Press release
Soaring Demand Set to Propel High Voltage Cable Market to $52.34 Billion by 2029
High Voltage Cable
What Is the Expected CAGR for the High Voltage Cable Market Through 2025?
The market size for high voltage cables has realized consistent growth in the past few years. The market is projected to expand from $40.07 billion in 2024 to $41.7 billion in 2025, reflecting a compound annual growth rate (CAGR) of 4.1%. The growth seen in the historical period can be credited to initiatives in electrification, integration of renewable energy, urbanization, and infrastructure progress, grid modernization, industrial sector demand, and the rise in cross-border power transmission.
What's the Projected Size of the Global High Voltage Cable Market by 2029?
The market size for high voltage cables is projected to witness substantial expansion in the coming years, and is predicted to rise to $52.34 billion by 2029, with a compound annual growth rate (CAGR) of 5.8%. The underlying factors contributing to this growth during the forecast period include a shift towards energy transition, the development of offshore wind farms, the creation of electric vehicle charging infrastructure, an emphasis on grid dependability and resilience, along with the heightened electricity requirements in emerging markets. Key trends predicted during the forecast are improvements in cable innovation, digital transformation, smart grid technologies, enhancing energy efficiency and minimising energy wastage, the incorporation of smart grid systems, and invention of high-performing materials.
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Top Growth Drivers in the High Voltage Cable Industry: What's Accelerating the Market?
The surge in electricity needs is anticipated to drive the expansion of the high voltage cables market in the future. Electricity constitutes an essential energy type, observable in both positive and negative states that occur naturally, such as lightning, or are created via methods like a generator. This energy type is characterized by the motion and interaction of electrons. High-voltage cables are employed for electricity transmission and distribution, national network cabling, electric stations, and municipal systems. The exponential rise in electricity demand is anticipated to stimulate the utilization of high voltage cables, as these are extensively employed in power distribution and industrial settings. For instance, the International Energy Agency, an autonomous intergovernmental organization based in Paris, announced in July 2022 that global electricity needs are predicted to increase by 2.4% in 2022, equivalent to its average growth rate for the five years preceding the COVID-19 pandemic. This follows the 2021 six percent surge in electricity needs. Therefore, the escalating consumption of electricity is anticipated to enhance the demand for high voltage cables in the upcoming period.
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What Trends Will Shape the High Voltage Cable Market Through 2029 and Beyond?
One notable trend emerging in the high voltage cables market is the rise of strategic collaborations and partnerships. Firms in this industry are progressively entering into alliances to bolster their competitive stance and operational prowess. For example, Prysmian Group sealed a deal amounting to €1.1 billion with 50Hertz in September 2023 for the development of N0R-11-1 submarine cable and DC31 underground cable ventures in Germany. This partnership is intended to enhance power transmission efficiency and bolster Germany's renewable energy goals by integrating offshore wind energy into the network. Such collaborations signify the industry's dedication to harnessing collective expertise for sustainable expansion and innovation.
What Are the Main 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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Which Top Companies are Driving Growth in the High Voltage Cable Market?
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
Which Regions Will Dominate the High Voltage Cable Market Through 2029?
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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