The high-voltage power cable market share is expected to increase by USD 33.81 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 5.42%.

This high-voltage power cable market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers high-voltage power cable market segmentations by product (high-voltage and extra-high voltage) and geography (APAC, North America, Europe, South America, and MEA). The high-voltage power cable market report also offers information on several market vendors, including Belden Inc., Eland Cables Ltd., Furukawa Electric Co. Ltd., KEI Industries Ltd., Leoni AG, Nexans SA, NKT AS, Prysmian Spa, Sumitomo Electric Industries Ltd., and TERNA S.p.A. among others.

What will the High-voltage Power Cable Market Size be During the Forecast Period?

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High-voltage Power Cable Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing investments in renewable energy projects is notably driving the high-voltage power cable market growth, although factors such as stringent regulations may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the high-voltage power cable industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key High-voltage Power Cable Market Driver

One of the key factors driving the high-voltage power cable market growth is increasing investments in renewable energy projects. Fossil fuels are one of the major contributors to emissions globally, and as of 2015, more than two-thirds of electricity generated worldwide is from fossil fuels. This has shifted the focus to cleaner fuel sources such as nuclear and renewables. Renewable energy capacity worldwide has grown tremendously, supported by lucrative government policies, incentives, and rebates. This has led to a significant increase in the share of renewables and alternative sources of energy in the global energy mix. A total of 260 GW of new renewable power capacity came online globally in 2020, which accounted for two-thirds of the total capacity addition. Countries across the world are rapidly adding renewable capacity to reduce their dependence on coal and other polluting fuels. Therefore, bringing these capacity additions will give rise to the need for appropriate infrastructure to transmit this electricity, thus driving the demand for high-voltage power cables.

Key High-voltage Power Cable Market Trend

Increase in sales of HVDC power cables are the major trend influencing the high-voltage power cable market growth. Underground HVDC power cables are considered viable alternatives for the transmission of high-voltage power over long distances. HVDC power systems are economically viable for long-distance bulk power delivery. In 2015, the European Commission granted a sum of $598 million to create an internal energy market and improve energy security. These projects are aimed at ending energy isolation and removing the factors that hinder the growth of the European internal energy market. With the growing need to connect renewable energy to grid networks, many renewable power projects, including offshore wind power plants and solar energy plants, are coming up in different parts of Europe. These renewable power projects are typically set up in places far away from energy load centers. Moreover, the rising number of offshore wind energy plants in Europe will boost the sales of submarine HVDC cables.

Key High-voltage Power Cable Market Challenge

Stringent regulations is one of the key challenges hindering the high-voltage power cable market growth. Electrical wire and cable manufacturers are required to comply with various safety rules and regulations for the installation of power cable systems. These regulations are scripted and decided by regulatory bodies such as ANSI, IEC, and IEEE. The rules vary depending on the circuit voltage, temperature rating, and environmental conditions. Compliance with these rules and regulations and adherence to specified standards while manufacturing wires and cables pose significant challenges to vendors. Also, vendors that focus on the export of wires and cables have to design their products in compliance with the standards and regulations of the export market, which increases their cost of production as they need to manufacture the same products with varying technical specifications. Thus, these norms and regulations on the manufacture of cables affect the profit margins of vendors.

This high-voltage power cable market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global  high-voltage power cable market as a part of the global electrical components and equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the high-voltage power cable market during the forecast period.

Who are the Major High-voltage Power Cable Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Belden Inc.
• Eland Cables Ltd.
• Furukawa Electric Co. Ltd.
• KEI Industries Ltd.
• Leoni AG
• Nexans SA
• NKT AS
• Prysmian Spa
• Sumitomo Electric Industries Ltd.
• TERNA S.p.A.

This statistical study of the high-voltage power cable market encompasses successful business strategies deployed by the key vendors. The high-voltage power cable market is fragmented and the vendors are deploying growth strategies such as increase in R&D and M&A to compete in the market.

Product Insights and News

• Belden Inc. - The company offers high voltage power cable such as hybrid copper fibre cable, portable cordage, digital electricity cable, industrial cable and others.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The high-voltage power cable market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

High-voltage Power Cable Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the high-voltage power cable market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for High-voltage Power Cable Market?

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56% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for high-voltage power cable in APAC. Market growth in this region will be faster than the growth of the market in other regions.

APAC witnesses massive demand for electricity, mainly due to the considerable growth in electricity-consuming sectors. The rising urban population and increase in the standard of living have made electricity a valuable commodity in many major countries in the region. This has compelled many of these countries to open up the power sector to private players. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 in 2020 negatively impacted the regional high-voltage power cable market and resulted in supply chain disruptions and the closure of manufacturing units. This, in turn, led to a decline in the sales of high-voltage power cables. However, following the vaccination drives, the reopening of manufacturing units and the restoration of supply chains from Q3 2021 is estimated to drive the growth of the regional market during the forecast period.

What are the Revenue-generating Product Segments in the High-voltage Power Cable Market?

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The high-voltage power cable market share growth by the high-voltage will be significant during the forecast period. The growing demand for electricity is primarily driven by developing countries such as China and India. This is expected to lead to increased transmission activities, which in turn creates a higher demand for high-voltage cables. Moreover, renovation and expansion of existing T&D networks will also play a key role in driving the demand for high-voltage power cables during the forecast period.

Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the high-voltage power cable market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this High-voltage Power Cable Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive high-voltage power cable market growth during the next five years
• Precise estimation of the high-voltage power cable market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the high-voltage power cable industry across APAC, North America, Europe, South America, and MEA
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of high-voltage power cable market vendors

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