The Asia Pacific high voltage cable market accounted for US$ 10.11 Bn in 2018 and is expected to grow at a CAGR of 7.2% over the forecast period 2019-2027, to account for US$ 18.33 Bn in 2027
NEW YORK, Jan. 20, 2020 /PRNewswire/ -- The Asia Pacific high voltage cable market accounted for US$ 10.11 Bn in 2018 and is expected to grow at a CAGR of 7.2% over the forecast period 2019-2027, to account for US$ 18.33 Bn in 2027. The factors responsible to drive the growth of the high voltage cable market is consists of growth in modern grid infrastructure and offshore wind farms to increase the electrification rate throughout emerging countries. On the contrary, fluctuating prices of metal such as aluminum and copper might restrict the growth of high voltage cable market. The APAC region holds significant potential and demand for power generation, and with favorable government policies to create attractive investment environment, the growth of renewable power industry is expected to rise at an impressive rate in the near future. Moreover, rising electricity demand and the vast potential for renewable energy generation are expected to boost the demand for high-voltage cables during the forecast period.
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The high voltage cable market is fragmented in nature due to the presence of several industries, and the competitive dynamics in the market is anticipated to change during the coming years.In addition to this, various initiatives are undertaken by governmental bodies to accelerate the high voltage cable market further.
China is one of the largest consumers of energy in the form of coal, oil, and gas.According to the China Electricity Council (CEC), the installed power generation capacity of China is likely to reach 2,000 GW by 2019, and coal is anticipated to contribute ~1,040 GW to the overall power generation.
Moreover, new installations of power capacity are likely to reach 110 GW by 219, registering more than 60 GW from non-fossil fuel sources.As per BP Energy Outlook 2019, China is expected to remain the largest energy consumer with a share of 22% of total energy consumption in 2040.
The energy mix of China is evolving at a fast rate; the share of coal is anticipated to decrease from 60% in 2017 to ~35% by 2040. However, the share of renewables is expected to rise from 3% in 2017 to ~18% in 2040. More consumption of energy is expected to boost the high voltage cable market.
The high voltage cable market on the basis of type is segmented into overhead, underground and submarine. During the forecast period of 2019 to 2027, the Underground high voltage cable is anticipated to be the largest contributor in the high voltage cable market and is also projected to be the fastest growing segment with the highest CAGR over the forecast period.
The overall high voltage cable market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the high voltage cable market.
It also provides an overview and forecast for the high voltage cable market based on all the segmentation provided with respect to the Asia Pacific region.Also, primary interviews were conducted with industry participants and commentators to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the high voltage cable market. Some of the players present in high voltage cable market are Dubai Cable Company - Ducab, Furukawa Electric Co., Ltd., Nexans SA, NKT A/S, Prysmian Group (General Cable Corporation), Siemens AG, Southwire Company, LLC, Sumitomo Electric Industries, Ltd., TELE-FONIKA Kable SA (TF Kable), and ZTT Group among others.
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