High Voltage Cable Market Size is expected to reach US$ 47.8 Mn by 2027

Posted by Nikhil khadilkar on October 19th, 2022

High Voltage Cable (HVC) Market is used for electric power transmission at high voltage over long distances, to meet the electricity demand at the respective loads. The need for transporting power over long distances for electrifying remote areas and offshore application areas is expected to drive the growth of high-voltage cable market, especially in developing and underdeveloped countries, during the forecast period. 

These cables transport power to distant locations with minimum power loss, and hence, they are well-suited for power transportation to and from remote areas and offshore locations, including offshore oil rigs and mining operations, wind and solar farms, distributed generation or microgrids, military operations, construction sites, and so on. Governments in various developing countries such as India and China are taking several initiatives and making policies for remote area electrification and renewable power generation. During the forecast period, all these factors are anticipated to contribute substantially toward the global demand for high-voltage cables.

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Significant market initiatives have been taken by some of the leading companies in high voltage cable market by getting involved in partnering with the clients and companies and also expanding their production capabilities. For instance, recently, Nexans has qualified its 420 kV XLPE power cable design for use in water depths down to 550 meters create power connection across a Norwegian Fjord. This development offers new possibilities for creating higher voltage subsea links in deeper locations than ever before.

The global electricity demand has risen by 4% in 2018, which is twice the growth rate of overall energy demand. Fossil fuels are still dominating the global electricity generation as a large number of developing countries are dependent on fossil fuels for energy production. High-voltage cables are used in various applications, such as power transmission, utilities, industries, nuclear power stations, thermal power stations, renewable energy plants, railways, and airports.

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Factors such as rising population, favorable government initiatives, industrialization, urbanization, renewable energy projects, rural/remote area electrification, and offshore projects are anticipated to drive the global high voltage cable market during the forecast period. The substantial growth in renewable power generation capacity worldwide is expected to further boost the demand of high-voltage cables.

The top five companies in the high voltage cable market include Prysmian Group, Nexans SA, Siemens AG, Southwire Company, LLC, and Sumitomo Electric Industries, Ltd. The above listing is based on multiple factors including business segment revenue, product portfolio, upcoming products, investment in R&D, mergers and acquisitions activities, and future plans. Companies have taken several market initiatives in order to expand their footprint across the world and to fulfill the growing demand of the market.

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