Press release
High Voltage Cable Market Size, Growth Opportunities, and Industry Forecast up to 2033 || Taihan Electric Wire Co. Ltd., NKT Cables A/S
High Voltage Cable Global Market Report 2024
The Business Research Company presents an extensive market research report on the High Voltage Cable Global Market Report 2024 , furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The high voltage cable market size has grown strongly in recent years. It will grow from $38.36 billion in 2023 to $40.76 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to electrification initiatives, renewable energy integration, urbanization and infrastructure development, grid modernization, demand from industrial sector, increasing cross-border power transmission.
The high voltage cable market size is expected to see strong growth in the next few years. It will grow to $51.85 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to focus on energy transition, expansion of offshore wind farms, electric vehicle charging infrastructure, focus on grid resilience and reliability, increasing power demand in emerging markets. Major trends in the forecast period include advancements in cable technologies, digitalization and smart grid technologies, focus on energy efficiency and loss reduction, integration of smart grid technologies, development of high-performance materials.
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Key Market Players:
Major companies operating in the high voltage cable market report are Taihan Electric Wire Co. Ltd., NKT Cables A/S, Siemens Aktiengesellschaft, Tratos Cavi SpA, Hengtong Optic-Electric Co. Ltd., Finolex Cables Limited, Sumitomo Electric Industries Ltd., Hunan Cables Group Co. Ltd., Fujitsu General Limited, ABB Ltd, Shanghai Electric Cable Co. Ltd., Southwire Company LLC, Fujikura Ltd, Riyadh Cables Group Company, Furukawa Electric Co. Ltd., Prysmian Group S.p.A., Leoni AG, Encore Wire Corporation, Belden Inc., Dubai Cable Company Private Limited, Showa Cable Systems Co. Ltd., KEI Industries Ltd, BRUGG Cables AG, Okonite Company, Bahra Cables Company BSC (c), LS Cable & System Ltd., Hitachi Cable Ltd., Nexans SAS, General Cable Industries Inc., Cable Corporation of India Limited,,
Market Drivers:
The increase in electricity demand is expected to propel the growth of the high voltage cables market going forward. Electricity refers to a fundamental form of energy observable in positive and negative forms that will occur naturally (as in lightning) or is produced (as in a generator) and that has been expressed in terms of the movement and interaction of electrons. High-voltage cables have been used in power transfer and distribution, national transfer network cabling, electric stations, and municipal networks. the rapid growth in electricity demand is expected to boost utilization of high voltage cables, as they are widely used in power distribution and industrial applications. For instance, in July 2022, according to a press release published by International Energy Agency, a Paris-based autonomous intergovernmental organization, following the 2021, 6% increase in the electricity demand, the global electricity demand is projected to expand by 2.4% in 2022, matching its average growth rate over the five years preceding the COVID-19 pandemic. Therefore, the increasing consumption of electricity is expected to boost demand for high voltage cables during forecast period.
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https://www.thebusinessresearchcompany.com/report/high-voltage-cable-global-market-report
The high voltage cable market covered in this report is segmented -
1) By Installation: Overhead, Submarine, Underground
2) By Voltage: 50kV-110kV, 115kV-330kV, > 330kV
3) By End-User: Utility, Industrial
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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