Research Nester published a report titled “High Voltage Cable Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global high voltage cable market in terms of market segmentation by voltage, installation, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global high voltage cable market size was valued at USD 14 billion in 2021, and is projected to reach USD 23 billion by 2029, registering a CAGR of 5.0% from 2021 to 2029, owing to the rapid growth of renewable energy sector worldwide, development in infrastructure and increasing demand for electricity globally. Furthermore, growing investments in replacing old grid infrastructure is also estimated to fuel the expansion of market in the coming years.
The market is segmented on the basis of voltage, installation and application. On the basis of application, the motor protection segment is anticipated to grow at a considerable rate during the forecast period in view of increasing commercial and manufacturing activities in the world, especially in Asia Pacific. Additionally, based on end use, the power segment is expected to grow at the fastest rate in view of the increasing use of high voltage cable in transformers, bus bars, feeders, and high voltage substations.
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Regionally, the global high voltage cable market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Asia Pacific is expected to see the highest growth in the market during the forecast period, which can be attributed to the increasing addition of renewable energy capacity and focus on substation automation and developed grid infrastructure activities in the region.
Increasing Electricity Consumption Globally to Drive Market Growth
As the world population is increasing at a rapid pace, the demand for electricity has also witnessed a major hike. Although, the old grid infrastructure which satisfied the power distribution demand earlier is incapable of fulfilling the energy requirement since the last decade owing to which they are being replaced by new advanced smart grids. This is one of the major factors estimated to boost the demand for high voltage cables in the future.
However, delay in approval of electricity projects in under-developed and developing nations is expected to operate as key restraint to the growth of the high voltage cable market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global high voltage cable market which includes company profiling of ABB Ltd (NYSE: ABB), Finolex Cables Ltd (NSE: FINCABLES), Nexans SA (EPA: NEX), Prysmian SpA (BIT: PRY), NKT A/S (CPH: NKT), FURUKAWA ELECTRIC CO., LTD (TYO: 5801), Schneider Electric (EPA: SU), Brugg Kabel AG, Dubai Cable Company, Pvt. Ltd., General Cable Corporation, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
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On the whole, the report depicts detailed overview of the high voltage cable market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.