High Voltage Cable Market size was valued at USD 40.59 billion in 2023 and is set to reach USD 92.04 billion by the end of 2036, expanding at around 6.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of high voltage cable is assessed at USD 42.7 billion.
The growth of the market can be attributed to increasing consumption of energy globally, rapid growth of renewable energy sector, and growing investments in electricity transmission and distribution systems. The total energy supply globally witnessed a notable hike from 2010 to 2018. The quantity amounted to more than 12.5 million ktoe in the latter and approximately 15 million ktoe in the former year. Furthermore, increasing adoption of smart grids in developed and developing nations is also estimated to drive market growth in the coming years. Apart from these, rising investments in replacement of old grid infrastructure is expected to offer lucrative opportunities to the market during the forecasted time.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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CAGR |
6.5% |
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Base Year Market Size (2023) |
USD 40.59 billion |
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Forecast Year Market Size (2036) |
USD 92.04 billion |
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Regional Scope |
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The market is segmented by installation into underground, overhead and submarine, out of which, the overhead segment is anticipated to hold the largest share in the market on account of the wide usage of this form of installation as a result of its cost effectiveness and ease of installation. However, the segment for underground installation is projected to gain traction in the near future owing to its fewer transmission losses, discharge of no electric fields and reduction of maintenance costs. Growing demand for underground installation from commercial, residential and automotive industries is also estimated to boost growth of this segment. Additionally, on the basis of application, the energy & power segment is evaluated to gather the largest market share during the forecast period ascribing to the growing number of rural energy plans and rapid urbanization.
Our in-depth analysis of the global market includes the following segments:
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By Voltage |
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By Installation |
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By Application |
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On the basis of geographical analysis, the high voltage cable market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in Asia Pacific industry is set to account for largest revenue share by 2036, led by growing population and power requirement in the region. For instance, the population of China is calculated to reach to approximately 1.42 billion in the year 2026. According to the World Bank, the current population of the nation is 1.397 billion. Moreover, growing investment in building transmission line networks in rural areas in nations, namely China and India is expected to fuel the expansion of market in the near future. However, the Middle East and Africa region is also predicted to observe modest market growth during the forecast period wing to rising investments to promote wind energy. This in turn is assessed to increase the demand for high voltage cables in the region.
Author Credits: Dhruv Bhatia
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