Currents of Change Exploring the High Voltage Cables and Accessories Market Dynamics
The high-voltage cables and accessories market is projected to grow USD 54.7 billion by 2030, showing a 7.2% compound annual growth rate (CAGR) throughout the predicted period (2022 - 2030).
Drivers
and Restraints
With
the rising economic prosperity, and fast technological and industrial growth, a
world without electrical power is unthinkable. Power transmission has the
highest importance in the power sector's value chain because, unlike other
goods, energy can not be transported by means of transport modes. One of the
main issues about electricity transmission is the power supply interruption.
Owing to continuous advancements in end-use industries coupled, the high
voltage cable and accessories market is projected to have a huge number of
advances over the forecast time frame Multinationals and well known businesses
are also projected to have strong expansion activities on the sector.
The
market for high-voltage cables and accessories is driven by factors such as
increased demand for electrical power from remote areas and increasing
urbanization projects, increased grid link projects and increased demand for
loss reduction in the transmission and distribution network. The that oil rigs
in offshore regions need time-consuming power for smooth operations, and
high-voltage marine cables allow the power to enter the production facilities
for offshore oil. Security issues surrounding overhead equipment and
cables, however, are limiting the demand for high voltage cables and equipment.
Segmental Analysis
The
market for high voltage cables and accessories is segmented by size, products,
tension ratings and area.
The
market is further categorized, based on the segment by form, as overhead,
underwater, and submarine. Due to the rising urbanization projects and the
benefits of being less vulnerable to harm and reduced risk, the underground
segment holds the largest market share. Based on the voltage rating, the market
has been segmented into upto 100 kv, 101 kv-230 kv, 230 kv-400 kv, and above
400 kv.
The
market for high voltage cables and accessories is segmented by goods as MI
cables, conductors, XLPE cables, fittings & fixtures, cable joints, cable
terminations and others. Among these, drivers dominate the market for high
voltage overhead cables & accessories, as they have a high tensile strength
to withstand mechanical stresses.
Regional review
The
global business regional overview was performed in four major regions including
Asia Pacific, North America, Europe and the rest of the world.
The
global market for HV
cables and accessories is expected to rise at a high rate because of
increased power sector demand. Asia Pacific is slated to have the largest
market share in emerging economies such as China, South Korea and India due to
the rising power sector. In addition, the area has seen an increase in the
number of industrialization, smart grids, urbanization, power generation, and
power transmission and distribution infrastructure projects. For starters, by
2030 South Korea, one of the fastest developing nations, has plans for a fully
integrated smart grid. Hitachi, one of the major players in transmission and
distribution network providers, has also contributed to the development of
China's transmission and distribution network through the ultra-high voltage
network and the gas-insulated switchgear to prevent damage caused to the
network due to load imbalance.
Competitive Analysis
·
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)
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