According to the report published by Allied Market Research, the global high voltage cables market generated $14.6 billion in 2019, and is estimated to reach $23.4 billion by 2027, registering a CAGR of 6.0% from 2020 to 2027. The report offers an extensive analysis of the changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Growing industrialization and urbanization, rise in number of infrastructure in developing industries and growing investment in smart grid technology drive the growth of the global high voltage cables market. However, volatile prices of metals such as copper and aluminum hinder the market growth. On the other hand, expanding offshore power projects in developing countries create new opportunities in the coming years.
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Based on installation, the underground segment contributed to the largest share in 2019, accounting for more than half of the total share, and is estimated to maintain its dominant position during the forecast period. However, the submarine segment is estimated to portray the highest CAGR of 7.3% during the forecast period.
Based on end-user, the industrial segment accounted for the largest share in 2019, holding more than two-fifth of the total share, and is expected to maintain the largest share throughout the forecast period. However, the infrastructure segment is expected to register the highest CAGR of 7.9% from 2020 to 2027.
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Based on geography, the high voltage cable market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific and Europe collectively accounted for around 68.6% share in 2019, with the former constituting around 43.7% share. LAMEA and Asia-Pacific are expected to witness considerable CAGRs of 7.4% and 7.0%, respectively, during the forecast period. The cumulative share of these two segments was 54.3% in 2019, and is anticipated to reach 58.9% by 2027.
Leading market players analyzed in the research include Dubai Cable Company Pvt. Ltd., NKT Cables, Nexans, South wire Company, LLC, Sumitomo Electric Industries, Ltd, and PrysmianGroup.Insights by Growth, Emerging Trends and Forecast By 2030. The high voltage cable market is concentrated, as top five players account for 60% share of the overall HVC market. Among the top five players of HVC market, the Prysmian Group dominated the market in 2015, occupying 25% of the total market share; followed by the ABB group, which claimed 22% of the total market capital.
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Covid-19 scenario:
- Due to reduced fixed investments and industrial activities, the global lockdown has led to a decrease in global wire and cable demand throughout 2020.
- With the outbreak of the pandemic, industries that manufacture high voltage cables have shut down their operations. Therefore, it is likely to affect other supporting industries including the road and building construction & utility industries.
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