High voltage refers to the voltage level above the normal standard or threshold. High power cables are used for high transmission and distribution of power at high voltages.
These cables are equipped with one or more conductors and insulators. They are ideal for various applications such as in overhead lines, for industrial purpose and can be used as a submarine cable for power transmission.
How will the increased penetration of renewable energy affect the growth of the market for high voltage cables? What are the leading companies in global high voltage power cables?
Electronics Guru
The global high voltage cables market size accounted for US$ 30 billion in 2018 and is expected to reach by US$ 51.3 billion in 2027.
The global demand for high power voltage cable is mainly boosted by rising power demand coming from different industries and energy distribution centres in recent years. Around the world, power companies are heavily investing in developments and up-gradation of their aged infrastructure to meet the requirement for electricity transmission.
Factors such as energy infrastructure development, coherent energy-efficient systems integration, grids centralisation and decentralisation projects will be likely to support the high voltage cables market.
Investments in new power grids along with new transmission lines set up for renewable energy of power generation and 100% electrification plans set by major countries will positively impact high voltage cables market growth. However, fluctuations in raw materials prices will hamper the global high voltage cable market.
The global market players in the high voltage power cables markets are ABB, Elseweddy, Furukawa Electric, General cables, Nexans, NTS and Prysmian Group.
These market players are concentrating heavily on strategic market initiatives to enhance their production capacity and expand their geographical presence globally. Thus, in turn, boost the growth of the market for high voltage power cables.