HV cables market from utility applications to witness massive gains through 2025
Global high voltage cables market is exhibiting a positive outlook on account of expanding transmission & distribution networks on a global scale. Cables form the backbone of electric power supply and the transmission industry has observed significant growth in line with burgeoning power demand from various verticals. Rising energy demands from industrial, commercial, as well as residential sectors has led to the expansion of T&D network infrastructure, which propels HV cables market demand.
As per the latest in-depth report published by Global Market Insights, Inc., global high voltage cables market is likely to USD 29 billion by the end of 2025.
With the voluminous rise in population and subsequent rise in energy demands, the utility sector is compelled to upgrade its electricity supply network to ensure uninterrupted power supply and grid security. Moreover, the integration of renewable energies with existing energy ecosystem and the development of various megacities across the globe are other key factors fueling high voltage cables market trends. Huge investments in renewable energy projects paired with the need to carry power generated from such remote facilities to consumers is boosting HV cables market size. For the record, utility aided high voltage cables market size was valued at 30,000 km in terms of annual deployment. The segment is further anticipated to procure a substantial chunk of the HV cables application landscape by 2025.
The developing countries store immense potential for the growth of HV cables market, driven by rapid power infrastructure development in these economies. The ongoing industrial revolution across a multitude of developing countries has resulted in heavy investment in T&D infrastructure. Additionally, rising rural electrification programs across multiple developing economies is paving the way for the growth of high voltage cables market.
Europe HV cables market is imperative to showcase upward growth trend over 2019-2025. The region has exhibited higher tendencies towards energy efficiency and has laid down strict directives for the same, which is anticipated to favor HV cables market outlook. As per the estimates of Siemens, 60% of the region’s transmission infrastructure is outdated and needs re-installation. Growing electricity demands of the region coupled with escalating demand for transmission & distribution retrofitting is propelling the regional growth.
Elaborating further on the regional landscape, besides Europe, various developed countries have also been investing massively in their T&D infrastructure. For instance, in 2017, the US DOE allocated USD 10 billion towards the re-establishment of its existing transmission infrastructure. High requirements aligned with the expansion of T&D networks coupled with strict mandates pertaining to upgradation of electric supply is likely to create favorable opportunities for high voltage cables market.
Key HV cables industry participants include ZTT, Elsewedy, NKT, Sumitomo, Prysmian, LS Cables, Nexans, Furukawa Electric, Sterlite Power, Kelani Cables, Taihan Electric, KEI, APAR, KEC, ABB, Alfanar, Southwire and Riyadh Cables. Heavy investments in R&D, product portfolio expansion, M&As, collaborations and partnerships, and fast-paced technology developments are some of the anticipated strategies likely to characterize HV cables market landscape through 2025.