The high voltage cable market is poised for strong growth, forecasted to increase from $38.36 billion in 2023 to $40.76 billion in 2024, at a CAGR of 6.3%. The growth is attributed to electrification initiatives and renewable energy integration. It is expected to reach $51.85 billion by 2028, with a CAGR of 6.2%. Key drivers include the focus on grid resilience and reliability, alongside advancements in cable technologies.
Major Driver In The High Voltage Cable Market
The surge in electricity demand is expected to drive the growth of the high-voltage cables market. With electricity being a fundamental form of energy, high-voltage cables play a crucial role in power transfer, distribution, and various applications across networks. The rapid growth in electricity demand, as highlighted by the International Energy Agency in July 2022, projecting a 2.4% global electricity demand expansion in 2022, is a key driver for the increased utilization of high-voltage cables. These cables are integral to power distribution and industrial applications, positioning the market for growth in 2023, 2024, and 2028.
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High Voltage Cable Market Competitive Landscape
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,,
Key High Voltage Cable Market Trend
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.
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High Voltage Cable 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
By Geography:The regions covered in the high voltage cable market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the high voltage cables market in 2023.
The High Voltage Cable Global Market Report 2024 furnishes information about the global high voltage cable market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
