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High Voltage Cables Market worth USD 52.37 billion by 2028, registering a CAGR of 7.25% - Report by Market Research Future (MRFR)

/EIN News/ -- New York, Sept. 21, 2021 (GLOBE NEWSWIRE) -- High Voltage Cables and Accessories Market Overview: According to a comprehensive research report by Market Research Future (MRFR), High Voltage Cables and Accessories Market Research Report, Type , Product, Voltage ratings and Region - Forecast till 2028” the market size is projected to be worth USD 52.37 billion by 2028, registering a CAGR of 7.25% during the forecast period (2021 - 2028)., The market was valued at USD 38.58 billion in 2021.

Key Players 

Eminent industry players profiled in the global high voltage cables and accessories market report include –

  • Brugg Kabel AG (Switzerland)
  • Hitachi Ltd. (Japan)
  • Siemens AG (Germany)
  • General Electric (U.S.)
  • Nexans S.A. (France)
  • NKT Holdings A/S (Denmark)
  • and Prysmian Group (Italy)
  • Finolex Cables Ltd (India)
  • Cable Corporation of India Ltd. (India)
  • RPG Cables (India)
  • Synergy Cables Ltd. (Israel)
  •  others.


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COVID-19 Analysis 

The COVID-19 outbreak has caused financial losses and a decline in demand for several global markets. The high voltage cable market will face few difficulties during the period. The demand for high voltage cables rests on grid connection project, power and construction distribution operations. The crisis has affected the globe electricity industry. The lockdowns have limited the high voltage cables industry operations. The demand from North America & Asia Pacific has reduced significantly. The electricity consumption in trains as well as other public equipment has considerably declined. The crisis has adversely affected the high voltage cables and accessories market growth for the fall in demand. The manufacturing of such cables and accessories was limited following social distancing and also government imposed lockdowns across countries that impacted the market growth. Again supply chain disruptions in its entirety, challenge to source raw materials, and shortage of labors because of transportation restrictions possessed a negative effect on the market growth.

Browse In-depth Market Research Report (185 pages) on High Voltage Cables and Accessories

https://www.marketresearchfuture.com/reports/high-voltage-cables-accessories-market-908


Drivers 

Demand for Renewable Sources to Boost Market Growth 


The demand for renewable sources will boost the market growth over the forecast period. Renewable sources are the most chosen source for energy generation particularly solar and wind energy sources. This increased utilization of renewables results in setting up new transmission lines that will drive market growth. The increasing penetration of renewables like solar energy & wind energy that requires setting up new utility grids with new transmission and distribution networks is boosting the market growth.

Opportunities 

Increasing Urbanization Projects to offer Robust Opportunities 


Increasing urbanization projects and grid link projects will offer robust opportunities for the market over the forecast period.

Restraints 

Volatile Prices of Raw Materials to act as Market Restraints 


The volatile prices of raw materials may impede the global high voltage cables and accessories market value over the forecast period.

Challenges 

Complex Authorization Procedures to act as Market Challenge 


The regulatory, complex, and environmental authorization procedures leading to delays will act as a market challenge over the forecast period.


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Market Segmentation 

The high voltage cables & accessories market is bifurcated based into type, product, and voltage power.

By type, the underground segment will lead the market over the forecast period.

By product, the conductors segment will dominate the market over the forecast period.

By voltage power, the 231kV-400kV segment will spearhead the market over the forecast period.

Regional Analysis 

APAC to Sway High Voltage Cables and Accessories Market 


The APAC region will sway the high voltage cables and accessories market growth over the forecast period. The exponential growth in the increasing need for power, the growth in urbanization, the high power demand, the up-gradation of new grid technology, innovations and technological advances, rural electrification process, rising power sector in India, South Korea, and China, increase in the number of industrialization, smart grids, power generation and power transmission & distribution infrastructure projects, South Korea planning to have a fully integrated smart grid by 2030, and development of China’s transmission and distribution network through the ultra-high voltage network and gas-insulated switchgear to prevent damage caused to the network due to load imbalance are adding to the growth of the high voltage cables and accessories market in this region. Besides, smart grid investments, rise in power generation capacity, investments in T&D infrastructure, manufacturers and service providers focusing and creating huge projects in the service industry, cables and accessories manufacturers, service providers, private producers, and governments constantly trying in integrating their existing technologies and developing new ones extensively to boost the capacity of high voltage transmission and reduce the impact of high voltage transmission near residential areas, increasing population that boosted the power demand, setting up of new grids, technological developments in the region, and rural electrification roll-outs by various countries are also adding to the high voltage cables and accessories market share. 

Segmentation of Market covered in the research:

High Voltage Cables and Accessories Market Research Report: Information, By Type (Overhead, Underground, Submarine), by Product, by Voltage ratings (up to 100 kV, 101 kV - 230 kV, 231 kV - 400 kV, above 400 kV) and by Region - Forecast till 2028


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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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