High Voltage Cable Market - Global Opportunity Analysis and
Industry Forecast, 2015 - 2022", projects that the global high voltage
cable (HVC) market is expected togarner $47.1 billion by 2022, growing at a
CAGR of 6.7% from 2016 to 2022.
HVCs operate at a voltage greater than 66KV, and are used
for electric power transmission and distribution over long distance with minimum
power loss. The HVC market is largely driven by increase in investments in
renewable energy projects and growth in urbanization, industrialization, and
infrastructure in developing countries such as India, China, and Brazil.
HVCs are segmented into three types, which include overhead,
underground, and submarine. The underground HVC segment holds a significant
revenue share in the globalHVC market, owing to the applications of these
cables in various industries such as power utilities, mining, paper & pulp,
and cement industry among others. However, submarine cables are expected to
witness the fastest growth during the forecast period, with a CAGR over 8%. The
growth would be driven by their applications in offshore power projects and oil
& gas industry and their various competitive advantages over other cables
such as presence of extra shield, armour, and protection & bedding.
Among the end user segment, industrial segment held the
highest revenue share in 2015, owing to growing energy demand in industries
such as oil & gas, mining, power utilities, and chemicals among others.
Renewable energy segment also contributed a significant revenue share of over
36% in the overall market in 2015. However, infrastructure segment is expected
to witness the fastest growth during the forecast period due to increase in
urbanization in developing countries such as China and India.
Asia-Pacific is the largest revenue-generating region in
this market, followed by Europe and North America. Among the countries of
Asia-Pacific, China is the largest market with nearly 60% revenue share of the
overall Asia-Pacific market due to its strong layout of transmission plans.
Furthermore, the market in Asia-Pacific is anticipated to exhibit a notable
growth, registering a CAGR of over 7% during the forecast period.
Key Findings of High Voltage Cable Market
- Underground cables would lead the market throughout the analysis period, with over 50% revenue share during 2014 - 2022.
- Segment of submarine cables is expected to grow at the highest CAGR during forecast period.
- In 2015, industrial segment contributed the highest revenue share, accounting for around 52% of the overall market revenue.
- Infrastructure segment is expected to register the highest CAGR during the forecast period.
- Asia-Pacific held the largest market share of about 42% of the total market value in 2015 and is projected to grow at the fastest rate during the forecast period.
Key players in the market have heavily invested in R&D
activities to develop high-quality and affordable HVCs to cater to the growing
energy demands in various industries such as oil & gas, mining, and power
utilities among others. Further, the market is concentrated, as top five
leading players, namely ABB, Prysmin Group, General Cables Technologies
Corporation, NKT Cables, and Nexans occupy around 60% of the overall market
revenue. The key strategies adopted by these leading players are product
launch, expansion, acquisition, partnership, and agreement; to strengthen their
market position and expand their geographical presence.
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