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Asia Pacific MV and HV Underground Cables and Accessories Market to Grow at a CAGR of 7.3% During the Period 2022-2027, Driven by Investments in Power Infrastructure

According to a new report by EMR titled, ‘Asia Pacific MV and HV Underground Cables and Accessories Market Report and Forecast 2022-2027’, the Asia Pacific MV and HV underground cables and accessories market is expected to grow at a CAGR of 7.3% during the period 2022-2027, led by increased use of underground cables.

The Asia Pacific MV and HV underground cables and accessories market is expected to be driven by increase in renewable energy, greater usage of interconnectors and submarine cables, building of urban substations in "mega-cities," and rising public opposition to new overhead line projects. Novel solutions enabling utilities to enhance their capacity without having to contend with right-of-way (RoW) clearances and increased use of underground cables are expected to boost market growth. For example, cross-linked polyethylene (XLPE) and Gas Insulated Cables (GILs) have been developed for high-voltage transmission networks. Rising consumer demand in several parts of Asia for a better environment and system reliability has resulted in increased demand for undergrounding.

Initiatives and investments by governments towards development of power infrastructure are expected to stimulate market growth. China is expected to invest nearly $900 billion over the next few years to develop its power grids and related industries. The investments are likely to focus on areas such as ultra-high voltage power transmission, electric vehicle chargers and new digital infrastructure.

In 2021, Japanese energy company JERA announced an investment of around $1.58 billion in Philippines power utility to help expansion of renewable energy in the country. The investment sought to strengthen the company’s position in the energy industry and enable clean and renewable energy in the Philippines.

Singapore's Energy Market Authority seeks to import up to 4 GW of low-carbon electricity into the country.  The imports would explain nearly 30% of Singapore's electricity supply in 2035. The country seeks to develop regional power grids and help regional decarbonisation, while diversifying its energy sources.

In India, the government has been emphasizing development and enhancement of transmission and distribution networks. Several schemes have been introduced by the government to this end, which have resulted in the creation of a market for cables and conductors in the country. With growth in the Indian economy, electricity consumption is projected to reach 15,280 TWh in 2,040. Real estate and transport sectors are expected to account for most of the demand. By 2028, India may witness investment worth US$ 500 billion in renewable energy. Such developments are expected to boost the market during the forecast period.

Key Findings of the Report:

  • Increased focus on renewable energy and investments towards development of power infrastructure are expected to drive the market. 
  • Growth of smart grid technologies is expected to stimulate the market. 

Market Segmentation:

  • By type, the market is segmented into Cable Type [further broken down by type into Medium Voltage (1kV–15kV, 15kV-36kV, 36kV-69kV) and High Voltage (69kV-230kV, 230kV-500kV, Above 500kV)] and Accessories Type (further broken down by type into Cable Joints, Terminators, Connectors, Clamps and Others). 
  • By end user, the market is classified into Utility, Oil and Gas, Mining, Renewables, Transportation, and Others.
  • By country, the market is divided into China, Japan, India, ASEAN, Australia, and Others.

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