Global High Voltage Cables Market: Overview
High voltage cable is used for transmission of electric power that varies from 1,000 volts. High voltage cables that distribute high power are coated with paper and oil, due to which direct contact of the cable with a person or other material can be avoided. The length of these cables isn’t fixed, as it totally depends on the application and specific electrical parameters. High voltage cable quality depends on the type of material used for insulation and semiconducting layers. High demand from the end users is also one factor responsible for the growth of the global high voltage cable market.
Global High Voltage Cables Market: Segmentation
The global high voltage cable market is broadly segmented based on its product types, type of laying method, end users, and regionally. Based on the product type it is segmented as conductors, overhead products, MI cables, XLPE cables, underground and submarine products, cable joints, cable terminations and fittings and fixtures. Further based on its laying type it’s bifurcated as overhead, submarine, and underground method. High voltage cable is utilized at every power consuming units, so based on end user industries it is diversified as oil & gas, power utilities, mining, commercial & residential power supply, and chemical industries. In addition, global high voltage cable market is also broadly diversified in many regions this includes North America, Europe, Asia-Pacific, Middle East, Africa and Rest of the World.
Global High Voltage Cables Market: Growth Factors
Growing Industrialization with simultaneous urbanization in developing countries and a large number of ongoing renewable projects is the major driver of the global high voltage cable market. Increased demand for the efficient transmission system, offshore wind farms, adoption of smart grid technology by consumers is fueling the demand for the high voltage cables and products. Augmented government investments in smart grid technology and renewable projects are creating equal opportunities for the global market. On the other side intricate project planning, delay in approval procedures, funding constrictions are some factors hindering the growth of the global high voltage cable market.
Global High Voltage Cables Market: Regional Analysis
Geographically, Asia Pacific region is expected to lead the global high voltage cable market due to growing industrial activities and introduction of high power machinery in manufacturing companies. North America is expected to show a moderate growth due to growing infrastructure in the region.
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Global High Voltage Cables Market: Competitive Players
Some of the prominent players leading the global high voltage cable market comprise Encore Wire Corporation, Prysmian Group, NKT Cables, General Cable Corporation, Finolex Cables Ltd, Encore Wire Corporation, ABB Ltd., Nexans, Sumitomo Electric Industries, Ltd., Kerite and Brugg Kabel AG.