Global High Voltage Cable (HVC) Market Company Share, Industry Size, Strategies and Forecast to 2030

According to estimations put forth by Inkwood Research, the Global High Voltage Cable (HVC) Market is predicted to project a CAGR of 5.27% in terms of revenue during the forecasting years of 2020-2028.
"Browse 41 Market Data Tables and 47 Figures spread over 135 Pages, along with an in-depth TOC on the Global High Voltage Cable (HVC) Market Forecast 2020-2028."

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High Voltage Cables (HVC) are used for transmitting electric power at high voltages, across long distances, to satisfy electricity demands at the corresponding loads. Generally, there are three types of high voltage cable installations, namely, underground, overhead, and submarine. Underground cables are a preferred choice due to their functionality and application in diverse sectors like oil and gas, mining, and power utilities.

Development and Urbanization in Developing Countries stimulates Market Growth
The demand for electric power is increasing considerably across the world, due to urbanization and industrialization. The upsurge in demand for energy results in increased electricity generation and transmission, thereby bolstering the need for high voltage cables. Moreover, depleting fossil fuels like oil and coal have directed many governments' attention towards investing in renewable energy products like offshore and onshore wind farms, tidal power plants, and solar plants. In the last decade, the need for electrification in developing countries such as Japan, India, and China, has led to the development of major renewable energy projects. Hence, the demand for high voltage cables in industrial sectors like power utilities, oil and gas, mining, and power distribution centers are swiftly growing. Additionally, the amount of power generated by renewable and non-renewable energy sources has rapidly increased over the recent years, owing to urbanization and industrialization.
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Underground Installation Acquired Largest Market Share in 2019
The underground cables market has depicted substantial growth, because of advantages like lesser chances of fault, minimized drops in voltage, and elimination of visual impact. Moreover, underground cables are favored in areas that are densely populated and sensitive to harmful emissions of overhead wires. On increasing their market approach, key industry players are extensively focusing on launching fresh products related to underground cables. Thus, the underground cable market is expected to grow in the coming years, owing to its lucrative advantages.

Asia Pacific is determined to mark its presence in the Global Market
Asia Pacific dominated the global market in 2019, and is expected to remain the largest regional market for high voltage cables across the forecast period. This is primarily due to the efforts established in fulfilling the rising demands for electricity, because of urbanization and industrialization in countries such as China, India, and Japan. Moreover, prominent industry players are entering the market in the Asia Pacific and propelling the high voltage cable (HVC) market growth.
The aggressive rivalry among existing players is intense, and is anticipated to remain high throughout the forecast years. Moreover, with an upsurge in demand for high voltage cables and the entry of domestic players, key market entities are adopting numerous tactics to expand their geographical presence. Distinguished companies in the market include, ABB Ltd, NKT Cables, Prysmian Group, Hitachi Ltd, Finolex Cables, Etc.

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