High-Voltage (HV) Cable market Growth Trend Forecast with latest research study released by Delvens evaluating the market risk side analysis, highlighting opportunities, and leveraging strategic and tactical decision-making support. The report provides information on market trends and development, growth drivers, technologies, and the changing investment structure of the Global High-Voltage (HV) Cable market.
The global High-Voltage (HV) Cable market size was estimated at USD 40.5 billion in 2023 and is projected to reach USD 59.3 billion in 2030 at a CAGR of 5.6% during the forecast period 2023-2030.
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High voltage cables are utilized for the transmission and distribution of power at elevated voltages. These cables possess structural components comprising of one or more conductors, protective jackets, and insulators. An important structural divergence that sets high voltage cables apart from other cable types is the existence of additional internal layers within the insulation jacket that facilitate the control of electric flow surrounding the conductor.
This attribute assists in mitigating power losses during long-range transmissions, thereby rendering high voltage cables more efficient than their counterparts in power transmission. High voltage cables may be installed as overhead cables, buried cables in industrial settings, or even submarine cables for power transmission between different states and countries.
Delvens Industry Expert's Standpoint
The escalation in demand for energy due to the growth in population and urbanization has contributed to the expansion of the global high voltage cables market. The upgradation of aged grid infrastructure that was previously able to meet power distribution and transmission requirements is now being substituted with cutting-edge smart grids. The development of these grids necessitates the establishment of new transmission networks that prioritize the usage of high voltage cables with high current carrying capacity over long distances as compared to other options.
Competitive Landscape
- Prysmian Group
- Sumitomo Electric Industries Ltd.
- Nexans
- LS Cable System Ltd.
- NKT A/S
- Furukawa Electric
- Taihan Cable Solution Co., Ltd.
- ZTT
- Elsewedy Electric Company
- Wuxi Jiangnan Cable
- Riyadh Cables
- PFISTERER Holding AG
- DUCAB
- TE Connectivity
- Brugg Kabel AG and More
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Regional Analysis:
North America to Dominate the Market
- North America possesses a limited market share within the industry. However, due to the prevailing replacement of antiquated grids throughout the region, the high voltage cable market is anticipated to experience gradual growth within the area.
- The exploration endeavors of the oil and gas industry have significantly contributed to the expansion of the industrial sector of the market.
Recent Developments
- In May 2023, The Prysmian Group has issued an announcement pertaining to the triumphant acquisition of a contract with an estimated worth exceeding USD 864.9 million. This contractual agreement is in reference to the initiation of a new power interconnection project between France and Spain, which is set to be implemented for the benefit of INELFE. It should be noted that INELFE is a joint venture that is co-owned by Red Electrica, the Spanish grid operator, and Réseau de Transport d’Électricité (RTE), the French grid operator.
- In April 2023, Nexans finalized the purchase of Reka Kaapeli Oy, for a total of USD 57.29 million. The integration of Reka Cables into Nexans' Distribution Usage business group was included in the acquisition. Being a part of Nexans presents Reka Cables with the chance to enhance its growth and development, while also enabling increased investments in renewable energy solutions.
Reasons to Acquire
- Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for the High-Voltage (HV) Cable Market to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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