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High Voltage Cable Global Market Report 2024: Key Players, Demand Patterns And Forecasts 2033| Taihan Electric Wire Co. Ltd., NKT Cables A/S, Siemens Aktiengesellschaft
High Voltage Cable
The Business Research Company offers in-depth market insights through High Voltage Cable Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
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
Major Driver - Rising Electricity Demand Sparks Growth In High Voltage Cables Market
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.
Competitive Landscape:
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,,
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Top Trend - Advanced Sustainable Solutions For High-Voltage Transmission
Major companies in the high-voltage cables market are focused on developing advanced sustainable solutions, such as cross-linked polyethylene (XLPE) solutions, for high-voltage transmission to gain a competitive edge. Cross-linked polyethylene (XLPE) is a thermosetting polymer that enhances cable insulation's durability and heat resistance, ensuring improved performance and longevity. For instance, in July 2023, Dow, a US-based materials science company, introduced ENDURANCE HFDD-4201 SC Compound, a novel XLPE solution for cable systems in the North American market. This solution reduces degassing times during cable manufacturing, leading to lower CO2 emissions without compromising quality. The ENDURANCE Compounds, when used in manufacturing processes, contribute to delivering high-quality underground power transmission cables that meet global reliability and durability standards.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. High Voltage Cable Market Characteristics
3. High Voltage Cable Market Trends And Strategies
4. High Voltage Cable Market - Macro Economic Scenario
5. High Voltage Cable Market Size And Growth
…..
27. High Voltage Cable Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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