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High Voltage Cable Market to Witness Exponential Growth by 2021
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The cables with higher power distribution capacity are insulated with oil and paper. The insulation over the cable prevents the direct contact with persons and other objects as well. The length of the high voltage cable varies as per the application and requirement. For instance, high voltage cables of longer length are used in an industrial application and as well as at buildings and shorter cables are used in the apparatus.
The quality of high voltage cables depends on semiconducting layers and the insulation. To maintain a high quality of the cable, the insulation has to be cavity and defect free.
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The global high voltage cable market is primarily driven by the growing demand from industries and energy distribution centres. Across the globe, industries are investing the development or updating the infrastructure to accommodate the power transmission requirements. In regions like North America, where the grids have become less effective and efficient as they are aged, the grid infrastructure needs up gradation to provide continuous power supply to avoid power shortages. The importance of renewable energy is growing globally, and governments are investing in creating infrastructure for the same. For instance, governments in countries such as U.S. and China are investing in creating infrastructure for renewable energy sources. Energy infrastructure up gradation and instalments are fuelling the growth in the global high voltage cable market during the expected period.
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The global high voltage cable market is expected to be inhibited by the fluctuations in the raw materials. The global high voltage cable industry players are expected to experience the drop in the profit margin, which is further expected to inhibit the market growth.
The global high voltage cable market by value is expected to expand at a CAGR of around 7–9% during the forecast period (2015-2025), due to increasing demand for high voltage cables from various industries.
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