Latest industry research report on 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 anticipated to grow at a CAGR of 6.7 % from 2016 – 2022.
The high voltage cable market is largely driven by ongoing 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. Furthermore, these cables offer several 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. However, volatile prices of metals such copper and aluminum adversely impact the market growth.
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Growing investments in smart grid technology and increasing number of offshore power projects in developing countries are further expected to create numerous opportunities for the growth of HVC market in the years to come.
Underground cables are more preferred cables among others owing to their application in various industries such as power utilities, oil & gas and mining. However, submarine cables are expected to grow significantly during the analysis period. The growth of these cables is attributed to the discoveries of new river basins, new found places in ocean for oil and gas excavation, and tidal power plants.
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World High Voltage Cable Market Scenario High voltage cables are mainly used to transmit heavy electrical energy from power plants to substation at a very high voltage level. High voltage cables can withhold voltages from 66 kilovolts up to 660 kilovolts, are rugged in design, have larger life span and are available for all three, underground, overhead and under water operations. Major factors fuelling the demand of HVCs are growing industrialization, urbanization, up gradation of power grids and increasing number of power plants of renewable energy resources.
HIGH VOLTAGE CABLE MARKET SEGMENTATION
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