High Voltage Cables & Accessories Market Growth and Forecast 2018-2025

Posted by PratikshaM on August 14th, 2019

The power transmission & distribution industry presently requires advanced transmission networks that are capable of safely carrying high voltage current, while guaranteeing reliable endless power supply. High voltage power cables and accessories aid in the transmission of enormous quantity of electricity over long distances. These are shielded cables, primarily used to transmit very high voltages of power. Accessories consists of conductor shield, conductor, insulator, sheath, metallic, and semi-conducting insulation shield. Government organizations, service vendors, and private manufacturers are concentrating on assimilating their present technologies with high voltage power transmission systems in order to increase their capacity considerably. This in turn, is fostering market expansion.

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Developing economies such as China, India, and Mexico have substantially contributed in the rising demand for high power transmission and distributions across the globe. Furthermore, improved purchasing power of individuals, coupled with per capital consumptions has led to increase in demand for energy. Therefore, to sustain the required supply of energy, companies are financing technologies that can distribute and transmit power efficiently. Thus, a remarkable upsurge in high voltage cables & accessories and related accessory products is anticipated to be perceived in the coming years.

The major drawback that might affect the high voltage cables & accessories market are the volatile nature of raw material prices and regulatory, environmental, and complex authorization procedures, which often leads to delays. However, need for efficient transmission systems, growth of offshore wind farms, and the increasing application on grid interconnections, is anticipated to reduce the impact of the aforementioned drawbacks of the high voltage cables & accessories market. Furthermore, constant rise in power generation capacity and implementation of smart grid technology are anticipated to further aid the market.

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The high voltage cables & accessories market can be segmented based on installation type, product type, voltage, and region. In terms of installation type, the market can be divided into submarine, underground, and overhead. Underground cable systems are implemented by numerous countries to minimize transmission loss and reduce outage by providing uninterrupted power supply. The underground high voltage cables & accessories market is augmented by the requirement for greater power to be delivered to urban areas, along with an increasing resistance to overhead transmission lines in the proximity of residential areas. Based on product type, the high voltage cables & accessories market can be classified into fittings & fixtures, XLPE cables, cable joints, MI, cable terminations, conductors, and others. In terms of voltage, the market can be divided into 72.5kV, 123kV, 145kV, 170kV, 245kV, and 400 kV & above.

Based on region, the high voltage cables & accessories market can be segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the market in 2016 and this trend is anticipated to continue over the forecast period. China lead the high voltage cables & accessories market in Asia Pacific. Manufacturers and service providers are focusing, as well as, creating huge possibilities in the service industry. Furthermore, private service providers & producers, government, and manufacturers of cables & accessories are constantly trying to integrate their present technologies and develop novel ones generally to increase the volume of high voltage transmission and minimize the influence of high voltage transmission near residential areas.  The market in Middle East & Africa is fast expanding, owing to investments in R&D, rise in infrastructure developments, and evolving wind energy generation projects that generate electricity in the region.

Key players operating in the market include NKT Cables Group A/S, Prysmian S.P.A., General Cable Corporation, Nexans S.A., Sumitomo Electric Industries, Ltd., LS Cable & System Ltd., Dubai Cable Company (Private) Ltd., and Southwire Company, LLC.