High Voltage Cables Market Value to Hit $29 Billion by 2025
The utility aided high voltage cables market surpassed an annual installation of over 30,000 km in 2018 and is set to achieve significant CAGR from 2019 to 2025 owing to the adoption of grid connected renewable infrastructure.
The U.S. high voltage cables market has observed a positive technological prospect on account of the increased spending towards the enhancement of long-distance transmission infrastructure. The U.S. DOE, in 2017 allocated USD 10 billion to improve the existing electric network with an aim to reduce the curtailment rate across the western transmission infrastructure. Rising focus toward the re-establishment of conventional electrical devices with advanced high-quality products will further drive the HV cables market.
The worldwide high voltage cables market exceeded an annual installation of over 40,000 km in 2018 supported by refurbishment & retrofit of existing grid infrastructure.
50 kV – 110 kV high voltage cables market have gained significant impetus on account of large-scale commercial development and refurbishment of small-scale industries across emerging countries. In addition, suburban migration has further led to the integration of large multi-storey apartments and residential complexes which in turn will strengthen the product penetration. Increasing dependency on large-scale industries which include power generation and manufacturing facilities has further complement the HV cables market share.
Utility aided high voltage cables market surpassed an annual deployment of over 30’000 km in 2018. Incorporation of grid connected sustainable energy network along with decentralized micro-grid infrastructure leads to the demand for technically effective circuitry devices to bear the infusion of volatile frequency networks. Henceforth, developers and manufacturers across the industry have significantly been investing to instigate smart monitoring, performance and control units.
Global high voltage cables market set to exceed USD 29 Billion by 2025, as reported in the latest study by Global Market Insights, Inc. In the recent years, the power transmission industry has observed an upsurge owing to the rising demand for efficient T&D control systems. Growing refurbishment demand of existing electrical setup along with increasing investments towards transmission grid enhancement will stimulate the HV cables market. Moreover, lack of effective electric infrastructure across the emerging nations coupled with inclination toward the advancement of prevailing infrastructure across developed economies have further infused a favorable business scenario.
Introduction of advanced overhead, underground and submarine cable technologies has integrated a sustainable business scenario. Suppliers & manufacturers have consistently been restructuring their R&D fund allocation to advance product portfolios in addition, fresh investments from leading participants to incorporate a versatile technological platform will augment the high voltage cables market share. Moreover, positive consumer inclination toward the deployment of these units with an aim to secure the environment & overall life expectancy of the electric infrastructure will foster the industry outlook.
Prominent high voltage cables market players include ZTT, NKT, Elsewedy, Prysmian, Sumitomo, Nexans, LS Cables, Sterlite Power, Furukawa Electric, KEI, Taihan Electric, Gupta Power, APAR, ABB, KEC, Alfanar, Kelani Cables, Southwire and Riyadh Cables.