Inkwood Research estimates the Global High Voltage Cable Market to propel with a 5.12% CAGR during the assessment years 2023-2032.
“Browse 57 market data Tables and 53 Figures spread over 188 Pages, along with an in-depth TOC on the Global High Voltage Cable Market Forecast 2023-2032.”
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High voltage cables (HVCs) are used for electric power transmission at high voltage over long distances to meet the electricity demand at the respective loads. Hence, three types of high voltage cables are installed: submarine, underground, and overhead. Underground cables are preferable due to their application in various industries such as oil & gas, power utilities, and mining. Further, the global high voltage cable market is also driven by infrastructural growth. Numerous infrastructure projects have been initiated in the past few years in developing countries such as India, Dubai, Japan, and China. These infrastructure projects include residential and commercial buildings, such as parks, theaters, apartments, shopping malls, and offices. These projects require numerous high voltage cables to deliver power, which supplements the market growth.
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Surging Infrastructure Activities boosts the Global Market
Due to budgetary allocations to infra projects and policy reforms, numerous infrastructure projects have been initiated in the past few years. These projects include the development of commercial and residential buildings, such as offices, shopping malls, apartments, theaters, and parks. These projects require numerous high voltage cables to deliver power, which is expected to supplement the market growth. Government initiatives and investments have also fueled the growth of the market. Countries worldwide are creating offshore power projects to fulfill the increased demand for electricity.
There is also a rapid rise in demand for HVCs due to high public capital spending, which is expected to benefit steel and cement companies. It also boosts fundamental sectors like cables and wires. Besides, increased spending on research and development, road infrastructure, and voluntary scrappage policies are anticipated to favor the automotive industry significantly.
Infrastructure is Expected to Lead the End-User Segment
The commercial and residential sectors make up the infrastructure section. Huge commercial and residential structures require significantly high voltages to power the requirement for energy in apartments, offices, and shopping centers. As a result, high voltage cables are employed to transmit and distribute electric power from main grids to the substations built inside business or residential structures. Power transmission for infrastructure is primarily accomplished through underground and overhead wires. Due to its magnetic field and substantial heat emission, subterranean high voltage cables are typically used for infrastructure applications.
Dominating Region – Asia-Pacific
Asia-Pacific is expected to remain the largest regional market for high voltage cables during the forecast period. This is mainly due to efforts to overcome the need for electricity, owing to industrialization and urbanization in developing countries such as China, Japan, and India. Moreover, the Chinese government is taking various initiatives to upgrade grid technology. Hence, increased industrialization in the region because of lower set-up costs and easy availability of labor is primarily driving the requirement of high voltage cables in the industrial segment. Besides, extensive wind capacity power generation has led to the widespread adoption of high voltage cables in the renewable sector in Asia-Pacific.
Furthermore, expanding existing contenders is expected to increase market rivalry over the forecast period. However, the threat of new entrants is low in the global high voltage cable (HVC) market due to well-known enterprises, significant capital investment, complex government regulations, etc. Due to their reputation and widespread presence, the current high voltage cable firms obtain most contracts from significant buyers, significantly reducing the threat of new players.
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