The high voltage cables and accessories market is expected to grow at a CAGR of 6.02%, from 2017 to 2022, to reach a market size of USD 40.90 billion by 2022. The increased investments in areas, such as, offshore windfarms, high voltage direct current links, and grid interconnections are the major drivers of the high voltage cables and accessories market. The growing need for grid interconnections is resulting in rising investments in the new submarine and underground cables and accessories market. The overhead transmission line would also boost the demand for high voltage cables and accessories systems.
The high voltage cables and accessories market is dominated by both global and regional players. The key players operating in the market include
- Nexans S.A. (France),
- NKT Cables Group A/S (Denmark),
- General Cable Corporation (US),
- Prysmian S.p.A. (Italy),
- LS Cable & System Ltd. (South Korea) and many more…
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The market in the Middle East and Africa is estimated to be at the highest CAGR from 2017 to 2022. Developments in transmission infrastructure, the upgradation in grid infrastructure, and emerging wind energy generation activities in the Middle East and Africa are driving the growth of the high voltage cables and accessories market.
The underground installation segment is expected to grow at the highest CAGR from 2017 to 2022. Underground high voltage cables and accessories systems are replacing overhead lines due to environment and human concerns and are projected to witness huge demand by 2022.
XLPE (cross-linked polyethylene) cables and Mass Impregnated (MI) cables are the most prominent cable types being used in for underground and submarine applications in the high voltage cables and accessories market. Under submarine high voltage cables and accessories, the XPLE cables is growing at the highest CAGR from 2017 to 2022. Few companies have developed extruded XLPE cables for high voltage ranges, such as 525 kV, which would help the transmission of electricity at a faster pace.
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The 400 kV and above segment is expected to grow at the highest CAGR during the forecast period. The liking of grids and transmission infrastructure between countries has 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. Moreover, the increase in power generating capacity and growth of offshore wind farms are expected to offer new growth opportunities in the high voltage cables and accessories market. Furthermore the adoption of smart grids and distribution transmission in the utilities sector would boost the growth of the high voltage cables and accessories market and create new revenue pockets for the market during the forecast period.
