How Has the High Voltage Cable Market Evolved Historically and What is its Current Size
The high voltage cable market has seen considerable growth due to a variety of factors.
• The market size for high voltage cables has experienced significant growth in the recent past. The market, which stood at $40.07 billion in 2024, is projected to rise to $42.25 billion in 2025, at a compound annual growth rate (CAGR) of 5.4%.
Drivers of this robust growth during the historic period include electrification initiatives, incorporation of renewable energy, urbanization and infrastructure development, updating of the grid, industrial sector demand, and an increase in cross-border power transmission.
What Is The Expected Growth In The High Voltage Cable Market Size?
The high voltage cable market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the high voltage cable market is set to witness robust growth. The market is estimated to escalate to $53.78 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 6.2%.
The looming growth in the projection period is tied to the focus on energy transition, the proliferation of offshore wind farms, the infrastructure for charging electric vehicles, emphasis on grid resilience, and dependability, along with the escalating power demand in budding markets. The forecast period also sees significant trends like the enhancement in cable technologies, digitalization and intelligent grid technologies. There will also be increased emphasis on energy effectiveness and loss minimization, integration of smart grid technologies, and the production of high-performance materials.
What Are the Critical Driver Fuelling the High Voltage Cable Market's Growth?
The surge in electricity consumption is anticipated to drive the expansion of the high voltage cables market in the coming years. Electricity, a vital form of energy, can manifest in positive and negative forms. It can either occur naturally, as in the case of lightning, or be produced artificially, as in a generator. It encompasses the movement and interaction of electrons. High voltage cables have been extensively utilized for power transfer and distribution, national network wiring, electric stations, and city networks. The fast-paced increase in electricity demand is likely to escalate the use of high voltage cables, commonly employed in power distribution and industrial sectors. For instance, the International Energy Agency, an independent intergovernmental organization based in Paris, revealed in a July 2022 press release that the global electricity demand is expected to grow by 2.4% in 2022, matching its average growth rate over the last five years before the COVID-19 pandemic. This follows a 6% increase in electricity demand in 2021. As a result, the rising electricity consumption is set to accelerate the demand for high voltage cables within the forecasted period.
What Are The Primary Segments In The Global 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 Key Trends Are Driving Changes In The High Voltage Cable Market?
One of the emerging trends in the high voltage cables market is the increase in strategic partnerships and collaborations. To strengthen their competitive stand and operational potentials, companies in this industry are developing more alliances. For example, Prysmian Group entered a contract worth €1.1 billion with 50Hertz in September 2023. This agreement centered around the NOR-11-1 submarine cable and DC31 underground cable projects in Germany, and is aimed at upscaling power transmission efficiency. Moreover, it backs Germany's renewable energy goals by incorporating offshore wind energy into the grid. This demonstrates the industry's dedication to sustainable growth and innovation through joint expertise.
Who Are the Key Players 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
What Is The Most Dominant Region 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.
