Infrastructural development aimed at aiding power generation from renewable sources is driving the global high voltage cables market, says Fortune Business Insights, in a report, titled “High Voltage Cable Market Size, Share and Global Trend by Installation (Overhead, Underground, Submarine), By Voltage (100kV-250kV, 251kV-400kV, above 400kV), By End-user (Industrial, Commercial, Utility), and Geography Forecast Till 2026.” Increasing investment in the smart grid is expected to contribute positively to the global power generation market.
Some of the major companies that are present in the global high voltage cable market are:
- Prysmian Group
- ABB Group
- Cable Corporation of India
- General Electric
- Jiangnan Groups Ltd.
- Sumitomo Electric
- LS Cable & System
- Furukama Electric Groups
- Walsin Lihwa
- Far East Cable Co. Ltd.
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The report published by Fortune Business Insights segments the global high voltage cable market on the basis of installation into overhead, underground and submarine. The overhead cabling dominates the market and is expected to hold a maximum percentage of the high voltage cable market share in the forthcoming year owing to the overhead cabling capabilities to transmit high power with low installation and material cost.
The report provides in-depth insights into the high voltage cable market. A detailed analysis of the high voltage cable market size and growth rate is conducted to offer a comprehensive overview.
“Increasing Government Projects Will Aid Growth”
The increasing focus on the development of infrastructure to support energy generation from renewable sources. In addition to this, steps taken to curb carbon emission are expected to contribute to the global high voltage cable market growth. Furthermore, the requirement for efficient transmission network to connect power plants and consumption centers will facilitate the growth of the global high voltage cable market. The growing investment in the smart grid system and up-gradation of traditional grids with high voltage cables for power transmission which help to provide uninterrupted power supply without power loss. This factor is predicted to aid the growth of the global high voltage cable market. Furthermore, rising government projects for the development of remote areas and to connect them with power grids to provide uninterrupted power supply is also a factor likely to uplift the global high voltage cable shares during the forecast period.
Moreover, the contract between companies to derive power from renewable wind power plants is expected to augment the growth of the global power generation market. For instance, PFISTERER secured a contract from Westnetz to supply a 110kv cable system with a length of about 52km which will help to transmit power from renewable wind power plants at Hunsruck to its urban region.
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“Rising Investment in Power Transmission Will Boost Growth in Asia Pacific”
The high voltage cable market in Asia Pacific is expected to grow significantly during the forecast period owing to the increasing government investments in infrastructure development for power transmission. North America is expected to witness high growth during the forecast period owing to the implementation of stringent policies to curb the carbon emission. Rising investment in infrastructure development for renewable power generation such as solar, wind, and others will also boost growth in the region. In Europe, the government is focusing on the establishment of the underground high power cable to protect from a power outage during snowfall and storm. Robust in manufacturing and construction activities and growth in investment in renewable energy which tends to drive the demand for high voltage cables in Europe. In Latin America, Events such as FIFA world cup, which was held in Brazil. There was a massive construction for electrification, as it requires high voltage cables. This factor is expected to favor growth in Latin America.
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