The global high voltage cables and accessories market is projected to reach USD 52.5 billion by 2028 from an estimated USD 40.0 billion in 2023, at a CAGR of 5.6% during the forecast period, according to a new report by MarketsandMarkets™.
High voltage cables and accessories are essential as they facilitate the efficient and reliable transfer of electricity from power plants to power utilities, renewables and industries over long distances. It offer insulation and protection to prevent electrical leakage and reduce power losses. Accessories are essential components utilized to establish secure connections and maintain the seamless flow of power, ensuring the integrity of the system.
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The power utilities, by end user, is expected to grow be the largest segment during the forecast period.
Based on end user, the high voltage cables and accessories market has been split into power utilities, renewables, and industrial. The power utilities segment is anticipated to be the largest during the forecast period. Power utilities industry is growing in high voltage cables and accessories market because of rising demand for electricity due to industrialization, urbanization, population growth etc. It is also growing due to factors like renewable energy integration, grid modernization, infrastructure expansion, and advancements in cable technology.
The underground segment, by installation, is expected to grow at the second-highest CAGR during the forecast period.
This report segments the high voltage cables and accessories market based on installation into three segments: overhead, underground, and submarine. The underground segment is expected to be the second-fastest growing segment during the forecast period. Underground installation is essential as it offers enhanced reliability as they are less susceptible to weather-related disruptions leading to fewer power outages and a more dependable electrical supply. Underground cables provide flexibility for future expansion and urban planning, allowing for easier integration with new infrastructure projects and accommodating growing power demands.
Asia Pacific is expected to be the largest region in the high voltage cables and accessories market
Asia Pacific is expected to be the largest high voltage cables and accessories market during the forecast period. Industries in Asia Pacific is constantly evolving, with new developments and emerging trends emerging. Some key trends such as the growth in the energy consumption of the region, coupled with development of infrastructure and energy projects drive the market for high voltage cables and accessories with the rising need for effective power transmission and distribution.
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Key Market Players
Some of the major players in the high voltage cables and accessories market are Prysmian Group (Italy), Sumitomo Electric Industries Ltd. (Japan), Nexans (France), LS Cable & System Ltd. (Korea), and NKT A/S (Denmark). The major strategies adopted by these players include sales contract, acquisitions, product launches, agreements, partnerships, and expansions.
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