The High Voltage Cable Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s High Voltage Cable Global Market Report 2024, The high voltage cable market size has grown strongly in recent years. It will grow from $38.36 billion in 2023 to $40.76 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to electrification initiatives, renewable energy integration, urbanization and infrastructure development, grid modernization, demand from industrial sector, increasing cross-border power transmission.
The high voltage cable market size is expected to see strong growth in the next few years. It will grow to $51.85 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to focus on energy transition, expansion of offshore wind farms, electric vehicle charging infrastructure, focus on grid resilience and reliability, increasing power demand in emerging markets. Major trends in the forecast period include advancements in cable technologies, digitalization and smart grid technologies, focus on energy efficiency and loss reduction, integration of smart grid technologies, development of high-performance materials.
The increase in electricity demand is expected to propel the growth of the high voltage cables market going forward. Electricity refers to a fundamental form of energy observable in positive and negative forms that will occur naturally (as in lightning) or is produced (as in a generator) and that has been expressed in terms of the movement and interaction of electrons. High-voltage cables have been used in power transfer and distribution, national transfer network cabling, electric stations, and municipal networks. the rapid growth in electricity demand is expected to boost utilization of high voltage cables, as they are widely used in power distribution and industrial applications. For instance, in July 2022, according to a press release published by International Energy Agency, a Paris-based autonomous intergovernmental organization, following the 2021, 6% increase in the electricity demand, the global electricity demand is projected to expand by 2.4% in 2022, matching its average growth rate over the five years preceding the COVID-19 pandemic. Therefore, the increasing consumption of electricity is expected to boost demand for high voltage cables during forecast period.
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The high voltage cable market covered in this report is segmented –
1) By Installation: Overhead, Submarine, Underground
2) By Voltage: 50kV-110kV, 115kV-330kV, > 330kV
3) By End-User: Utility, Industrial
Major companies in the high-voltage cables market are focused on developing advanced sustainable solutions, such as cross-linked polyethylene (XLPE) solutions, for high-voltage transmission to gain a competitive edge. Cross-linked polyethylene (XLPE) is a thermosetting polymer that enhances cable insulation’s durability and heat resistance, ensuring improved performance and longevity. For instance, in July 2023, Dow, a US-based materials science company, introduced ENDURANCE HFDD-4201 SC Compound, a novel XLPE solution for cable systems in the North American market. This solution reduces degassing times during cable manufacturing, leading to lower CO2 emissions without compromising quality. The ENDURANCE Compounds, when used in manufacturing processes, contribute to delivering high-quality underground power transmission cables that meet global reliability and durability standards.
The high voltage cable market report table of contents includes:
1. Executive Summary
2. High Voltage Cable Market Characteristics
3.High Voltage Cable Market Trends And Strategies
4.High Voltage Cable Market analysis
5.High Voltage Cable Market Size And Growth
6.High Voltage Cable Segmentation
7.High Voltage Cable Regional And Country Analysis
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27.High Voltage Cable Competitive Landscape And Company Profiles
28.High Voltage Cable Key Mergers And Acquisitions
29.High Voltage Cable Future Outlook and Potential Analysis
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