High Voltage Cable Market Research Report 2021-2031
The high voltage cable market size is projected to reach US$ 62.2 billion by 2031 from US$ 38.7 billion in 2023. The market is expected to register a CAGR of 6.1% in 2023–2031. The need to replace aging grid infrastructure and industrialization in developing regions are likely to remain key high voltage cable market trends.
High Voltage Cable Market Analysis
The high voltage power cable market relies heavily on global electricity demand. The rising need for electricity is expected to create profitable growth prospects for the market. Additionally, the market is driven by the replacement of outdated grid infrastructure and transmission lines. Furthermore, the expansion of renewable energy sources like solar and wind energy necessitates the establishment of new utility grids and transmission & distribution networks, thus serving as a key market driver for high voltage cables.
High Voltage Cable Market Overview
High voltage cables are specialized cables used for transmitting and distributing power at high voltages. These cables are equipped with structural elements, including one or more conductors, protective jackets, and insulators. What sets high voltage cables apart from other types is the presence of additional internal layers in the insulation jacket, which helps control the electric flow around the conductor. This feature reduces power losses during long-range transmissions, making high voltage cables more efficient than other types of voltage cables for power transmission. They can be used as overhead cables, buried cables in industries, and even as submarine cables for power transmission between states and countries.
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High Voltage Cable Market: Strategic Insights
High Voltage Cable Market
-
CAGR (2023 - 2031)
6.1%
-
Market Size 2023
US$ 38.7 billion
-
Market Size 2031
US$ 62.2 billion
Market Dynamics
GROWTH DRIVERS
- Need to Replace Aging Grid Infrastructure
FUTURE TRENDS
- Infrastructure Development
OPPORTUNITIES
- Adoption of Renewable Energy in Power Generation
Key Players
- Dubai Cable Company Ducab
- Furukawa Electric Co Ltd
- Nexans SA
- NKT A S
- Prysmian Group General Cable Corporation
- Siemens AG
- Southwire Company LLC
- Sumitomo Electric Industries Ltd
- TELE FONIKA Kable SA TF Kable
- ZTT Group
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Type
- Overhead
- Underground and Submarine
End User
- Industrial
- Renewable and Infrastructure
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
High Voltage Cable Market: Strategic Insights
-
CAGR (2023 - 2031)6.1% -
Market Size 2023
US$ 38.7 billion -
Market Size 2031
US$ 62.2 billion
Market Dynamics
- Need to Replace Aging Grid Infrastructure
- Infrastructure Development
- Adoption of Renewable Energy in Power Generation
Key Players
- Dubai Cable Company Ducab
- Furukawa Electric Co Ltd
- Nexans SA
- NKT A S
- Prysmian Group General Cable Corporation
- Siemens AG
- Southwire Company LLC
- Sumitomo Electric Industries Ltd
- TELE FONIKA Kable SA TF Kable
- ZTT Group
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Overhead
- Underground and Submarine
- Industrial
- Renewable and Infrastructure
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
High Voltage Cable Market Drivers and Opportunities
Need to Replace Aging Grid Infrastructure to Favor Market
The need to replace aging grid infrastructure and accommodate the expanding smart grid network is expected to fuel the growth of the global high voltage cables market. As the demand for energy continues to rise due to population growth and urbanization, outdated grid systems are being replaced with advanced smart grids, necessitating the establishment of new transmission networks. High voltage cables, capable of carrying high currents over long distances, are the preferred choice for these new grids, driving the anticipated expansion of the global market in the foreseeable future.
Adoption of Renewable Energy in Power Generation – An Opportunity in the Market
Growing environmental concerns regarding greenhouse gas emissions and the escalating global energy demand drive the expanding adoption of renewable energy in power generation. This has prompted countries to seek alternative power generation solutions, with renewable sources, particularly wind and solar energy, emerging as the most favored options. The increased deployment of renewables necessitates the establishment of new transmission lines, thereby propelling the global market. Furthermore, Europe and North America have ambitious plans to significantly reduce carbon emissions in the near future, which is expected to substantially enhance the market for renewables and, consequently, high voltage cables.
High Voltage Cable Market Report Segmentation Analysis
Key segments that contributed to the derivation of the high voltage cable market analysis are type and end user.
- Based on type, the market is segmented into overhead, underground, and submarine. The overhead segment held a significant market share in 2023.
- By end user, the market is segmented into industrial, renewable energy, and infrastructure. The industrial segment held a substantial share of the market in 2023.
High Voltage Cable Market Share Analysis by Geography
The geographic scope of the high voltage cable market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
Various factors, including government initiatives, electricity production, renewable energy projects, and industrial activities, influence the high voltage cable market in North America. Underground cables have greater penetration in North America due to increasing electricity production, renewable projects, and government initiatives supporting renewable energy projects. The surge in electricity production has further augmented the usage of high voltage cables. The increase in mining metals, oil & gas exploration activities, and growth in construction activities in North America is anticipated to positively impact the demands for high voltage cables.
High Voltage Cable Market Report Scope
Report Attribute
Details
Market size in 2023
US$ 38.7 billion
Market Size by 2031
US$ 62.2 billion
Global CAGR (2023 - 2031)
6.1%
Historical Data
2021-2022
Forecast period
2024-2031
Segments Covered
By Type - Overhead
- Underground and Submarine
By End User - Industrial
- Renewable and Infrastructure
Regions and Countries Covered
North America - US
- Canada
- Mexico
Europe - UK
- Germany
- France
- Russia
- Italy
- Rest of Europe
Asia-Pacific - China
- India
- Japan
- Australia
- Rest of Asia-Pacific
South and Central America - Brazil
- Argentina
- Rest of South and Central America
Middle East and Africa - South Africa
- Saudi Arabia
- UAE
- Rest of Middle East and Africa
Market leaders and key company profiles
- Dubai Cable Company Ducab
- Furukawa Electric Co Ltd
- Nexans SA
- NKT A S
- Prysmian Group General Cable Corporation
- Siemens AG
- Southwire Company LLC
- Sumitomo Electric Industries Ltd
- TELE FONIKA Kable SA TF Kable
- ZTT Group
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Attribute | Details |
---|---|
Market size in 2023 | US$ 38.7 billion |
Market Size by 2031 | US$ 62.2 billion |
Global CAGR (2023 - 2031) | 6.1% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Segments Covered |
By Type
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
High Voltage Cable Market News and Recent Developments
The high voltage cable market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
- NKT wins €1.2bn high-voltage power cable contracts in Germany. The company is investing €100m ($108.77m) in its Cologne facility to increase capacity gradually by 2027. Danish cable manufacturer NKT has secured a contract from German transmission system operator (TSO) Amprion to supply high-voltage alternating current (AC) and direct current (DC) onshore power cable systems.
(Source: NKT A/S, Company Website, 2024)
High Voltage Cable Market Report Coverage and Deliverables
The “High Voltage Cable Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type ; & End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
The market was estimated to be US$ 38.7 billion in 2023 and is expected to grow at a CAGR of 6.1% during the forecast period 2024 - 2031.
The need to replace aging grid infrastructure and industrialization in developing regions are the major factors that propel the high voltage cable market.
Infrastructure development is anticipated to play a significant role in the high voltage cable market in the coming years.
The key players in the market are Dubai Cable Company – Ducab, Furukawa Electric Co., Ltd., Nexans SA, NKT A/S, and Prysmian Group (General Cable Corporation).
The market is expected to reach US$ 62.2 billion by 2031.