High Voltage Cables Accessories Market Report to 2023: Top Companies- Siemens AG, Hitachi Ltd., General Electric, NKT Holdings A/S, Nexans S.A, etc

Global High Voltage Cables and Accessories Market Research Report: Information, By Type (Overhead, Underground, Submarine), by Product, by Voltage ratings (up to 100 kV, 101 kV – 230 kV, 231 kV – 400 kV, above 400 kV) and by Region - Forecast till 2023

The global high voltage cables and accessories market is expected to expand at 6.27% CAGR during the forecast period.

Key Players

The major players operating in the global high voltage cables and accessories market are Siemens AG (Germany), Hitachi Ltd. (Japan), General Electric (U.S.) NKT Holdings A/S (Denmark), Nexans S.A. (France), and Prysmian Group (Italy). Finolex Cables Ltd (India), RPG Cables (India), Cable Corporation of India Ltd. (India), Brugg Kabel AG (Switzerland) and Synergy Cables Ltd. (Israel) are among others.

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Global High Voltage Cables And Accessories Market

The global market for high voltage cables and accessories market is anticipated to grow at high rate owing to increased demand from the power sector. Asia Pacific is expected to have the largest market share due to growing power sector in emerging economies such as China, South Korea, and India. Moreover, the region has had an increment in the number of projects in terms of smart grids, power generation, industrialization, urbanization, and power transmission and distribution infrastructure. For an instance, South Korea, one of the fastest emerging nation, has plans for a completely integrated smart grid by 2030. Also, Hitachi, one of the leading players in transmission and distribution network provider, has contributed to create China’s transmission and distribution network through ultra-high voltage network and the gas insulated switchgear to prevent the damage caused to network due to load imbalance.

Market Scenario

With the increasing economic wealth, and high progress within technology and industries, a world without electrical power is unimaginable. Transmission of power holds the maximum significance in the value chain of power sector, owing to the fact that electricity, unlike other commodities, cannot be transported by modes of transport. One of the key concerns in the transmission of electricity is the interruption in the supply of power. High voltage cables allow transmission of power at longer distances without considerable losses. With advancements in power sector and the desire to gain high-quality supply of electricity, industries have come up with the highest voltage level of above 500 kV.

High voltage cables are made of electric conductor materials that are capable of enduring high resistances, and thus, decrease the resistance and losses that are in the form of heat. Also, the high voltage accessories are excellent protectors of transmission and distribution systems from moisture, mechanical wear out, as well as they are connectors of conductors, along with the earthing links. High voltage cables are used for carrying electric power to areas where there is no power generation utility. Also, high voltage accessories ensure efficient and uninterrupted electricity T&D as well as they provide reliable and durable solutions for transmission of high voltage current.

High voltage cables and accessories market is driven by the factors such as increased demand for electrical power from remote areas and growing urbanization projects, increasing grid connection projects, and rising demand for reduction of losses in transmission and distribution network. The increasing oil rigs in the offshore regions need on time power for smooth operations, and high voltage marine cables allow the power to reach the offshore oil production facilities. However, safety issues related to overhead accessories and cables is restraining the market for high voltage cables and accessories.

The high voltage cables and accessories market is segmented on the basis of type, products, voltage ratings, and region. Based on the segment by type, the market is further classified as overhead, underground, and submarine. Underground segment holds the largest market share due to the increasing urbanization projects and advantages of being less susceptible to damage and reduced danger. On the basis of products, the high voltage cables and accessories market is segmented as conductors, fittings & fixtures, XLPE cables, MI cables, cable joints, cable terminations and others. Among these, conductors dominate the overhead high voltage cables & accessories market, as they have high tensile strength to withstand mechanical stresses.

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High voltage cable and accessories market is expected to have a huge number of advancements over the forecast period due to continuous developments in end-use industries coupled. The market is also expected to have high expansion activities by multinationals and well-established companies.

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