Key Companies Covered in High Voltage Cables Market Research Report are Prysmian Group, Nexans, General Cable, NKT, Furukawa Electric Co., Ltd., ABB, Dubai Cable Company - Ducab, Jiangnan Group Limited, Schneider Electric, Tratos, Universal Cables Ltd, among others
PUNE, India, Nov. 5, 2019 /PRNewswire/ -- The global High Voltage Cables Market is expected to witness robust growth on account of increasing demand for power generation in order to supply electricity to the increasing population. For instance, a preferred supplier agreement or PSA was signed by NKT for the delivery of high voltage DC for both offshore and onshore locations. Here, NKT would act as the main contractor and export cable systems from the Doggerbank Creyke Beck A and B offshore wind farms.
Fortune Business Insights in their report titled, "High Voltage Cables Market Size, Share & Industry Analysis, By Installation (Overhead, Underground, Submarine), By Voltage (100 kV – 250 kV, 251 kV – 400 kV, above 400 kV), By End-User (Industrial, Utility) and Regional Forecast, 2019-2026." foresees the global market to exhibit a CAGR of 7.11% and reach a value of USD 54.97 Billion by 2026 from USD 31.89 Billion in the year 2018. On the basis of installation, the overhead installation segment is dominating the market because of the low transmission losses and easy installation processes.
The report is based on an in-depth analysis of the High Voltage Cables Market. It offers details about major factors propelling and repelling growth, along with major High Voltage Cables Market trends and opportunities. Such insights will help players invest accordingly and strategize their moves in order to maintain their position in the competition. The report is available for sale on Fortune Business Insights website.
Rise in Greenhouse Gas Emission is Fueling Demand for Renewable Sources Energy, thus Boosting Market
The increasing population, coupled with the rise in urbanization and industrialization are important factors boosting the market for high voltage cables. In addition to that, age old grid infrastructures are being replaced by the new ones, and this requires high current carrying capacity over long distances in order to satisfy the power transmission and distribution throughout. This is anticipated to promote the growth of the market in the forecast period.
On the other hand, the increase in greenhouse gas emission concerns have urged various nations to look for alternative ways of extraction energy from renewable sources of energy. This created the demand for alternative sources of energy such as solar and wind energy. All factors mentioned above are further prognosticated to promote the growth of the market in the forecast duration.
On the flipside, high cost of materials used for making cables such as steel, aluminum, copper, and others may act as a hindrance to the market in the future. Nevertheless, active participation of government in building of smart grid technology, coupled with the rise in the number of offshore power projects are likely to create lucrative growth opportunities for the market in near future.
Asia Pacific to Hold High Market Share on Account of Increasing Demand for Renewable Power Sources
As per Fortune Business Insights, the market for high voltage cables is expected to attract high revenue from Asia Pacific owing to the rising population and surge in demand for power generation to serve various residential, industrial and commercial purposes. In 2018, the Asia Pacific held a High Voltage Cables Market share of USD 11.50 Billion. On the other side, North America currently holds a small High Voltage Cables Market share due to the ongoing replacement of the age old grids. However, the oil and gas exploration activities are also driving the regional market.
List of Key Companies Operating in the High Voltage Cables Market include:
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