High Voltage Cables and Accessories Market

Global High Voltage Cables and Accessories Market Size Set to Grow at Steady CAGR of 5.46%, Reaching USD 52.87 Billion by 2029

Published | 29 November 2023

Global high voltage cables and accessories market is flourishing because of the growing energy demand and renewable energy integration.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global high voltage cables and accessories market size at USD 38.44 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global high voltage cables and accessories market size to grow at a significant CAGR of 5.46% reaching a value of USD 52.87 billion by 2029. Major growth drivers for the global high voltage cables and accessories market include the growing incorporation of renewable energy sources, the aging of power grids, and investments in transmission and distribution infrastructure. The utilization of cables for transmitting and distributing power from substations to end-users is becoming more prevalent, particularly with the surge in electrification initiatives in Africa. The expansion of rural electrification efforts in African and Asian nations is expected to present favorable prospects for the high-voltage cables and accessories market during the forecast period. However, high initial costs and environmental concerns are anticipated to restrain the overall market growth during the forecast period.

Impact of COVID-19 on Global High Voltage Cables and Accessories Market

COVID-19 pandemic adversely affected the global high voltage cables and accessories market. Disruptions in the supply chain, labor shortages, and project delays have hindered manufacturing and installation processes. The economic downturn has led to reduced investments in energy infrastructure projects, affecting market growth. Also, uncertainties in demand and financing, coupled with restrictions on movement and lockdown measures, have contributed to a challenging business environment. Despite these challenges, the market has shown resilience as the need for reliable power transmission remains, and recovery is expected as economic activities gradually resume, accompanied by an increased focus on renewable energy integration.

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Global High Voltage Cables and Accessories Market – By Installation

Based on installation, the global high voltage cables and accessories market is divided into Overhead, Underground, and Submarine segments. The underground segment holds the highest share in the global high voltage cables and accessories market by installation. The recent trend in regions like Europe and North America involves the increased deployment of underground cables instead of overhead ones, particularly in urban areas where above-ground space is limited. Global electricity generation has witnessed substantial growth over the past three decades, reaching nearly 29165.1 terawatt-hours in 2022 from less than 12,000 terawatt-hours in 1990. The installation of underground cables is on the rise in regions such as Asia-Pacific, North America, and Europe due to several advantages over overhead cables, including reduced fault risk, enhanced safety, and a longer useful life of approximately 40-50 years. A notable project in July 2022, the NeuConnect interconnector, received USD 406.5 million in funding, featuring a 725 km predominantly submarine cable connecting Germany to the UK, further driving the underground segment in the high-voltage cable accessories market.

Competitive Landscape

Major players operating in the global high voltage cables and accessories market include Prysmian Group, Sumitomo Electric Industries Ltd., Nexans, LS Cable & System Ltd., NKT A/S, Furukawa Electric, Taihan Cable & Solution Co., Ltd., ZTT, Elsewedy Electric Company, Wuxi Jiangnan Cable, Riyadh Cables, PFISTERER Holding AG, DUCAB, TE Connectivity, Brugg Kabel AG, KEI Industries Ltd., Tratos, Southwire Company, LLC, Tele-Fonika Kable SA, and Synergy Cables. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global High Voltage Cables and Accessories Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global High Voltage Cables and Accessories Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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