Market - - Sep 29,2017
Across the world, industries are highly investing the development or updating the infrastructure to accommodate the power transmission necessities, which spurs the demand for high voltage cables.
High-voltage cable, compared with other cables, has the characteristics of low loss, high transmission rate. These cables are used for transmission of electric power over long distances. In the next few years, its market demand will gain significant growth. In general, with the process of industrialization and urbanization accelerated, coupling with the more and more application of wind energy, solar energy and other renewable energy power, high-voltage cable market demand will expand steadily.
As per the report statistics, the worldwide market for high voltage cables is anticipated to surge at a CAGR of 3.46% during the period 2017-2022. Also, the estimated market size within the same period will be worth 12490.81 million (USD). Over the years, wide application areas such as overhead lines, underground cables and submarine cables require a magnificent demand for high voltage cables, thus having a positive impact on its market growth.
At present, power grids are frequently turning towards the adoption of underground high voltage cables due to its lower cost and high technological reliability for interconnections. Looking to this, governments are investing in smart grid technology, which provides several growth opportunities for the high voltage cables market. In terms of regional forecast, Asia Pacific region is also expected to contribute to the market development owing to rising focus on renewable sources of energy.
On the basis of application, the high voltage cables have wide essence in Utility, Industrial; Wind and Solar Industry. In terms of size, high voltage cables of longer length are used in an industrial application and as well as at buildings and shorter cables are used in the apparatus.
At present, the market is highly competitive due to the presence of several industry players, namely Prysmian, General Cable, Southwire, Nexans, Furukawa Electric, Sumitomo Electric, Elsewedy Electric and Others.
For more information on this report visit- https://www.marketresearchhub.com/report/2017-2022-global-top-countries-high-voltage-cables-market-report-report.html