SAN FRANCISCO, July 9, 2020 /PRNewswire/ -- The global high voltage cables market size is expected to reach USD 47.2 billion by 2027 registering a CAGR of 3.7%, according to a new report by Grand View Research, Inc. Increasing investments in offshore wind farms and preference for energy generation from renewable sources are the major factors driving the market. The demand for refined power T&D systems is expected to be another critical factor driving the market over the forecast period.
High investments and new projects have been launched in various emerging economies for power generation from renewable energy sources. This energy generation needs to be supplied to the end-users through efficient cables with less transmission loss. Thus, high voltage (HV) cables allow the transmission and distribution of electricity safely. The submarine HV cables are also installed to enable communication between the regions across the globe.
Key suggestions from the report:
- The global market accounted for USD 35.11 billion in 2019 and is expected to register a CAGR of 3.7% from 2020 to 2027
- Overhead emerged as the largest installation segment in 2019 and is estimated to retain the leading position throughout the forecast period
- Asia Pacific holds the largest share in the global market. Grid interconnections and increasing offshore wind farms projects in the region are the key factors responsible for region's growth.
Read 120 page research report with ToC on "High Voltage Cables Market Size, Share & Trends Analysis Report By End Use (Energy & Power, Building & Construction), By Installation (Overhead, Underground, Submarine), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/high-voltage-cables-market
The power grid interconnection has proved beneficial for the growth of the overall market due to its advantages including reduced transmission losses and efficient power transmission. In addition, the power grid operator is undergoing upgradation and renovation of the old infrastructure. For instance, in 2019, NKT A/S signed a contract with TenneT (Germann-Dutch) power grid operator to provide HV cables.
Grand View Research has segmented the global high voltage cables market on the basis of installation, end use, and region:
- High Voltage Cables Installation Outlook (Revenue, USD Billion, 2016 - 2027)
- High Voltage Cables End-use Outlook (Revenue, USD Billion, 2016 - 2027)
- Aerospace & Defense
- Building & Construction
- Oil & Gas
- Energy & Power
- IT & Telecommunication
- High Voltage Cables Regional Outlook (Revenue, USD Billion, 2016 - 2027)
- North America
- Asia Pacific
- South America
- Middle East & Africa
- List of Key Players of High Voltage Cables Market:
- Prysmian Group
- NKT A/S
- Southwire Company, LLC
- Sumitomo Electric Industries, Ltd.
- Finolex Cables
- Dubai Cable Company, Pvt. Ltd.
Find more research reports on HVAC & Construction Industry, by Grand View Research:
- Robotic Lawn Mowers Market – Rising adoption of gardening as a hobby, and rising disposable incomes are expected to drive the growth of the market over the forecast period.
- Mobile Cranes Market – The increasing residential and commercial construction in developing countries is driving the market growth.
- Wires And Cables Market – Increasing urbanization and rapidly growing building infrastructure are the major factors driving the growth.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Corporate Sales Specialist, USA
Grand View Research, Inc.
Toll Free: 1-888-202-9519
Follow Us: LinkedIn | Twitter
SOURCE Grand View Research, Inc.