Press release
High Voltage Cable Market: Growth Prospects 2023-2030
High Voltage Cable Market
High voltage cables are used to transmit power over long distances. These cables have gained prominence across multiple sectors, including power, chemical, mining, and oil & gas.
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Triton's research report estimates that the global high voltage cable market to progress at a CAGR of 5.52% during the forecast period 2023-2030, obtaining revenue worth $59802.91 million by 2030.
Factors such as development in emerging economies and infrastructure activities are driving the HVC market's growth worldwide.
Industrialization and urbanization have increased the demand for electric power, resulting in more power generation and transmission. This has ultimately raised the demand for HVCs to meet the growing power demand.
However, the fluctuating cost of raw materials impedes the overall market's development. The cost of raw materials like copper and aluminum varies daily owing to commodity trading, volatile demand in developing nations, and uncertain political conditions. This significantly affects the demand and adoption of high-voltage cables across industries.
The high voltage cable market is segmented into vertical and installation. The vertical segment is divided into infrastructure, renewable energy, and industrial. The infrastructure section is further branched into residential and commercial. The industrial section includes mining, oil & gas, chemical & petrochemical, power & utility, and other industrial verticals. Lastly, the installation segment is trifurcated into submarine, underground, and overhead.
The Asia-Pacific dominates in the high voltage cable market. In the region, the Chinese government is taking several measures to upgrade grid technology. There is a rise in industrialization owing to lower set-up costs and easy availability of labor. These factors have encouraged various players to enter the region's market. Further, there are various initiatives to promote renewable power generation across nations like India, Japan, and China. Such developments are expected to fuel the high voltage cable market across the region.
Siemens AG, Dubai Cable Company Pvt Ltd, Finolex Cable Ltd, Hitachi Ltd, NKT Cables, Nexans SA, Sumitomo Electric Industries Ltd, Furukawa Electric Co Ltd, Southwire Company LLC, and Prysmian Group are notable companies in the high voltage cable market.
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Question & Answer: Global High Voltage Cable Market
Question 1: What factors are driving the HVC market's growth worldwide?
Answer: Factors such as development in emerging economies and infrastructure activities are driving the HVC market's growth worldwide. Industrialization and urbanization have increased the demand for electric power, resulting in more power generation and transmission. This has ultimately raised the demand for HVCs to meet the growing power demand.
Question 2: What factors impede the overall HVC market's development?
Answer: The fluctuating cost of raw materials impedes the overall market's development. The cost of raw materials like copper and aluminum varies daily owing to commodity trading, volatile demand in developing nations, and uncertain political conditions. This significantly affects the demand and adoption of high-voltage cables across industries.
Question 3: Which region dominates the high voltage cable market?
Answer: The Asia-Pacific dominates in the high voltage cable market. In the region, the Chinese government is taking several measures to upgrade grid technology. There is a rise in industrialization owing to lower set-up costs and easy availability of labor. These factors have encouraged various players to enter the region's market. Further, there are various initiatives to promote renewable power generation across nations like India, Japan, and China. Such developments are expected to fuel the high voltage cable market across the region.
Question 4: Which are the notable companies in the high voltage cable market?
Answer: Siemens AG, Dubai Cable Company Pvt Ltd, Finolex Cable Ltd, Hitachi Ltd, NKT Cables, Nexans SA, Sumitomo Electric Industries Ltd, Furukawa Electric Co Ltd, Southwire Company LLC, and Prysmian Group are notable companies in the high voltage cable market.
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