Market Analysis
The global high voltage cables & accessories market is estimated to reach USD 54.7 billion by 2030, growing at a CAGR of 7.2% from 2023 to 2030. The market is driven by the increasing demand for high voltage cables and accessories from the power & utilities, oil & gas, and renewable energy sectors.
The high voltage cables & accessories market is segmented by product type, voltage, installation, end user, and region. By product type, the market is divided into cables and accessories. Cables are further classified into XLPE, EPR, HEPR, and MI cables. Accessories include joints, terminations, fittings, and fixtures.
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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