High Voltage Cable Market Size, Trends and Growth Analysis by 2027

The global high voltage cable market was valued at approximately US$ 28.8 billion in 2018 and is projected to expand at a compound annual growth rate (CAGR) of 6.1% from 2019 to 2027, ultimately reaching around US$ 47.8 billion by 2027.

Several factors are propelling the growth of the high voltage cable sector. The increasing demand for electricity, driven by industrialization and economic progress, along with heightened investments in renewable energy sources, are significant contributors. However, fluctuations in the prices of conductor materials may pose challenges to the market in the near future. Additionally, the rising emphasis on smart grid technologies and the growing need for electricity in remote and offshore areas are expected to present lucrative opportunities for the high voltage cable market.

Key players in the high voltage cable industry are actively pursuing strategic initiatives to enhance their product offerings and broaden their geographical reach. This proactive approach is further fueling the expansion of the high voltage cable market.

The global high voltage cable market is categorized based on type, end-user, and geographical region. In terms of type, the market is divided into overhead, underground, and submarine cables. Currently, underground cables dominate the high voltage cable market due to their widespread application across various sectors, including power utilities, mining, paper and pulp, and cement industries.

When examining end-users, the market is segmented into industrial (including oil and gas, mining, power utilities, chemical and petrochemical sectors, among others), renewable (such as wind and hydropower), and infrastructure (covering both commercial and residential applications). The industrial segment held the largest share in 2015, primarily due to rapid industrialization in emerging economies like China, Japan, and India.

Geographically, the high voltage cable market is divided into North America, Europe, Asia Pacific, and Latin America, as well as the Middle East and Africa.

Asia-Pacific has emerged as the leading market for high voltage cables, largely driven by the increasing demand from developing nations, particularly China. The region's swift industrialization has significantly boosted the high voltage cable market. The prevalence of underground and overhead lines is notably higher in developing areas such as Asia-Pacific and LAMEA, attributed to their cost-effectiveness and operational simplicity. Conversely, submarine and underground cables are more commonly utilized in developed regions like Europe, where high population density and substantial offshore wind capacity potential exist. The demand for cables has also surged in North America and Europe, fueled by the growth of solar and wind energy technologies.

The overall size of the high voltage cable market has been determined through a combination of primary and secondary research methods. The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data related to the high voltage cable market. This research also includes an overview and forecast of the global high voltage cable market, segmented by the five major regions: North America, Europe, Asia-Pacific, and Latin America, as well as the Middle East and Africa.

Furthermore, primary interviews with industry participants and experts were conducted to validate the data and analysis. Participants typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the high voltage cable sector.

Notable companies operating within the high voltage cable market include Dubai Cable Company - Ducab, Furukawa Electric Co., Ltd., Nexans SA, NKT A/S, Prysmian Group (General Cable Corporation), Siemens AG, Southwire Company, LLC, Sumitomo Electric Industries, Ltd., TELE-FONIKA Kable SA (TF Kable), and ZTT Group, among others.