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High Voltage Cable Market Size, Top Key Players, Growth, Trend Analysis And Forecast To 2033
High Voltage Cable Market Size
As per the report, 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 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%.
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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.
Strategic Partnerships Drive Growth In The High Voltage Cables Market
Strategic partnerships and collaborations are a key trend gaining popularity in the high voltage cables market. Companies operating in high voltage cable are undergoing partnerships to strengthen their position in the high voltage cable market. For instance, in March 2022, Taihan Cable & Solution a south Korean company partnered with the Saudi company Mohammed Al-Ojaimi Group and entered into a joint venture for the establishment of a high voltage cables plant in Saudi Arabia. This collaboration hopes to capture the market in the region through localized production of the product. Furthermore, in October 2021, Gulf Cable & Electrical Industries Company Co, a Kuwait-based manufacturer of electrical cables partnered with Riyadh Cables Group Company, a Saudi Arabia-based manufacturer of high voltage cables for the establishment of high voltage cables production factory in Kuwait. This collaboration with Riyadh Cables group aims at achieving the maximum benefit from the market's capabilities by diversifying the company's products and its revenue sources in a way that serves shareholders' interests and goals.
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
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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,,
Contents of the report:
1. Executive Summary
2. High Voltage Cable Market Report Structure
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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