Global High Voltage Cable Market is Estimated to Reach $54 Billion by 2025, Says Accurize Market Research
Global High Voltage Cable Market report published by Accurize Market Research forecast that the global market is expected to reach $54 billion by 2025; growing at a CAGR of 6.3% from 2017 to 2025. By geography, Asia Pacific and RoW are expected to grow at a CAGR of 7.3% and 6.4%, respectively, during the forecast period.
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Rapid industrialization and urbanization to drive the High Voltage Cable Market
Some of the significant drivers of global high voltage cable market are growth in industrialization & urbanization, and rise in trend of underground wiring. Though, high price of metals such as aluminium and copper would act as a limitation for the market. Flow in number of offshore power projects and increased government investments in smart grid technology would provide several growth opportunities for the market in the coming years.
Market Segmentation
The global high voltage cable market is categorized into product type, end user and geography. By product type segment, the high voltage cable market is further divided into overhead, submarine, and underground. By the end user segment, the market is categorized into renewable energy, industrial, and infrastructure.
Geographically the market is categorized into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
"Underground cables segmentaccounted for the largest market share in the product type segment", says Accurize
Underground cables segment accounted for the largest market share in 2017, owing to their advantages such as less chance of faults, small voltage drops, and no visual impact. Whereas, the submarine segment is anticipated to grow at the fastest CAGR during the forecast period, driven by electrification on islands and the expansion of offshore power projects.
"Asia-Pacific dominated the global market with the highest market share over the forecast period", says Accurize
Asia-Pacific accounted for the largest market share of 43% in 2017 owing to the increase in industrialization and urbanization in emerging countries such as China, Japan, and India. Europe accounted for the second largest market share of 25%. Asia-Pacific is expected to grow at the fastest CAGR of 7% during the forecast period 2017-2025, in terms of growth.
Top players in the market
Major players operating in the market include Prysmian Group, TELE-FONIKA Kable S.A, ABB, Siemens AG, Dubai Cable Company Private Limited, General Cable Technologies Corporation, NKT Cables, Sumitomo Electric Industries, Ltd. and Nexans S.A., among others.
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