High Voltage Cables and Accessories Powering the Future of Energy Transmission
Market Analysis
The high voltage cables and accessories
market is a critical segment of the energy and power transmission industry.
High voltage cables are used to transmit electricity over long distances, often
at voltages exceeding 100 kV. These cables are essential for interconnecting
power generation sources, such as power plants, with distribution networks and
end-users.
The high
voltage cables and accessories market size will
grow by 7.2% CAGR by 2030, states the latest Market Research Future (MRFR)
report.
Drivers
Demand for Renewable Sources to
Boost Market Growth
The demand for renewable sources will
boost the market growth over the forecast period. Renewable sources are the
most chosen source for energy generation particularly solar and wind energy
sources. This increased utilization of renewables results in setting up new
transmission lines that will drive market growth. The increasing penetration of
renewables like solar energy & wind energy that requires setting up new
utility grids with new transmission and distribution networks is boosting the
market growth.
Key Players
·
Siemens AG (Germany)
·
Hitachi Ltd. (Japan)
·
General Electric (U.S.) NKT Holdings A/S
(Denmark)
·
Nexans S.A. (France)
·
Prysmian Group (Italy)
·
Finolex Cables Ltd (India)
·
RPG Cables (India)
·
Cable Corporation of India Ltd. (India)
·
Brugg Kabel AG (Switzerland)
·
Synergy Cables Ltd. (Israel)
Opportunities
Increasing Urbanization
Projects to offer Robust Opportunities
Increasing urbanization projects and
grid link projects will offer robust opportunities for the market over the
forecast period.
Restraints
Volatile Prices of Raw
Materials to act as Market Restraints
The volatile prices of raw materials
may impede the global high voltage cables and accessories market value over the
forecast period.
Challenges
Complex Authorization
Procedures to act as Market Challenge
The regulatory, complex, and
environmental authorization procedures leading to delays will act as a market
challenge over the forecast period.
COVID-19 Analysis
The COVID-19 outbreak has caused
financial losses and a decline in demand for several global markets. The high
voltage cable market will face few difficulties during the period. The demand
for high voltage cables rests on grid connection project, power and
construction distribution operations. The crisis has affected the globe
electricity industry. The lockdowns have limited the high voltage cables
industry operations. The demand from North America & Asia Pacific has
reduced significantly.
The electricity consumption in trains
as well as other public equipment has considerably declined. The crisis has
adversely affected the high voltage cables and accessories market growth for
the fall in demand. The manufacturing of such cables and accessories was
limited following social distancing and also government imposed lockdowns
across countries that impacted the market growth. Again supply chain
disruptions in its entirety, challenge to source raw materials, and shortage of
labors because of transportation restrictions possessed a negative effect on
the market growth.
Market Segmentation
The high voltage cables &
accessories market is bifurcated based into type, product, and voltage power.
By type, the underground segment will
lead the market over the forecast period.
By product, the conductors segment will
dominate the market over the forecast period.
By voltage power, the 231kV-400kV
segment will spearhead the market over the forecast period.
Regional Analysis
APAC to Sway High Voltage
Cables and Accessories Market
The APAC region will sway the high
voltage cables market growth over the forecast
period. The exponential growth in the increasing need for power, the growth in
urbanization, the high power demand, the up-gradation of new grid technology,
innovations and technological advances, rural electrification process, rising power
sector in India, South Korea, and China, increase in the number of
industrialization, smart grids, power generation and power transmission &
distribution infrastructure projects, South Korea planning to have a fully
integrated smart grid by 2030, and development of China’s transmission and
distribution network through the ultra-high voltage network and gas-insulated
switchgear to prevent damage caused to the network due to load imbalance are
adding to the growth of the high voltage cables and accessories market in this
region.
Besides, smart grid investments, rise
in power generation capacity, investments in T&D infrastructure,
manufacturers and service providers focusing and creating huge projects in the
service industry, cables and accessories manufacturers, service providers,
private producers, and governments constantly trying in integrating their
existing technologies and developing new ones extensively to boost the capacity
of high voltage transmission and reduce the impact of high voltage transmission
near residential areas, increasing population that boosted the power demand,
setting up of new grids, technological developments in the region, and rural
electrification roll-outs by various countries are also adding to the high
voltage cables and accessories market share.
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