High Voltage cable (HVC) is used for electric power transmission at high voltage over long distances to meet the electricity demand at the respective loads. The market is expected to witness a notable growth during the forecast period. This is due to the advantages such as presence of additional insulation jacket that minimizes power loss, and enhanced stability in comparison to other cables. HVCs are widely used in overhead lines, underground cables, and submarine cables.
The market is largely driven by the industrialization and urbanization in developing countries such as China, Japan and India. Moreover, increased number of renewable energy projects such as wind and solar power plants have supplemented the growth of HVC market. However, volatile prices of metals such copper and aluminum adversely impact the market growth. Moreover, growing investments in smart grid technology and increasing number of offshore power projects in developing countries are expected to create numerous opportunities for the growth of HVC market in the years to come.
The leading players in the market have introduced new products to increase their product portfolio and customer base. For instance, in 2016, Prysmian Group has started a new project for submarine power cable links in the Venetian Lagoon, Italy. This project would strengthen the high-voltage power transmission grid market in the Venetian Lagoon. Further, in 2014, ABB introduced extruded HVDC cable systems with double transmission capacity at 525 kV level. The company has targeted large renewable installations that need bulk power to be transmitted over long distances with minimal transmission loss.
The HVC market is segmented on the basis of type, end user and geography. Based on type, the market is divided into overhead, underground, and submarine. At present, underground cables hold a significant share, owing to growing energy demand in industries such as oil & gas, mining, power utilities, and chemicals among others. On the basis of end user, the market is bifurcated into industrial (oil & gas, mining, power utilities, chemical & petrochemical, and others), renewable (wind, hydropower, and others) and infrastructure (commercial and residential). Among the end user segment, industrial accounted for the maximum share in 2015.
On the basis of geography, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America is divided into U.S., Mexico, and Canada, whereas Europe is further segmented into Italy, Sweden, Germany, France, and rest of Europe. The countries covered under Asia-Pacific are China, India, Japan, South Korea, and rest of Asia-Pacific. LAMEA includes Latin America, Middle East, and Africa.
The major companies profiled in the report include Siemens AG, Prysmian Group, Nexans, Southwire Company, LLC, General Cable Technologies Corporation, Dubai Cable Company Private Limited, TELE-FONIKA Kable S.A., NKT Cables, ABB, and Sumitomo Electric Industries, Ltd.
POTENTIAL BENEFITS FOR STAKEHOLDERS
The market is segmented on the basis of type, end user, and geography.
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