High Voltage Cables And Accessories Market

According to Stratistics MRC, the Global High Voltage Cables and Accessories Market is accounted for $42.7 billion in 2023 and is expected to reach $79.3 billion by 2030 growing at a CAGR of 9.25% during the forecast period. Advanced materials are included in high-voltage cable accessories to provide higher electrical performance, strength, and dependability. Installing high-voltage cable takes 35–50% less time than the alternatives and is simple. For high-voltage power transmission applications, high-voltage cables and accessories are being employed more and more. These cables are constructed of a metallic insulation shield, a conductor, a semi-conducting insulation shield, a sheath, and an insulator.

Market Dynamics:

Driver:

Rising use of HVDC submarine power cables

Due to their many benefits in transferring electricity over long distances across bodies of water, the use of HVDC (High Voltage Direct Current) underwater power cables is increasing substantially. When compared to conventional HVAC (High Voltage Alternating Current) cables, HVDC undersea cables offer a dependable and effective solution for large-scale power transmission. HVDC systems use less energy because they have less electrical losses than HVAC systems. Utilizing HVDC technology lowers transmission losses, improves efficiency, and lowers costs. Additionally, HVDC undersea power lines offer increased power transfer capabilities. They are better suited for effectively transporting huge amounts of electricity over considerable distances since they can sustain higher power loads than HVAC cables.

Restraint:

Technical expertise required for development and installation

To address concerns about energy security and the requirement to increase power generation capacity in emerging countries, it is essential to create efficient transmission and distribution (T&D) infrastructure. Utility companies, wire and cable manufacturers, and material suppliers face particular difficulties due to the specialized types of cables and accessories used in the high-voltage cables and accessories industry. The cable sector expects constant technological advancements to boost power delivery, reduce costs, and improve system performance. The high-voltage cable industry strives to ensure long-lasting performance while taking all of these issues into consideration. As a result, suppliers are under pressure to produce high-quality high-voltage cables and accessories for power and utility applications.

Opportunity:

Increased investments in electricity grids

As governments and energy firms understand the need to modernize and upgrade their infrastructure to fulfill the rising demand for electricity and facilitate the shift to cleaner energy sources, investments in electricity networks have increased during the past few years. Electricity grid improvement and growth depend heavily on high-voltage cables. These cables integrate power production facilities, substations, and distribution networks by transporting energy at high voltages over considerable distances. Additionally, they make it possible for international electricity trade by facilitating the linking of regional and national power networks. Interconnections improve grid stability, facilitate energy trade, and enable an electricity supply that is more dependable and robust.

Threat:

High cost of installation and repair of underground and submarine cables

For power transmission projects, the installation and maintenance of underground and underwater cables can be quite expensive. This is primarily caused by the complexity of the installation process, the necessity for specialized equipment, and a shortage of skilled labor. Underground cable installation involves constructing trenches, laying cable, and other tasks that require a lot of labor and equipment. The cables must be carefully maintained and adequately insulated, which raises the overall cost. The installation of submarine cables is a far more difficult and expensive process. It involves specialized boats and machinery that can deploy cables on the ocean floor under difficult maritime circumstances.

Covid-19 Impact:

The COVID-19 pandemic temporarily disrupted the market for high-voltage cables and accessories. The implementation of infrastructure projects was hampered by lockout procedures and limitations on construction activity, which temporarily reduced the demand for high-voltage cables. However, the market is projected to pick up steam with the slow restart of economic activity and the focus on infrastructure construction in the post-pandemic recovery phase.

The 400 kV and above segment is expected to be the largest during the forecast period

As more 400 kV and higher voltage cables are being used to meet the demands of significant transmission projects and large-scale power generation initiatives, the 400 kV and above segment is anticipated to hold the largest market share over the course of the projected period. Additionally, the usage of these high-voltage cables also shows itself to be economical and enables future scalability, enabling extensions and improvements in the power infrastructure.

The industrial segment is expected to have the highest CAGR during the forecast period

Over the course of the projection period, the industrial segment is anticipated to grow at the highest CAGR, as the adoption of high-voltage cables has experienced a significant increase in the oil and gas sector due to the industry's growing need for reliable and efficient long-distance electricity transmission. High-voltage cables that can survive hostile underwater environments are in greater demand because of subsea operations.

Region with largest share:

With the rise in energy demand brought on by urbanization, economic modernization, and higher living standards throughout the region, Asia-Pacific has recently emerged as one of the world's largest markets for cable accessories. Additionally, due to insufficient transmission and distribution (T&D) networks, power is not available in some distant and rural areas of several Asia-Pacific nations.

Region with highest CAGR:

Asia Pacific region is estimated to witness instantaneous growth throughout the extrapolated period. The number of projects involving smart grids, power generation, industrialization, and infrastructure for power transmission and distribution has increased throughout the Asia-Pacific area. As one of the fastest-developing countries, South Korea has aspirations to have a fully integrated smart grid by 2030. Furthermore, significant upgrades and adjustments have been made to China's power transmission and distribution grid to enable it to transport more electricity and meet future demand.

Key players in the market

Some of the key players in High Voltage Cables and Accessories market include Nexans, Prysmian, General Cable Corporation, Sumitomo Electric Industries, Ltd., TF Cable Americas, General Cable Corporation, NKT Cables Group A/S, Siemens AG, Hitachi Ltd., Finolex Cables Ltd, RPG Cables, Cable Corporation of India Ltd., Brugg Kabel AG, Synergy Cables Ltd., ABB Ltd., Encore Wire Corporation, The Kerite Company, Tele-Fonika Kable Sa, Dubai Cable Company, Baosheng High Voltage Cable Co., Ltd. and Tianjin Suli Cable Group.

Key Developments:

In May 2023, Prysmian Group made an announcement regarding the successful acquisition of a contract valued at over USD 864.9 million. This contract pertains to the development of a new power interconnection project between France and Spain, which will be executed for INELFE. INELFE is a joint venture equally owned by Red Electrica, the Spanish grid operator, and Réseau de Transport d’Électricité (RTE), the French grid operator.

In April 2023, Nexans finalized the purchase of Reka Kaapeli Oy, for a total of USD 57.29 million. The integration of Reka Cables into Nexans' Distribution & Usage business group was included in the acquisition. Being a part of Nexans presents Reka Cables with the chance to enhance its growth and development, while also enabling increased investments in renewable energy solutions.

In April 2023, Sumitomo Electric Industries, Ltd. revealed its plans to construct a fresh Power Cable facility in the Scottish Highlands, UK. This initiative aims to make a substantial impact on fostering local supply chains and advancing technologies in the UK within the renewable energy sector.

In March 2023, Prysmian Group made an announcement regarding the acquisition of contracts from the Dutch transmission system operator TenneT. These contracts, with a total value of around USD 1.94 billion, are for two grid connection projects that aim to connect two upcoming offshore wind farms situated in the Dutch North Sea to the province of Zeeland in the Netherlands. The scope of the project includes various tasks such as design, engineering, manufacturing, installation, testing, and commissioning of two 525 kV HVDC submarine and land cable systems, along with all associated accessories.

Products Covered:
• Accessories
• Cables

Voltages Covered:
• 72.5 KV
• 123 KV
• 145 KV
• 170 KV
• 245 KV
• 400 KV and Above

Conductor Types Covered:
• Copper
• Aluminum

Voltage Levels Covered:
• Ultra High Voltage
• Extra High Voltage
• High Voltage

Location of Deployments Covered:
• Submarine
• Underground
• Overhead

End Users Covered:
• Industrial
• Renewables
• Power Utilities
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances