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Report
High Voltage Cables - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)
Market Report I 2024-02-17 I 125 Pages I Mordor Intelligence
The High Voltage Cables Market size is estimated at USD 41.60 billion in 2024, and is expected to reach USD 55.14 billion by 2029, growing at a CAGR of 5.80% during the forecast period (2024-2029).
Key Highlights
-Over the medium term, the increasing adaption of renewable energies coupled with increasing urbanization and industrialization is expected to drive the market studied during the forecast period.
-On the other hand, high initial capital investments are expected to hinder the growth of the market studied during the forecast period.
-Nevertheless, the ongoing offshore wind energy projects are expected to create huge opportunities for the high-voltage cables market.
-The Asia-Pacific region is expected to be a dominant region for the market studied due to the increasing demand for energy coupled with increasing infrastructure development activities in the region.
High Voltage Cables Market Trends
HVDC Transmission Segment to Witness Significant Growth
- HVDC cables play an important role in a growing number of HVDC links. While the fixed costs of terminals at both ends of HVDC links are more expensive than AC, the cost per unit length of the line itself is lower. With all the other things being equal, the longer the distance of the link, the lower the relative cost of the link per unit of energy.
- Over a break-even distance (approximately 600-800 km for current technologies), HVDC becomes the lowest-cost option. There are also no technical limits to the potential length of an HVDC cable.
- In 2022, as per the International Renewable Energy Agency (IRENA), global installed renewable energy capacity reached around 3.37 terawatts in total, up by almost 10% from the previous year. Renewable energy has experienced an eruption over recent decades due to decreasing prices in renewable technology as well as apprehensions about the environmental impact of more traditional sources.
- HDVC cable transmissions offer many technical advantages, such as lower losses, improved system stability, and enhanced reliability. Cable links longer than approximately 80 km usually require HVDC transmission. This is due to the fact that for underground or submarine cables, hardly any electricity is delivered when AC lines are 80 km or longer (the cable capacities absorb the usable electricity; hence, DC cables are a beneficial alternative).
- HVDC cable systems are the most viable solution for the transfer of power between asynchronous networks that cross large water bodies, require longer transmission lines, and usually come in a hybrid configuration. These systems provide controllable bulk power transmission capacity without an increase in short-circuit current levels.
- Therefore, the development of HVDC transmission projects is expected to witness significant demand for high-voltage cables during the forecast period.
Asia-Pacific to Dominate the Market
- The burgeoning dominance of the Asia-Pacific region in the high-voltage cables market emerges as a culmination of multifaceted market dynamics and strategic imperatives. Strategic imperatives routed in regional energy consumption patterns substantiate the anticipated dominance. Rapid urbanization, industrial expansion, and growing electricity demand within the Asia-Pacific economies collectively amplify the need for high-voltage cables.
- Asia Pacific's burgeoning economies necessitate robust energy infrastructure, including efficient high-voltage cable networks to meet escalating power transmission requirements. This strategic fit addresses energy access disparities and catalyzes the region's role as a global energy powerhouse.
- Furthermore, regulatory support and market incentives fortify the region's leadership position. Government initiatives advocating for renewable energy integration and emissions reduction coupled with favorable policy frameworks and financial incentives catalyzed the adoption of high-voltage cables.
- For instance, India has set up an ambitious target of installing nearly 500 GW of renewable capacity by 2030, a large share of which is expected to come from solar energy. This has propelled the growth of the country's solar sector, which falling costs and supportive government incentives have buoyed.
- Furthermore, the region's commitment to interconnected energy grids amplifies the significance of high voltage cables cross border energy trading, and grid interconnection facilitates resource optimization and energy security across diverse nations such as Singapore, Malaysia, Thailand, Vietnam, and Indonesia. The inherently versatile nature of high-voltage cables dovetails with the geographical diversity and economic independence of the Asia-Pacific region, fortifying the rationale for their dominance.
- Therefore, the increasing demand for energy coupled with the integration of renewable energy sources and cross-border electricity transfers is expected to elevate the demand for high-voltage cables during the forecast period.
High Voltage Cables Industry Overview
The high voltage cables market is fragmented. Some of the major companies (in no particular order) include ABB Ltd, Cable Corporation of India Limited, Finolex Cables Ltd, Nexans SA, and Prysmian SpA.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Integration of Renewable Energy
4.5.1.2 Increasing Urbanization and Industrialization Activities
4.5.2 Restraints
4.5.2.1 High Initial Cost
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Location of Deployment
5.1.1 Overhead Cables
5.1.2 Underground Cables
5.1.3 Submarine Cables
5.2 Type of Transmission
5.2.1 HVDC
5.2.2 HVAC
5.3 Voltage Level
5.3.1 50KV - 110KV
5.3.2 115KV - 330KV
5.3.3 Greater than 330KV
5.4 Geography (Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)})
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Rest of North America
5.4.2 Asia-Pacific
5.4.2.1 China
5.4.2.2 India
5.4.2.3 Japan
5.4.2.4 Australia
5.4.2.5 Malaysia
5.4.2.6 Rest of Asia-Pacific
5.4.3 Europe
5.4.3.1 Germany
5.4.3.2 United Kingdom
5.4.3.3 Italy
5.4.3.4 France
5.4.3.5 Rest of Europe
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle East and Africa
5.4.5.1 Saudi Arabia
5.4.5.2 United Arab Emirates
5.4.5.3 Qatar
5.4.5.4 South Africa
5.4.5.5 Egypt
5.4.5.6 Rest of Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 ABB Ltd
6.4.2 Cable Corporation of India Limited
6.4.3 Finolex Cables Ltd
6.4.4 NexansSA
6.4.5 NKT AS
6.4.6 Prysmian SpA
6.4.7 Siemens AG
6.4.8 Southwire Company LLC
6.4.9 Tratos
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Offshore Wind Energy Expansion
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