Global High Voltage Cable Market Report, published by Variant Market Research, forecast that the global market is expected to reach $52 billion by 2024 from $32 billion in 2016; growing at a CAGR of 6.3% from 2016 to 2024. By geography, Asia-Pacific and Rest of the World (RoW) are expected to grow at a CAGR of 7.3% and 6.4%, respectively, during the forecast period.
Rise in trend of underground wiring will uplift the global demand of High Voltage Cable Market
Major drivers of global high voltage cable market includeincrease in trend of underground wiring, and growth in industrialization & urbanization. However, high price of metals such as aluminium and copper may hamper the market growth. Increasing government investments in smart grid technology and surge in number of offshore power projects would provide several growth opportunities for the market in the coming years.
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Market Segmentations
The global high voltage cable market has been categorized into product type, end user, and geography. Product type segment includes submarine,overhead, and underground. End user segment includesindustrial, renewable energy, and infrastructure.North America, Europe, Asia-Pacific, and Rest of the World (RoW) are covered under geography segment. North America comprises United States, Canada, and Mexico.
Underground cables dominated the product type segment with highest market share
Underground cables segment held for the highest market share in 2016, and expected to remain the largest over the forecast period 2016 – 2024. The submarine segment is expected to grow at the fastest CAGR during the forecast period, driven by electrification on islands and the expansion of offshore power projects.
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Asia-Pacific held highest market share in 2016
Asia-Pacific accounted for the largest market share in 2016, and is expected to maintain its dominance over the forecast period. The growth is attributed to growing industrialization and urbanization in developing countries such as China, Australia, Japan, Malaysia, and India.
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Competitive Landscape
Key players in the high voltage cable market are TELE-FONIKA Kable S.A, Prysmian Group,ABB, Siemens AG, Southwire Company, LLC, General Cable Technologies Corporation, Dubai Cable Company Private Limited, NKT Cables, Sumitomo Electric Industries, Ltd., and Nexans S.A., among others.
Scope of High Voltage Cable Market
Product Type Segments
• Overhead
• Submarine
• Underground
End User Type Segments
• Renewable energy
o Wind
o Hydropower
o Others
• Industrial
o Mining
o Oil & gas
o Power utilities
o Chemical & petrochemical
o Others
• Infrastructure
o Commercial sector
o Residential sector
Geographical Segments
• North America
o US
o Canada
o Mexico
• Europe
o France
o Germany
o Italy
o Sweden
o Others
• Asia-Pacific
o India
o Japan
o South Korea
o Others
• RoW
o South America
o Middle East
o Africa
About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
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