HVDC Cables Market to See Huge Growth by 2027 | Toshiba Corporation, Mitsubishi Electric Corporation, General Electric, Nexans, Iljin
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Driven by the adoption of technologically advanced products and grid modernization across T&D networks, the HVDC cables market might grow at a decent pace over 2027. Growing power demand throughout emerging nations owing to rapid commercialization and industrialization is likely to boost industry share. The ongoing renewable energy infrastructure deployment to meet clean energy targets could raise the adoption of low emission power cables.
Large scale sustainable power integration as well as rising inclination towards the growth of renewable energy infrastructure is anticipated to be favorable for industry progress. Some HVDC cable manufacturers are working on new contracts and product innovations. For instance, in 2020, major business player, Nexans announced its major contract to manufacture, design, and install a 335 km subsea HVDC cable system in Greece. The interconnection is expected to provide a one GW link between Greece’s mainland network and the island Crete. Based on such developments, Global Market Insights, Inc., estimates that the HVDC cables market is likely to witness significant progress by 2027.
Based on installation, the demand for overhead HVDC cables is projected to rise credited to development of industries throughout emerging regions, brought on by large-scale upgradation of power infrastructure. The applicability of overhead HVDC cables in different terrains along with easy maintenance and operations of land-based transmission grid are probable growth factors. There is continuous surge in the number of projects in countries that have deficit power supply, in order to fulfill high electricity requirement.
Geographically speaking, the Germany HVDC cables market experienced growth in 2020 owing to the deployment of large number of wind farms and the refurbishment of transmission towers and lines. The government is taking efforts to deploy effective power supply networks as a measure to overcome transmission losses. Furthermore, there are increasing investments taking place by country-based grid operators to expand their networks.
In terms of voltage, the ultra-high voltage direct current cables industry is expected to register up to USD 530 million in value over the forecast period. Surging demand to supply electricity over long distances with a minimum power loss could incite this growth. R&D investments by key business participants for the deployment of energy efficient and advanced transmission cables is likely to propel segment size.
On a global scale, firms present in the HVDC cables market are General Electric, NKT, Mitsubishi Electric Corporation, Prysmian Group, Nexans, and Taihan Electric Wire. These companies are engaged in various business strategies such as new product launches, R&D activities, and investments, among others. They are focusing on technological advancements in order to integrate robust power cables with low mechanical, electrical, and thermal losses.
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