Infrastructure Activities Fuels High Voltage Cable Market
The report further discusses the Market Summary, Industry Outlook, Porter's Five Forces Analysis, Market Maturity Analysis, Industry Components, Key Buying Impact Analysis, Key Market Strategies, Drivers, Challenges, Opportunities, Analyst Perspective, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2023-2030).
As per Triton's estimates, the global high voltage cable market is set to garner a CAGR of 5.52% during the forecast period 2023-2030.
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High voltage cables are employed for electric power transmission over long distances to meet power demand at the respective loads.
Several infrastructure projects have been initiatives over the past few years due to budgetary allocation and policy reforms. These projects will elevate electricity demand, increasing the demand for high voltage cables. Moreover, there is a high demand for higher outlays on infrastructure. Hence, the growing construction projects, in addition to developing across emerging economies, are estimated to drive the high voltage cable market globally.
On the contrary, the volatile cost of raw materials such as aluminum and copper are anticipated to negatively impact the HVC market.
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Globally, the Asia-Pacific is estimated to emerge as the fastest-growing region over the forecast period. The region's robust growth is supported by the growing need for electricity due to urbanization across China, Japan, and India. Along with this, various players are expanding operations in the regions, which will fuel the adoption of HVCs.
Therefore, as stated above, all these factors are widening the scope and growth of the high voltage cable market.
The prominent companies in the high voltage cable market are NKT Cables, Sumitomo Electric Industries Ltd, Furukawa Electric Co Ltd, Siemens AG, Southwire Company LLC, Prysmian Group, Dubai Cable Company Pvt Ltd, Finolex Cable Ltd, Nexans SA, and Hitachi Ltd.
Several prominent players, including ABB, Siemens, and Prysmian Group, operate in the high voltage cable market. This lowers the threat of new players since they require high capital investment.
Moreover, the existing players obtain most contracts, which restricts the entry of new players. Hence, the threat of new entrants is expected to be low over the forecast period.
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