High Voltage Cable Market to Reach $47.1 Billion, Globally, by 2022
High Voltage Cable Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $47.1 billion by 2022, registering a CAGR of 6.7% during the forecast period 2016 – 2022.
HVCs operate at a voltage greater than 66KV, and are used for electric power transmission and distribution over long distance with minimum power loss. The HVC market is largely driven by increase in investments in renewable energy projects and growth in urbanization, industrialization, and infrastructure in developing countries such as India, China, and Brazil.
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HVCs are segmented into three types, which include overhead, underground, and submarine. The underground HVC segment holds a significant revenue share in the global HVC market, owing to the applications of these cables in various industries such as power utilities, mining, paper & pulp, and cement industry among others. However, submarine cables are expected to witness the fastest growth during the forecast period, with a CAGR over 8%. The growth would be driven by their applications in offshore power projects and oil & gas industry and their various competitive advantages over other cables such as presence of extra shield, armour, and protection & bedding.
Among the end user segment, industrial segment held the highest revenue share in 2015, owing to growing energy demand in industries such as oil & gas, mining, power utilities, and chemicals among others. Renewable energy segment also contributed a significant revenue share of over 36% in the overall market in 2015. However, infrastructure segment is expected to witness the fastest growth during the forecast period due to increase in urbanization in developing countries such as China and India.
Asia-Pacific is the largest revenue-generating region in this market, followed by Europe and North America. Among the countries of Asia-Pacific, China is the largest market with nearly 60% revenue share of the overall Asia-Pacific market due to its strong layout of transmission plans. Furthermore, the market in Asia-Pacific is anticipated to exhibit a notable growth, registering a CAGR of over 7% during the forecast period.
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Key Findings of High Voltage Cable Market
- Underground cables would lead the market throughout the analysis period, with over 50% revenue share during 2014 – 2022.
- Segment of submarine cables is expected to grow at the highest CAGR during forecast period.
- In 2015, industrial segment contributed the highest revenue share, accounting for around 52% of the overall market revenue.
- Infrastructure segment is expected to register the highest CAGR during the forecast period.
- Asia-Pacific held the largest market share of about 42% of the total market value in 2015 and is projected to grow at the fastest rate during the forecast period.
Key players in the market have heavily invested in R&D activities to develop high-quality and affordable HVCs to cater to the growing energy demands in various industries such as oil & gas, mining, and power utilities among others. Further, the market is concentrated, as top five leading players, namely ABB, Prysmin Group, General Cables Technologies Corporation, NKT Cables, and Nexans occupy around 60% of the overall market revenue. The key strategies adopted by these leading players are product launch, expansion, acquisition, partnership, and agreement; to strengthen their market position and expand their geographical presence.