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.
Development in industrialization & urbanization, and increase in trend of alternative wiring are the major factors driving the market growth. However, high price of metals such as copper and aluminum may hinder the market growth. Furthermore, increasing government financing in smart grid technology, growth in number of offshore power projects would provide growth opportunities for the market in the near future.
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The global high voltage cable market is bifurcated into product type and end user. By product type, the market is further categorized into submarine, overhead, and underground. In 2016, Underground cables segment accounted for the largest market share due to their benefits such as small voltage drops, less chance of faults, and no visual impact. The submarine segment is anticipated to attain the fastest CAGR during the forecast period, owing to the enlargement of offshore power projects and examination on islands. By end user, the market is further segmented into industrial, infrastructure and renewable energy.
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Geographically the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Asia-Pacific accounted for the largest market share of 42.9% in the year of 2016, and it is anticipated to continue its dominance during the upcoming years. The growth is majorly seen due to growing industrialization and urbanization in developing nations such as, Japan, China and India. Europe accounted for the second largest market share of 25%. In terms of growth, Asia-Pacific is anticipated to attain the fastest CAGR of 7.3% during the forecast period 2016-2024.
Major companies operating in the high voltage cable market include, TELE-FONIKA Kable S.A, Prysmian Group, ABB, Siemens AG, General Cable Technologies Corporation, Dubai Cable Company Private Limited, NKT Cables, LLC, Southwire Company, and Nexans S.A., Sumitomo Electric Industries, Ltd., among others.
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