industrial segment held the maximum revenue share in 2015, on account of rapid industrialization in developing countries like India, China, and Japan.
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Speaking of the regional outlook, Asia Pacific emerged as lucrative revenue pocket for high voltage cable market in recent past, pertaining to booming population, escalating industrialization and consequent need for electricity and power infrastructure. Regional preference for overhead and underground lines due to their easy operability and low cost will further aid the market growth across the region.
The prominent companies operating in high voltage cable market include ZTT Group, Dubai Cable Company, TELE-FONIKA Kable SA, Furukawa Electric Co. Ltd., Sumitomo Electric Industries Ltd., Southwire Company, LLC, Nexans SA, Siemens AG, NKT A/S, and Prysmian Group.
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