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High Voltage Cables and Accessories Market Overview
The global high voltage cables and accessories market is expected to grow from USD 33.5 billion in 2023 to USD 54.7 billion by 2030, at a CAGR of 7.2%. The market is driven by the increasing demand for electricity from various industries, such as oil and gas, power generation, HVDC network, building and construction, and manufacturing.
HV cables and accessories are used to transmit and distribute electricity at high voltages, typically above 33 kV. They are essential for the efficient and reliable operation of power grids. HV cables are available in a variety of types, including overhead lines, underground cables, and submarine cables. HV accessories are used to connect, terminate, and protect HV cables.
Competitive Analysis
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Drivers and Restraints
With the rising economic prosperity, and fast technological and industrial growth, a world without electrical power is unthinkable. Power transmission has the highest importance in the power sector’s value chain because, unlike other goods, energy can not be transported by means of transport modes. One of the main issues about electricity transmission is the power supply interruption.
Owing to continuous advancements in end-use industries coupled, the high voltage cable and accessories market is projected to have a huge number of advances over the forecast time frame Multinationals and well known businesses are also projected to have strong expansion activities on the sector. The market for high-voltage cables and accessories is driven by factors such as increased demand for electrical power from remote areas and increasing urbanization projects, increased grid link projects and increased demand for loss reduction in the transmission and distribution network.
The that oil rigs in offshore regions need time-consuming power for smooth operations, and high-voltage marine cables allow the power to enter the production facilities for offshore oil. Security issues surrounding overhead equipment and cables, however, are limiting the demand for high voltage cables and equipment.
Segmental Analysis
The market for high voltage cables and accessories is segmented by size, products, tension ratings and area.
The market is further categorized, based on the segment by form, as overhead, underwater, and submarine. Due to the rising urbanization projects and the benefits of being less vulnerable to harm and reduced risk, the underground segment holds the largest market share. Based on the voltage rating, the market has been segmented into upto 100 kv, 101 kv-230 kv, 230 kv-400 kv, and above 400 kv.
The market for high voltage cables and accessories is segmented by goods as MI cables, conductors, XLPE cables, fittings & fixtures, cable joints, cable terminations and others. Among these, drivers dominate the market for high voltage overhead cables & accessories, as they have a high tensile strength to withstand mechanical stresses.
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Regional review
The global business regional overview was performed in four major regions including Asia Pacific, North America, Europe and the rest of the world.
The global market for high-voltage cables and accessories is expected to rise at a high rate because of increased power sector demand. Asia Pacific is slated to have the largest market share in emerging economies such as China, South Korea and India due to the rising power sector. In addition, the area has seen an increase in the number of industrialization, smart grids, urbanization, power generation, and power transmission and distribution infrastructure projects.
For starters, by 2030 South Korea, one of the fastest developing nations, has plans for a fully integrated smart grid. Hitachi, one of the major players in transmission and distribution network providers, has also contributed to the development of China’s transmission and distribution network through the ultra-high voltage network and the gas-insulated switchgear to prevent damage caused to the network due to load imbalance.
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