High Voltage Cables & Accessories Market Size, Share, Growth, And Industry Analysis by Type (AC Power Cable, DC Power Cable and Cable Joints) by Application (Utility, Industrial and Wind and Solar), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

High Voltage Cables and Accessories Market Report Overview

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The global high voltage cables & accessories market size was USD 36820 million 2022 and market is projected to touch USD 53747.26 million by 2031, exhibiting a CAGR of 4.3% during the forecast period.

The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

A high-voltage cable (HV cable) is a type of cable used for high-voltage electric power transmission. Insulation and a conductor are components of a cable. Cables are thought to be completely insulated. This indicates that they have an insulating system that is fully rated and consists of insulation, semi-conductor layers, and a metallic shield. An overhead line, on the other hand, could have insulation but is only partially qualified for operational voltage (EG: tree wire). Numerous instruments, ignition systems, and alternating current (AC) and direct current (DC) power transmission systems use high-voltage cables of various sorts.

The market is expanding due to increased investments in the new High Voltage Cables and Accessories Market as well as the rising need for grid interconnections. The global market for high voltage cables and accessories will grow in tandem with the world's expanding energy needs as a result of urbanisation and population growth. Ageing grid infrastructure that has handled electricity distribution and transmission needs thus far is being replaced by new, advanced smart grids. A new transmission network must be built for the new grid. High-voltage cables with a high voltage carrying capacity over long distances are preferred over other solutions for these networks. In addition, the construction of offshore wind farms and grid connections all contribute to the market's expansion. Due to the increasing use of renewable energy sources in power generation it is contributing to the high voltage cables & accessories market growth. Countries are looking for alternative power generating choices as a result of growing concern about greenhouse gas emissions and increased energy usage. The best possibilities for energy generation are renewable energy sources, particularly wind and solar energy. New transmission lines are built as a result of increased use of renewable energy, which propels the worldwide high voltage cables & accessories market share.

COVID-19 Impact: Industry Growth Declined As Concerns over COVID-19 Increased

The market for high voltage cables and accessories has suffered as a result of the COVID-19 outbreak. The construction and industrial sectors, which are the main end-users of high voltage cables & accessories, have seen a decrease in demand as a result of the epidemic. Additionally, the supply chain for high voltage cables and accessories has been affected by the lockdown enforced by many governments throughout the world, which has stunted market expansion. The market is anticipated to bounce back in 2021 as the manufacturing and construction sectors are anticipated to recover from the pandemic-related downturn.

Latest Trends

"Increased Use Of Renewable Energy Sources Is Boosting The Market Size"

Usage of renewable energy sources is rising is one of the newest trends in this sector is the rising use of renewable energy sources like solar and wind power. The usage of renewable energy sources for electricity generation is rising as they are more environmentally friendly. The need for high voltage cables and accessories for the transmission and distribution of power produced by renewable sources is anticipated to boost the high voltage cables and accessories market size . Smart grids is also another current development in the market for high voltage cables and accessories. Modern technology used in smart grids enable more effective management of power supply and demand. This is anticipated to increase demand for high voltage cables and accessories because they are essential to the functioning of smart grids.

Another current trend in the market for high voltage cables and accessories is the incorporation of digital technologies like big data and analytics. The transmission and distribution of power are becoming more efficient because to the use of digital technology. In turn, this is anticipated to fuel the market for high voltage cables and accessories market share. Another current trend in the market for high voltage cables and accessories is the development of HVDC systems. When compared to the conventional alternating current (AC) systems, HVDC systems are more effective. They facilitate the transfer of energy over long distances and aid in lowering power losses during transmission. This is anticipated to have a favourable effect on the market expansion for high voltage cables and accessories.

High Voltage Cables and Accessories Market SEGMENTATION

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• By type

Depending on high voltage cables & accessories given are types: AC Power Cable, DC Power Cable and Cable Joints. The AC power cable type will capture the maximum market share through 2031.

• By Application

The market is divided in Utility, Industrial and Wind and Solar based on application. The global high voltage cables & accessories market players in cover segment like utility will dominate the market share during 2031.

Driving Factors

"Rising Electricity Demand Will Drive the High Voltage Cable Market Upward "

Due to population expansion, urbanisation, and rural electrification programmes, there are now more end users of energy. Renewable energy sources are gaining popularity as there is an increase in demand for electricity. As a result, more brand-new grids are being put in place to reach remote areas. Various sectors have also been compelled to employ environmentally favourable resources for power generation as a result of the growing awareness of environmental harms caused by the excessive use of non-renewable sources of energy, such as coal. The use of renewable energy sources, like wind turbines and others, is increasing, which is fueling the expansion of the high voltage cable and accessories market growth.

"Increasing Government Initiatives to Increase Demand for High Voltage Cable "

The main drivers of the global expansion of the high voltage cable sector are the rising government expenditures in offshore power projects and smart grid technology. Many developing nations have obsolete power transmission systems that deliver ineffective electricity and enable power theft. Due to the need to modernise their current power transmission infrastructure, utility companies are being forced to increase the price of high voltage cables. An efficient transmission network would be needed to connect generating facilities and consumption centres also a number of projects for power generation from renewable energy sources have been announced which is predicted to further fuel the expansion of the high voltage cable and accessories market size.

Restraining Factors

"Market May Be Hampered By The High Cost Of Equipment And The Need For Qualified Personnel"

The market for high voltage cables and accessories is constrained by a number of issues. First off, there are stringent safety and quality requirements that apply to cables and accessories, which can stifle innovation and prevent new companies from entering the market. Second, it takes specialized machinery and trained staff to produce high voltage cables and accessories, which might restrict the entry of new companies and raise the total cost of production. Thirdly, there are many little and medium-sized competitors in the market for high voltage cables and accessories, which has led to its extreme fragmentation. This might make it challenging for new competitors to capture a sizable portion of the market.

High Voltage Cables and Accessories Market Regional Insights

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"Global market dominance is anticipated to come from Asia Pacific. "

 Asia Pacific is accounted for the greatest portion of the market, with over 39.0% of the total. The acceptance and implementation of wind farms are highest in this area, with China leading the pack. China had 4.6GW1 of active offshore wind generating capacity in 2018, according to IEEFA. In 2018, it added 1.8GW of offshore wind capacity, accounting for 40% of the year's overall 4.5GW additions worldwide. A total of 24 offshore wind power projects with a combined capacity of 6.7GW and an investment boost of USD 18 billion were authorised by China in January 2019 off the coast of Jiangsu Province. By 2020, the projects should be up and running. These offshore wind projects are supported by some of China's biggest utilities, including China Energy Group, China General Nuclear Power Corp., China Huaneng Group, and the State Power Investment Corp.

Due to rising investments in wind farms in the area, the market in MEA is predicted to see the greatest CAGR between 2022 and 2031. For instance, in the Al-Jouf area, the Middle East Government built the largest wind farm in July 2019. The only source of power in the area is fossil fuels, but the nation intends to switch from using fossil fuels to producing energy from wind farms, which will increase the need for HV cables.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Prysmian (Italy)
• Nexans (France)
• General Cable (U.S)
• Sumitomo Electric (Japan)
• Southwire (U.S)
• LS Cable & System (South Korea)
• Furukawa Electric (Japan)
• Riyadh Cable (Saudi Arabia)
• Elsewedy Electric (Egypt)
• Condumex (U.S)
• NKT Cables (Denmark)
• FarEast Cable (China)
• Shangshang Cable (China)
• Jiangnan Cable (China)
• Baosheng Cable (China)
• Hanhe Cable (China)
• Okonite (U.S)
• Synergy Cable (U.S)
• Taihan (South Korea)
• TF Cable (U.S)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.