High Voltage Cables Market Size, Share & Industry Analysis, By Installation (Overhead, Underground, Submarine), By Voltage (100 kV - 250 kV, 251 kV - 400 kV, Above 400 kV), By End-User (Industrial, Utility) and Regional Forecast, 2019-2032

The global high voltage cables market size was valued at USD 31.89 billion in 2018 and is projected to reach USD 79.65 billion by 2032, exhibiting a CAGR of 6.77% during the forecast period of 2019-2032. The high voltage cables market in the U.S. is projected to grow significantly, reaching an estimated value of USD 10.92 billion by 2032, driven by the expansion of renewable energy projects and grid modernization and resilience.

The market for high voltage power cables is ultimately dependent on electricity demand across the world. The increasing demand for electricity is further anticipated to bring lucrative growth opportunities for the market. The replacement of the aged grid infrastructure and transmission lines is another factor that drives the growth of the market. Also, the increasing penetration of renewables such as solar energy and wind energy requires setting up new utility grids with new transmission & distribution networks. Therefore, the growing penetration of renewables acts as the market driver for high voltage cables.

The high voltage cables are the cables used for transmission and distribution of power at high voltages. High voltage cables are equipped with structural elements of one or more conductors, protective jackets, and insulators. The major structural difference differentiating high voltage cables from other types of cables is the presence of additional internal layers in the insulation jacket that helps to control the electric flow around the conductor. This helps in reducing the power losses during long-range transmissions, and therefore high voltage cables are found to be more efficient than other types of voltage cables in power transmission. High voltage cables can run as overhead cables, as buried cables in industries, and submarine cables for power transmission between states and countries.

The demand for electricity has been continuously rising in Asia Pacific with the rising population. The increased rate of urbanization and rural electrification targets carried out by governments have also increased the electricity demand. China is the global leader in the high voltage cables market and accounts for more than half of the share in Asia Pacific. The presence of growing economies such as Japan, South Korea, and India where the demand for electricity has been continuously rising every year has also impacted g on the present share of Asia Pacific in the global market. With the adoption of technological advancements for electricity transmission and distribution networks in the region, the market holds a good growth opportunity.

MARKET DRIVERS

“Replacement Of Aged Grid Infrastructure And The Growing Number Of Smart Grids”

The increasing demand for energy with the growing population and urbanization will augment the global high voltage cables market growth. Aged grid infrastructure, which satisfied the power distribution and transmission demand to date are being replaced with new advanced smart grids. The upcoming grids require setting up of new transmission network. High voltage cables possessing high current carrying capacity over long distances are preferred for these networks over other available counterparts. This will drive the growth of the global market over the forecast period.    

 “Growing Penetration Of Renewables In Power Generation”

The increasing concerns over the greenhouse gas emissions, coupled with a rise in demand for energy have compelled countries to look for other alternatives for power generation. Renewable sources are the most preferred source for energy generation, especially wind and solar energy sources. This increased utilization of renewables leads to setting up new transmission lines which acts as a driving factor for the global market. In the coming years Europe and North America have plans to reduce carbon emissions to a considerable extent in the coming years which will certainly boost the market for renewables and therefore high voltage cables. 

SEGMENTATION

By Installation Analysis

“Easy Installation And Economical Advantage Will Help The Overhead Segment Dominate The Market”

Based on Installation, the global high voltage cables market is segmented into the overhead, submarine, and underground. The ease in installation and low transmission losses over long distances are the major factors for the growth of an overhead type of installation. Another reason for the maximum adoption of overhead cables is the economic advantage provided by these cables as they don’t have complex technologies involved.

The other types of cabling technologies available are submarine and underground cabling. Underground cabling being the most technologically advanced, costs higher than others and therefore has a minimum share in the market. Submarine cabling is mostly used for the transmission of power between countries or states.

By Voltage Analysis

Based on voltage, This market is segmented into 100 kV – 250 kV, 251 kV – 400 kV, and above 400 kV. Currently, the 251 kV – 400 kV has the largest share in the market with the maximum application of the high voltage cables in this voltage range. The power transmission industry in the developing countries is still growing which has to lead to more use of low and medium voltage cables in these countries. Therefore, the above 400 kV segment in these countries has a very small presence.

During the forecast period, the 251 kV – 400 kV segment will grow in almost every region owing to the maximum installation of these voltage lines. In North America and Europe, the above 400 kV segment will witness a rise in their share, owing to the technological advancements which support their installation.

By End-User Analysis

“Increasing Electricity Demand Will Augment The Growth Of Utilities”

Based on End-User, the global high voltage cables market is segmented into utility and industrial. The utility is used to serve power to most of the sectors in the country, and they form the major portion of this market.

Rural electrification plans, growing population, and urbanization have increased the number of end-user for electricity. Increasing demand for power has led to the adoption of renewable sources for power generation. This, in turn, has led to the installation of new grids to reach out to distant locations and fulfill the power demand at distant locations. High voltage cables also have applications in industrial sectors like exploration and railways industry which require high voltage lines. The presence and proposed plans of metros in various parts of the world will positively affect the growth of the market.

REGIONAL ANALYSIS

Geographically, the global high voltage cables market has been analyzed across five major regions, which are North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. These regions are further categorized into countries.

North America currently holds a small market share in the market. But with the ongoing replacement of the aged grids taking place in the region the market for high voltage cables is set to grow at a moderate pace in the region. The oil & gas exploration activities have been a major factor driving the growth of the industrial segment of the market. The U.S.A. is the dominant player in the region, accounting for more than half of the share.

Asia Pacific currently holds the maximum share in the market for high voltage cables. The factors which have contributed to the growth of the region are the increasing population, which has certainly increased the power demand. Urbanization taking place in the region has led to the setting up of new grids. Technological developments taking place in the region, rural electrification roll-outs by various countries have together acted as the driving forces for the high voltage cables market growth. Major countries in the region other than China are India, Japan, Australia, and Southeast Asian countries.

Europe is the second-largest market for high voltage cables. Green energy targets set up by various countries in the region have led to the rise in the utilization of renewable sources for power generation. Europe is the region that has maximum power generation using renewable sources. This increased penetration of renewable power in the region, with setting up new smart grids will drive the growth of this industry. Following this trend, high voltage cables have lucrative growth opportunities in the years to follow. The major countries contributing to the high voltage cables market are Italy, Spain, UK, Germany, France, and Russia.

Latin America will also witness moderate growth in this market. The major reason being the increase in the power demand in the region. The rural electrification programs and setting up of new transmission and distribution lines have impacted the market growth. Exploration activities and power generation using renewables have also increased in the region. The major countries in the region are Brazil, Mexico, and Argentina.

The Middle East and Africa will also witness lucrative growth opportunities in the market. The dependency of countries on the oil & gas industry for their economy is the major reason driving the industrial segment in the region. The major countries having the market in the region are GCC countries, South Africa and Egypt.  

INDUSTRY KEY PLAYERS

“Market Players Like Prysmian Group, Nexans, And NKT Are Among The Leading Players In The Global High Voltage Cables Market”

The market is highly fragmented with the presence of numerous players around the world. Prysmian Group, Nexans, and NKT together form a major portion of the market for providing high voltage cables in the World.

List Of Key Companies Profiled:

• Prysmian Group


• Nexans


• General Cable


• NKT


• Furukawa Electric Co., Ltd.


• ABB


• Dubai Cable Company - Ducab


• Jiangnan Group Limited


• Schneider Electric


• Tratos


• Universal Cables Ltd


• Brugg Cables


• Riyadh Cables Group Company


• Synergy Cables


• ZTT

INDUSTRY DEVELOPMENT:

• On July 21, 2021, Prysmian was awarded a contract worth USD 900 million to supply high-voltage direct current (HVDC) cable systems for an underground transmission project in the US. Under this contract, Prysmian will provide 525kV HVDC cables for efficient transmission of renewable energy to power more than 1.2 million houses, and a milestone in building a US clean energy grid.


• On February 02, 2021, Nexans has won a major frame contract to deliver cables, accessories, and installation service for the underground grid connection RTE project. This enables the future expansion of Nexans partnership with RTE and marking the increasing volume for cables, accessories, and services.


• In October 2020, Ducab HV wins a high voltage cable contract for Mohammed bin Rashid (MBR) Solar Park in Dubai. The contract involves the supply and installation of cable and accessories for the solar park with a total length of 275 kilometers.


• In August 2020, TenneT Holdings has awarded NKT HV cables a contract for production and installation of the DC underground and submarine cable for the BorWIn5 project in Germany. The contract comprises approximately 230 kilometers of high voltage DC onshore and offshore cables and accessories.

REPORT COVERAGE

Increasing power demand across the globe owing to rising population and urbanization has witnessed a rise in demand for high voltage cables in recent years. The 100% electrification plans rolled by various countries have acted as a major boost for the growth of the high voltage cable industry. The increasing utilization of renewable sources for power generation has led to new grids being set up. This, in turn, has acted as a major opportunity for market growth.

Along with this, the report provides an elaborative analysis of the global high voltage cables market dynamics and competitive landscape. Various key insights presented in the report are the price trend analysis, recent industry developments in the global market, such as mergers & acquisitions, the regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key retail industry trends, competitive landscape and company profiles.

Report Scope & Segmentation