|We established a quick response research team to monitor the impacts of global pandemic COVID19 on this market to keep our clients informed about latest data and changing strategies. The report will incorporate these insight and data factors.||×|
Power transmission system and distribution of electricity is a vital part of power stations where high voltage power is transmitted with the help of high-voltage cable (HVC). More than 100 of organizations are involved in power transmission projects. In 2012, high voltage cable power transmission capacity reached nearly 195 GW, globally. Power grids are frequently turning towards the adoption of underground high voltage cables due to its lower cost and high technological reliability for interconnections. Underground high voltage cables have minimum visual impact and lightening problem. No contact with fallen transmission lines due to natural calamities provides high safety. These are some factors which is raising the adoption of underground high voltage cables across the globe.
U.S. Federal Energy Regulatory Commission (FERC) regulates the rate for electricity sales and power transmission. In many countries, government has policies that if any overhead utility lines are running along with any roadway project or property’s edge then the existing overhead transmission cables must be buried underground. Also if there is any new development of commercial project of 20,000 square feet or larger area then in that case as well new or existing power transmission lines must be buried. These changing regulations are shifting the adoption of underground high voltage cables in utilities sector. For instance, New York has no overhead high voltage transmission cables since 1980. In 1992, Belgium government banned the power transmission from overhead high voltage cables. Countries such as Singapore and the Netherlands have 100% power distribution via underground high voltage cables.
Global high voltage cable market is segmented on the following basis:
Based on Product Type
Based on Application
Based on Geography
Power grid interconnection, power connection from land to sea and islands and rising number of renewable power generation projects are dynamically transforming the high voltage cable market across the globe. The global high voltage cable market is expected to garner USD 51.8 billion by 2024 from USD 32.4 billion in 2016, register a CAGR of 6.1% through the forecast period i.e. 2017 - 2030.
European Union government is establishing policies to use underground high voltage cable due to storm and heavy snow fall. Europe is expected to dominate the market of underground high voltage cables over the time period of 2017 to 2030. France and the United Kingdom have largest areas covered with underground cables as compared to other countries of Europe. However, replacement of entire overhead high voltage cable to underground high voltage cable requires huge investment. Europe high voltage cable market is expected to occupy 22% share of total high voltage cable business by the end of 2024.
Brazil and Mexico are the fastest growing economies of the world. Interconnection of high voltage cables can resolve the energy crisis. Government is immensely investing in interconnection of power grids for electricity transmission from hydropower plants and other utilities. This is increasing the demand of high voltage cable in Latin America region. Latin America is expected to reach at USD 5.18 billion by the end of 2024.
North America high voltage cable market is expected to grow at a CAGR of around 5.82% through time period of 2017-2030. North America is the dominating region for high voltage cable market due to better energy transmission network and infrastructure.
The underground high voltage cable is expected to hold largest revenue share of global high voltage cable market during the forecast period owing to its growing demand in mining industry and energy sector. However, due to rising number of offshore projects and expansion of oil & gas industry demand of submarine high voltage cables are increasing. Submarine high voltage cables are expected to grow at a CAGR of 7.2% through the forecast period of 2017-2030. Moreover, overhead high voltage cable is expected to witness significant growth over the forecast period. Based on application, industrial segment holds major share in high voltage cable market owing to the rising demand of energy sector. Renewable energy occupied nearly 40% share of overall high voltage cable market in 2016. Moreover, rising urbanization in emerging economies such as India, China, Brazil and Mexico is expected to propel the infrastructure segment of global high voltage cable market over the forecast period.
Asia pacific region is projected to gain remarkable growth in high voltage cable business. Strong layouts of power transmission plans in countries such as China, Japan, Singapore and India is likely to boost the high voltage cable market in the region. China and Japan together occupy nearly 70% of overall Asia-Pacific high voltage cable market. Asia-Pacific is estimated to exhibit a noteworthy growth with a CAGR of around 10% during the forecast period.
Most of the countries are facing safety problems and blackouts due to obsolete infrastructure of existing power transmission. High demand for electricity along with rising concerns towards public safety is driving the demand for high voltage cables in power transmission. Growing demand for broad range of power distribution cable is increasing the investment from top cable manufacturers which is likely to boost the growth of global high voltage cables market. Low energy loss during long distance transmission of high voltage power is a major advantage of high voltage cables. These are some key factors driving the growth of high voltage cables market.
Advantages of Overhead High Voltage Cables
Overhead high voltage cables (OHVC) are mainly used for telecommunication transmission lines. Overhead high voltage cables can be easily suspended over rivers or motorways and low energy loss during power transmission as compared to underground high voltage cable due to less interaction with good conductors. Low operational cost as it is easy to repair OHVC if any damage occurs add benefit to the adoption of overhead high voltage cables
Advantages of Underground High Voltage Cables
Underground high voltage cables (UGHVC) emit no electric or magnetic field while transmitting power. This reduces the power loss and absorbs sudden heavy power loads in power transmission. Underground high voltage cables are used in areas with dense population, rivers, mountains where infrastructural development is difficult. These are some key features which are likely to raise the demand for underground high voltage cables. XLPE cables, a type of underground high voltage cables are extruded insulation cables with tremendous electrical properties. Cross-linked structure of XLPE cables allows it to design for maximum conductor and short circuit temperature. This reduces the dielectric loss and enhances its mechanical properties.
Overhead cables are susceptible to lightning strike and causes interruption in power transmission. High voltage drop and maintenance cost is also hampering the adoption rate of overhead high voltage cables (OHVC). Government and private firms are investing in improvement of existing power transmission infrastructure and replacement of transmission lines which is going to increase the electricity charges. Convertor stations of High Voltage Direct Current (HDVC) are very expensive and management of power flow through multiple terminal systems is an
The Global High Voltage Cables Market is segmented as follows:
Market Dynamics: Growth Drivers, Restraints and Opportunities
Porter’s Five Force Model
Market Landscape: Competition and Beyond
Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem
A complementary 2hrs free facility through which report buyers can interact with our pool of experienced analysts for any report related queries, clarifications or additional data requirementsOR Call Us:+1-646-568-7747
Global Agricultural Robots Market Outlook 2024: Global Opportunity and Demand Analysis, Market Forecast, 2016-2024
Global Indoor Positioning and Indoor Navigation (IPIN) Market Outlook, 2024
Global Smart Agriculture Market Outlook: based on Components, based on Application , based on Geography & by Region with Forecast 2017-2030
Global High Voltage Cables Market Outlook 2030: Market Segmentation Based on Product Type, Based on Application & by Region with Forecast 2017-2030
Autonomous Delivery Robots Market Report- Share, Scope, Trends, Demand, Growth Rate, Trade Data, Leading Manufacturers, Opportunities, Forecast Period 2016-2024