Global High Voltage cable (HVC) Market is Expected to grow at a CAGR of 6.7 % from 2016 – 2022 – Acute Market Reports
High Voltage cable (HVC) is used for electric power transmission at high voltage over long distances to meet the electricity demand at the respective loads. The market is anticipated to grow at a CAGR of 6.7 % from 2016 – 2022.
The high voltage cable market is largely driven by ongoing industrialization and urbanization in developing countries such as China, Japan and India. Moreover, increased number of renewable energy projects such as wind and solar power plants have supplemented the growth of HVC market. Furthermore, these cables offer several advantages such as presence of additional insulation jacket that minimizes power loss, and enhanced stability in comparison to other cables. HVCs are widely used in overhead lines, underground cables, and submarine cables. However, volatile prices of metals such copper and aluminum adversely impact the market growth. Growing investments in smart grid technology and increasing number of offshore power projects in developing countries are further expected to create numerous opportunities for the growth of HVC market in the years to come.
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Prominent strategies such as expansion, product launch, acquisition, partnership & collaboration and agreement are adopted by leading market players in an effort to expand their product offerings and widen their market reach. The prominent players such as, ABB, Prysmian Group, Nexans, NKT cables and General Cable Technologies Corporation among others are analyzed in the report in an effort to gain an insight into their performance and developments. The high voltage cable market is highly concentrated, as top five players account for 60% share of the overall HVC market revenue.
The high voltage cable market is segmented on the basis of type, end user and geography. Based on type, the market is divided into overhead, underground, and submarine. On the basis of end user, the market is divided into industrial (oil & gas, mining, power utilities, chemical & petrochemical, and others), renewable (wind, hydropower, and others) and infrastructure (commercial and residential). On the basis of geography, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America is divided into the U.S., Mexico, and Canada; whereas, Europe is further segmented into Italy, Sweden, Germany, France, and rest of Europe. The countries covered under Asia-Pacific are China, India, Japan, South Korea, and rest of Asia-Pacific. LAMEA includes Latin America, Middle East, and Africa.
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As per the graph, underground and submarine cables are expected to grow at a notable rate owing to their usage in various offshore solar & wind projects and different industries such as oil & gas and power utilities. However, overhead cables would lose their significance in the coming years as they are being replaced by underground cables.
Underground cables are more preferred cables among others owing to their application in various industries such as power utilities, oil & gas and mining. However, submarine cables are expected to grow significantly during the analysis period. The growth of these cables is attributed to the discoveries of new river basins, new found places in ocean for oil and gas excavation, and tidal power plants.
World High Voltage Cable Market ScenarioHigh voltage cables are mainly used to transmit heavy electrical energy from power plants to substation at a very high voltage level. High voltage cables can withhold voltages from 66 kilovolts up to 660 kilovolts, are rugged in design, have larger life span and are available for all three, underground, overhead and under water operations. Major factors fuelling the demand of HVCs are growing industrialization, urbanization, up gradation of power grids and increasing number of power plants of renewable energy resources.
Top Investment pockets
The graph drawn below represents the potential of various types of HVC that are used to transmit the high voltage electricity. Currently, underground cable leads the world high voltage cable market in terms of global revenue, followed by submarine and overhead cables.
- Comprehensive analysis of the current trends and future estimations in the world high voltage cable market is provided.
- The report provides a competitive scenario of the market with current and future growth trends, structure, driving factors, scope, opportunities, and challenges.
- The report includes a detailed analysis of market segments to provide insights on the market dynamics.
- Porters Five Forces analysis highlights the potential of buyers and suppliers as well as provides insights on the competitive structure of the market to devise effective growth strategies and facilitate better decision-making.
- Value chain analysis provides key inputs on the role of stakeholders involved at various stages.
- SWOT analysis of the key players highlights their strengths and weaknesses along with potential opportunities present in the market.
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