The Complete PDF Guide To High Voltage Cable Market

The global high voltage cable market accounted to US$ 28.8 Bn in 2018 and is expected to grow at a CAGR of 6.1% during the forecast period 2019 - 2027, to account to US$ 47.8 Mn by 2027.

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The high voltage cable market is led by the Asia Pacific region in 2018, followed by Europe in the second position. The dominance of the Asia Pacific region is chiefly attributed to the rising electricity demand and the vast potential for renewable energy generation. As per the International Renewable Energy Agency (IRENA), the region accounts for more than 50% of the global energy consumption, and energy produced using fossil fuel resources continue to account for more than 85% of this. Despite this, a huge part of the population still lacks basic access to electricity. Power demands are expected to rise in this region majorly due to urbanization, industrialization, offshore renewable energy farms, offshore oil and gas fields, power infrastructure development, and remote area electrification, among other factors. These factors are, in turn boosting the growth of the high voltage cable market in the region. Moreover, Asia Pacific high voltage cable market is foreseen to soar at a prime growth rate during the forecast period.

Increasing demand for electricity due to industrialization and economic developments

With increasing industrialization and economic developments in developing regions such as APAC, Africa, and South America, the demand for electricity is growing at an impressive pace. China, India, Russia, and Brazil are the four largest electricity consumers among the non-OECD countries, and they represent more than 35% of global electricity consumption. Among these countries, China and India are two of the fastest developing countries, and electricity demand in these countries is mainly dominated by ongoing industrialization activities. Further, the investments in the developing regions would contribute a major share to the global electricity growth in the coming few years, and this will drive the global demand of high-voltage cables in these regions for reliable remote area and temporary power requirements. Thus, increasing industrialization and economic developments are contributing significantly to the growth of high voltage cable market in the present scenario.

GLOBAL HIGH VOLTAGE CABLE MARKET SEGMENTATION

Global High Voltage Cable Market - By Type
• Overhead
• Underground
• Submarine

Global High Voltage Cable Market - By End-User
Industrial
• Power Utilities
• Oil & Gas
• Mining
• Chemical & petrochemicals
• Others

Renewable Energy
•Wind Power
•Hydropower
•Others

Infrastructure
•Commercial
•Industrial

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This release was published on openPR.