According to Goldstein Research, “Elemental resistance of high voltage cable and flexibility in power transmission is a breakthrough in cable technology.” Interconnection of grids and onshore & offshore power transmission is now become very convenient with the application of high voltage cables. Industrial transformation is accelerating the cable technology market which is significantly boosting the high voltage cable business.
The global high voltage cables market is segmented on the basis of end-user such as renewable energy, industrial and infrastructure. Among these segments renewable energy segment is predicted to reach USD 12.96 billion by 2024, owing to the increasing demand for sustainable development and effective utilization of resources. Construction wind farms and hydropower plants and creating links between grids and to transformers at sea require high voltage cables. Transmission of tidal and hydro energy can be easily processed with the help of underground or submarine high voltage cables. This is a major advantage which is fuelling the growth of global high voltage cables market.
Geographically, Asia-Pacific high voltage cables market is expected to witness significant growth rate due to huge investment for improving power transmission infrastructure by government authorities in countries such as Japan, China and India. Asia-Pacific high voltage cables market valued USD 6.78 billion in 2016 and is estimated to reach USD 14.5o billion by the end of 2024.
Innovation in Cable Technology: XLPE Cables
XLPE (Cross-linked polyethylene) cables are extruded cables which help in efficient transmission of energy without any loss. XLPE cables are designed in such a way that it can minimize the dielectric loss during power transmission. In 2014, ABB launched an extruded high voltage direct current (HDVC) cable which has capacity of carrying 525kV power. This is an advanced innovation in cable technology. These cables are cost-effective and are capable of efficient installation of renewable energy transmission line. XLPE cables can carry more than double the power capacity than conventional high voltage cables.
“Global High Voltage Cables Market Outlook 2024” contains detailed overview of the global high voltage cables market in terms of market segmentation by product type and by end-user type.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Sacle) analysis, Porter’s five force model and SWOT analysis.
Global High Voltage Cables Market Report also includes provides competitive outlook of some of the major players of the global market which includes profiling of companies ABB Ltd., Nexans, General Cables Technologies Corporation, Finolex Cables Ltd etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global 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.
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