Product Code: 49111
The market for High voltage cables is expected to grow at a CAGR of more than 6.5% during the forecast period of 2020 - 2025. The growing electricity generation and consumption, along with changing power generation industry dynamics are expected to drive the transmission and distribution network growth which, in turn, is expected to drives the high voltage cables market during the forecast period. Also, the renewable power plants are generally located in remote areas and hence are required to be connected to main grid, which requires new transmission infrastructure. Therefore, growth of renewable energy sector is expected to drive the market during forecast period. On the other hand, intricate project planning, delay in approval procedures, and funding constrictions are some of the factors hindering the global high voltage cable market.
- HVDC transmission segment is expected to be dominate the high voltage cables market as there are very few technical limits to the potential length of an HVDC cable compared to HVAC cable.
- As the global focus have shifted towards implementation of high voltage power transmission systems, the upgradation of the existing transmission network and addition of new capacities provide huge business opportunities for the market studied.
- Asia-Pacific is expected to dominate the market with majority of the demand coming from the countries such as India and China.
Key Market Trends
HVDC Transmission Segment to Witness Significant Growth
- HVDC cables play an important role in a growing number of HVDC links. While the fixed costs of terminals at both ends of HVDC links are more expensive than AC, the cost per unit length of the line itself is lower. With all the other things being equal, the longer the distance of the link, the lower the relative cost of the link per unit of energy.
- Over a break-even distance (approximately 600-800 km for current technologies), HVDC becomes the lowest cost option. Also, there are no technical limits to the potential length of an HVDC cable.
- HDVC cable transmissions offer many technical advantages, such as lower losses, improved system stability, and enhanced reliability. Cable links longer than approximately 80 km usually require HVDC transmission. This is because for underground or submarine cables, hardly any electricity is delivered when AC lines are 80 km or longer (the cable capacities absorb the usable electricity; hence, DC cables are a beneficial alternative).
- HVDC cable systems are the most viable solution for the transfer of power between asynchronous networks that cross large water bodies, require longer transmission lines, and usually come in a hybrid configuration. These systems provide controllable bulk power transmission capacity without an increase in short circuit current levels.
- Therefore, the development of HVDC transmission projects is expected to witness significant demand for High voltage cables during the forecast period.
Asia-Pacific to Dominate the Market
- Many countries in Asia-Pacific have inadequate transmission and distribution (T&D) network and hence, electricity is not available in some of the remote and rural areas. To bring electricity to these areas, the countries in the region are investing heavily in building transmission line network.
- The expansion of these networks is expected to register a significant growth during the forecast period, which, in turn, is expected to drive the high voltage cables market in the region.
- Many countries in the region have failed to fulfill the growing demands, and hence, must face load shedding problems. The transmission infrastructure in these countries are old, and hence, causes high transmission losses. In order to reduce these transmission losses, developing countries in the region, such as India and China, are expected to replace the older transmission network with modern high voltage cables, that helps in driving the market over the forecast period.
- India has made substantial progress in improving its energy-system efficiency over the recent years. This is best illustrated by the reduction in the peak power deficit since FY 2009-10, from more than 12% to just -0.8% in FY 2018-19, with regular periods of surplus in the new year. Additionally, continuing the trend, the expected peak power deficit for FY 2019-2020, by Ministry of Power, as on December 2019, was -0.7%.
- The power transmission and distribution grid of China has been experiencing major up gradations and modifications for making it capable to transmit higher electricity and cope up the future demand.
- Therefore, based on the factors like expansions and upgradations, especially in Asia-Pacific region, is expected to have a positive impact on high voltage cables market.
The global high voltage cables market is fragmented. Some of the major companies include ABB Ltd, Cable Corporation of India Limited, Finolex Cables Ltd, Nexans SA, and Prysmian SpA.
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Table of Contents
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast till 2025
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
- 4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
- 4.7 Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitutes Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 Location of Deployment
- 5.1.1 Overhead Cables
- 5.1.2 Underground Cables
- 5.1.3 Submarine Cables
- 5.2 Type of Transmission
- 5.3 Voltage Level
- 5.3.1 50KV - 110KV
- 5.3.2 115KV - 330KV
- 5.3.3 Greater than 330KV
- 5.4 Geography
- 5.4.1 North America
- 5.4.2 Asia-Pacific
- 5.4.3 Europe
- 5.4.4 South America
- 5.4.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
- 6.3 Market Share Analysis
- 6.4 Company Profiles
- 6.4.1 ABB Ltd.
- 6.4.2 Cable Corporation of India Limited
- 6.4.3 Finolex Cables Ltd
- 6.4.4 Nexans SA
- 6.4.5 NKT A.S.
- 6.4.6 Prysmian SpA
- 6.4.7 Siemens AG
- 6.4.8 Southwire Company LLC
- 6.4.9 Tratos
7 MARKET OPPORTUNITIES AND FUTURE TRENDS