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Global High Voltage Cable Market to Grow at a CAGR of 6.2% During 2021-2026, Aided by the Rapid Urbanisation

According to a new report by EMR titled, ‘Global High Voltage Cable Market Report and Forecast 2021-2026’, the market attained a value of about USD 15.2 billion in 2020. The industry is further expected to grow at a CAGR of 6.2% in the forecast period of 2021-2026 to reach a value of USD 21.8 billion by 2026.

The future renewable energy projects, such as onshore and offshore solar farms and wind farms, are expected to augment the use of high voltage cables and open up new applications for them. Furthermore, corporate and governmental entities in regions like North America and Europe are likely to invest in these projects to support the development of energy infrastructure and satisfy power transmission needs in the regions. The leading players operating in the renewable energy market, such as JinkoSolar Holding Co., Ltd. (NYSE: JKS) and Vestas (OTCMKTS: VWDRY), among others, are making significant investments to increase their production capacity, which, in turn, is expected to favour the high voltage cable industry growth.

The growing collaborations and the adoption of strategic framework by the leading industry players to strengthen their position are expected to aid the industry. In February 2021, Nexans was awarded with a major frame contract by RTE, France’s Transmission System Operator (TSO), to deliver cables, accessories, and installation services for the underground grid connection project due to the company’s leadership in eco-conception and innovation in environmentally friendly products and services. This will allow Nexans to enhance its future partnership with RTE and enhance its global reach. Such developments are expected to contribute to the market expansion in the forecast period.

Market Analysis by Installation, End Use, and Region:

  • The market on the basis of installation can be divided into overhead, underground, and submarine. 
  • Based on end use, the industry can be divided into industrial, renewable energy, and infrastructure. The industrial sector can be further bifurcated into power utilities, oil and gas, mining, and chemical and petrochemical, among others. The renewable energy segment can be subdivided into wind energy, hydropower, and others. At the same time, the infrastructure segment is further categorised by type into commercial and residential.
  • The regional markets for high voltage cable include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for high voltage cable is being supported by the growing use of renewable energy sources, which are replacing the traditionally used non-renewable sources.
  • The rising demand for energy owing to rapid urbanisation has led to the expansion of the high voltage cable industry.
  • The rising population and the development of the rural sector across the nations have further augmented the growth of the industry.
  • The favourable government initiatives to develop energy infrastructures are expected to further propel the growth of the high voltage cable industry.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for high voltage cable for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the installations, end uses, and regions of high voltage cable.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global high voltage cable market are Dubai Cable Company Pvt. Ltd., Nexans, Hitachi Metal, Ltd., Sumitomo Electric Industries, Ltd., and Siemens AG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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