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High Voltage Cable Global Market Report 2023
Major players in the high voltage cable market are Prysmian group, Dubai Cable Company Pvt. Ltd., NKT Cables, Nexans, Southwire Company LLC, Sumitomo Electric Industries Ltd., Siemens AG, Tele-Fonika Kable S.
New York, March 07, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "High Voltage Cable Global Market Report 2023" - https://www.reportlinker.com/p06323497/?utm_source=GNW
A., Jiangan Group Limited, Schneider Electric, Tratos, Universal Cables Ltd., Riyadh Cables Group Company, Synergy Cables, ZTT, ABB, Baosheng High Voltage Cable Co. Ltd., Elsewedy Electric Company, TBEA Co. Ltd., Hitachi Ltd., and Furukawa Electric.
The global high voltage cable market grew from $40.34 billion in 2022 to $49.46 billion in 2023 at a compound annual growth rate (CAGR) of 22.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The high voltage cable market is expected to grow to $130.05 billion in 2027 at a CAGR of 27.3%.
The high voltage cables market consists of sales of tape shielded, drain wire-shielded, general cable uni-shield, concentric neutral (CN), and jacketed concentric neutral (JCN).Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
High voltage cables refer to a wire or cable that is rated for more than 1000 volts.These cables are also used at locations such as power production units, solar and wind energy production units, the instrument industry, and power transmission.
It is used for the transfer of electricity at high voltage and is used for various types of applications like direct power transmission, ignition systems, alternating currents, and other instruments.
North America was the largest region in the high voltage cables market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the high voltage cables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of installations in the high voltage cable market are overhead, submarine and underground. A submarine refers to a vessel that can be submerged and navigated underwater, usually built for warfare and armed with torpedoes or guided missiles.The voltages are 50kV-110kV,115kV-330kV and >330kV.The end-users involved are utility and industrial.
The increase in electricity demand is expected to propel the growth of the high voltage cables market going forward.Electricity refers to a fundamental form of energy observable in positive and negative forms that will occur naturally (as in lightning) or is produced (as in a generator) and that has been expressed in terms of the movement and interaction of electrons.
High-voltage cables have been used in power transfer and distribution, national transfer network cabling, electric stations, and municipal networks. the rapid growth in electricity demand is expected to boost utilization of high voltage cables, as they are widely used in power distribution and industrial applications. For instance, in July 2022, according to a press release published by International Energy Agency, a Paris-based autonomous intergovernmental organisation, following the 2021, 6% increase in the electricity demand, the global electricity demand is projected to expand by 2.4% in 2022, matching its average growth rate over the five years preceding the COVID-19 pandemic. Therefore, the increasing consumption of electricity is expected to boost demand for high voltage cables during forecast period.
Strategic partnerships and collaborations are a key trend gaining popularity in the high voltage cables market.Companies operating in high voltage cable are undergoing partnerships to strengthen their position in the high voltage cable market.
For instance, in March 2022, Taihan Cable & Solution a south Korean company partnered with the Saudi company Mohammed Al-Ojaimi Group and entered into a joint venture for the establishment of a High voltage cables plant in Saudi Arabia.This collaboration hopes to capture the market in the region through localized production of the product.
Furthermore, in October 2021, Gulf Cable & Electrical Industries Company Co, a Kuwait-based manufacturer of electrical cables partnered with Riyadh Cables Group Company, a Saudi Arabia-based manufacturer of high voltage cables for the establishment of high voltage cables production factory in Kuwait. This collaboration with Riyadh Cables group aims at achieving the maximum benefit from the market’s capabilities by diversifying the company’s products and its revenue sources in a way that serves shareholders’ interests and goals.
In March 2022, Ravin Group, an India-based solutions provider in the area of cables, solar, EHV projects & power equipment, acquired Cable Corporation of India Ltd for an undisclosed amount.Through this acquisition, The Ravian Group will be able to enhance its manufacturing capacity from 250 V up to 400 V and manufacture different voltage of cables and extend the company’s presence across the country.
The Cabel Corporation India is an India-based manufacturer of high voltage cables.
The countries covered in the high voltage cables market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The high voltage cable market research report is one of a series of new reports that provides high voltage cable market statistics, including high voltage cable industry global market size, regional shares, competitors with a high voltage cable market share, detailed high voltage cable market segments, market trends and opportunities, and any further data you may need to thrive in the high voltage cable industry. These high voltage cable market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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