High Voltage Cables & Accessories Market to be worth 40.90 Billion US$ by 2022
The high voltage cables and accessories market is expected to grow from an estimated value of US$ 30.53 Billion in 2017 to US$ 40.90 Billion by 2022, at a CAGR of 6.02%, from 2017 to 2022. The global market is set to witness a significant growth due to the increasing investments in offshore wind, grid interconnections, and increase in power generation.
The XLPE cables segment is expected to hold the largest share of the underground high voltage cables and accessories market, by product type, during the forecast period
XLPE (cross-linked polyethylene) cables are the most commonly used cables in underground systems. The cable technology gained a significant advancement which has enabled the use of XLPE cables over the fluid-filled cable technology. XLPE provides insulation to cables to make it withstand the electric field under rated and transient operating conditions. The XLPE cable was the largest segment in the underground cable systems market in 2016. The market in Asia Pacific is the largest market for XLPE cables segment because of the investments in the transmission and distribution sector, increasing power generation, and growth in offshore wind farms. All these factors are expected to boost the XLPE cables segment in high voltage cables and accessories market.
400 kV and above dominates the high voltage cables and accessories market
The 400 kV and above segment held the largest market share under the voltage range segment in 2016. The liking of grids and transmission infrastructure between countries have resulted in the 400 kV and above segment accounting for the largest market share. These cables find applications in transmission and distribution, grid interconnection, and other energy industries.
Asia Pacific is the dominant market for high voltage cables and accessories
The high voltage cables and accessories market has been analysed with respect to five regions, namely, North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Asia Pacific is the largest market for high voltage cables and accessories among other regions studied in this report. This region will continue to dominate the high voltage cables and accessories market, during the forecast period. China is the largest market for high voltage cables and accessories market in the region. Governments, private players, service providers, and cables and accessories manufacturers are also continuously trying to integrate their existing technologies and develop new ones extensively to meet the growing demand from this region. The high voltage cables and accessories markets in countries, such as India, Japan, and Malaysia are expected to grow at moderate rates.
The leading players in the high voltage cables and accessories market are Prysmian S.p.A (Italy), Sumitomo Electric Industries, Ltd. (Japan), Nexans S.A. (France), NKT Cables Group A/S (Denmark), and General Cable Corporation (US).