High Voltage Cables Market Trends & Growth Opportunities Till 2030
The global high voltage cables market has emerged as a lucrative vertical in recent years and is poised to foresee massive growth over the forthcoming timeframe.
The global high voltage cables market has emerged as a lucrative vertical in recent years and is poised to foresee massive growth over the forthcoming timeframe. This massive demand can be accounted for the ongoing commercialization to serve the economic development globally having suitable FDI schemes to make a positive impact on commercial and industrial establishments, further accelerating the demand for complex and reliable grid infrastructure.
With rapid digitalization throughout the industrial peripherals, the competition in the market is growing due to increasing energy demand from communication base stations and data centers. Furthermore, increasing deployment of energy-efficient, secure, reliable, and advanced cables have provided a major growth trajectory to the global high voltage cables market outlook.
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The HV cables market is slated to witness a significant rise owing in coming years. The power cable industry is majorly controlled by several sets of mandates and guidelines. These guidelines are responsible for the standardization of manufacturing and deployment trends throughout the world.
With technological advancements and evolving mechanisms, grid-isolated establishments have been the major focus of regulators and installers in recent years since they have a massive capacity for market expansion and growth. Furthermore, rising energy demand facilitated by the growing customer shift towards the adoption of a sustainable electricity network is likely to complement the high voltage cables market size.
With regards to the application sector, in 2018, utility aided high voltage cables surpassed a yearly installation of more than 30,000 km. The integration of renewable energy infrastructure that is in-line with micro-grid networks that are decentralized are the key factors responsible for the rising demand for technically efficient circuitry components to tolerate the incorporation of networks with fluctuating frequency.
In fact, manufacturers have been significantly providing funds to stimulate control units and smart monitoring, thereby driving the growth of high voltage cables.
On the regional front, growing customer inclination towards energy-efficient systems is a key factor driving the growth of Europe high voltage cables market. The region is witnessing massive energy demand owing to the amount of power required in the distribution retrofitting and transmission industry.
German multinational conglomerate, Siemens, according to its survey, claimed that more than 60% of electricity transmission lines throughout Europe have been in working condition for about 25 years and that they require a re-installation. In addition, rising electricity demand would positively affect the fund flow across Europe T&D refurbishment sector, which would further provide a key development factor to the high voltage cables market across the region.
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Some of the key players contributing to the global high voltage cables market landscape include Southwire, ABB, Alfanar, KEI, Kelani Cables, KEC, Riyadh Cables, Gupta Power, Sterlite Power, Taihan Electric, APAR, NKT, Sumitomo, Prysmian, Elsewedy, LS Cables, Furukawa Electric, Nexans, and ZTT among others.
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