High Voltage (HV) Cable Market by Product Type (Cables (XLPE, EPR, HEPR, MI), Accessories (Joints, Termination, Fittings & Fixtures), Conductor Type (Aluminum, Copper), Installation, Voltage, End User and Region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global High-Voltage (HV) Cable market size was estimated at USD 40.5 billion in 2023 and is projected to reach USD 59.3 billion in 2030 at a CAGR of 5.6% during the forecast period 2023-2030.
High voltage cables are utilized for the transmission and distribution of power at elevated voltages. These cables possess structural components comprising of one or more conductors, protective jackets, and insulators. An important structural divergence that sets high voltage cables apart from other cable types is the existence of additional internal layers within the insulation jacket that facilitate the control of electric flow surrounding the conductor. This attribute assists in mitigating power losses during long-range transmissions, thereby rendering high voltage cables more efficient than their counterparts in power transmission. High voltage cables may be installed as overhead cables, buried cables in industrial settings, or even submarine cables for power transmission between different states and countries.
The market for high voltage power cables is ultimately dependent on electricity demand across the world. The increasing demand for electricity is further anticipated to bring lucrative growth opportunities for the market. The replacement of the aged grid infrastructure and transmission lines is another factor that drives the growth of the market. Also, the increasing penetration of renewables such as solar energy and wind energy requires setting up new utility grids with new transmission & distribution networks. Therefore, the growing penetration of renewables acts as the market driver for high voltage cables.
The COVID-19 pandemic has presented a plethora of challenges, including but not limited to health-related concerns, financial setbacks, and various other obstacles. The market for high-voltage cables and accessories on a global scale is significantly contingent upon the demand stemming from a multitude of sources, including but not limited to the construction industry, urbanization initiatives, grid-connection undertakings, and power distribution networks. Nevertheless, the COVID-19 crisis has had a profound impact on the demand for electrical power across the world, primarily due to the imposition of lockdown restrictions by governmental entities with the aim of curbing the spread of the virus. It is worth noting that the production hubs of electricity, namely the United States, India, China, the European Union, and other regions around the world, are majorly responsible for generating the demand for electricity.
The escalation in demand for energy due to the growth in population and urbanization has contributed to the expansion of the global high voltage cables market. The upgradation of aged grid infrastructure that was previously able to meet power distribution and transmission requirements is now being substituted with cutting-edge smart grids. The development of these grids necessitates the establishment of new transmission networks that prioritize the usage of high voltage cables with high current carrying capacity over long distances as compared to other options. This trend is anticipated to steer the growth of the global market in the forecast period. The concerns regarding the escalation of greenhouse gas emissions, in conjunction with the mounting demand for energy, have compelled nations to seek out alternative methods of power generation. The most favored sources of energy generation are the renewable ones, specifically wind and solar energy sources. The surge in the utilization of renewables paves the way for the establishment of new transmission lines, which acts as a driving factor for the global market. The reduction of carbon emissions in Europe and North America in the forthcoming years is a planned initiative that will indisputably stimulate the market for renewables and, consequently, high voltage cables.
North America to Dominate the Market