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)
-
- Overhead
- Underground
- Submarines
- High Voltage Cables End-use Outlook (Revenue, USD Billion,
2016 - 2027)
-
- Aerospace & Defense
- Building & Construction
- Oil & Gas
- Energy & Power
- IT & Telecommunication
- Others
- High Voltage Cables Regional Outlook (Revenue, USD Billion,
2016 - 2027)
-
- North America
-
- Europe
-
- Asia Pacific
-
- South America
-
- Middle East & Africa
- List of Key Players of High Voltage Cables Market:
-
- Prysmian Group
- Nexans
- 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.
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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.
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