Press release
High Voltage Cable Market on Track for Strong Growth, Estimated to Grow at 6.2% CAGR Through 2029
High Voltage Cable Market
High Voltage Cable Market Size Growth Forecast: What to Expect by 2025?
There has been robust growth in the high voltage cable market size in the past few years. An increase is projected from $40.07 billion in 2024 to $42.25 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 5.4%. This growth during the past period resulted from electrification drives, incorporation of renewable energy, city expansion and infrastructure improvements, modernization of the power grid, industrial sector demand, and a rise in cross-border power transmission.
How Will the High Voltage Cable Market Size Evolve and Grow by 2029?
Growth estimates indicate a robust uptick in the high voltage cable market, which is expected to reach $53.78 billion by 2029, a compound annual growth rate (CAGR) of 6.2% in the given period. The considerable growth anticipated can be attributed to an increased concentration on energy transition, expansion of offshore wind power plants, the infrastructure for electric vehicle charging, emphasis on grid durability and dependability, and surging power needs in developing markets. Changes in the forecast period's trend include developments in cable technology, the advent of digitalization and smart grid technology, focus on energy efficiency and loss reduction, implementation of smart grid technologies and development of high performance materials.
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What Drivers Are Propelling the Growth of High Voltage Cable Market Forward?
The surge in demand for electricity is anticipated to drive the expansion of the high voltage cables market. Electricity, a basic form of energy that can manifest in both positive and negative forms, naturally occurs or can be generated, and is characterized by the movement and interaction of electrons. High-voltage cables are commonly utilized in power transmission and distribution, national network cabling, electrical stations, and city networks. The fast-paced increase in electricity demand is projected to augment the use of high-voltage cables, given their prevalent use in power distribution and industrial applications. For example, as per a July 2022 press release from the International Energy Agency, an independent intergovernmental organization based in Paris, after a 6% rise in electricity demand in 2021, global electricity demand is anticipated to grow by 2.4% in 2022. This prediction aligns with its average growth rate over the five years prior to the COVID-19 pandemic. Thus, the escalating usage of electricity is expected to enhance the market demand for high-voltage cables in future.
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Which Emerging Trends Are Transforming the High Voltage Cable Market in 2025?
A prominent trend emerging in the high voltage cables market is the rising penchant for strategic partnerships and collaborations. Firms in this domain are increasingly entering into alliances to bolster their competitive standing and operational competencies. For example, Prysmian Group inked a contract of €1.1 billion with 50Hertz in September 2023 for the NOR-11-1 submarine cable and DC31 underground cable ventures in Germany. The goal of this partnership is to augment power transmission efficiency and further Germany's clean energy goals by incorporating offshore wind energy into the grid. These alliances signify the industry's dedication to utilizing combined prowess for sustainable growth and invention.
What Are the Key Segments in the High Voltage Cable Market?
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
Subsegments:
1) By Overhead: Overhead Transmission Cables, Overhead Distribution Cables
2) By Submarine: Submarine Power Cables, Submarine Communication Cables
3) By Underground: Underground Transmission Cables, Underground Distribution Cables
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Who Are the Key Players Shaping the High Voltage Cable Market's Competitive Landscape?
Major companies operating in the high voltage cable market include Taihan Electric Wire Co. Ltd., NKT Cables A/S, Siemens Aktiengesellschaft, Tratos Cavi SpA, Hengtong Optic-Electric Co. Ltd., Sumitomo Electric Industries Ltd., Hunan Cables Group Co. Ltd., 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, 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
What Geographic Markets Are Powering Growth in the High Voltage Cable Market?
North America was the largest region in the high voltage cables market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the high voltage cable market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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