The global high-voltage cables market has witnessed significant growth during 2012 - 2015, due to growth in renewable energy infrastructures, projects for grid interconnections and installation of efficient transmission systems. Industries are continuously investing in the development and enhancement of the infrastructure to meet power transmission requirements. Additionally, high voltage cables are being used for underground and underwater applications, buildings and overhead lines to transmit electricity. High voltage cables find their application in industrial usage. Moreover, shorter cables are used in the insulation apparatus. The growing application in various industries is driving the demand for high voltage cables across the globe.
The insulation of high voltage cables does not degrade due to high voltage. The cables with higher power distribution capacity are insulated with oil and paper. The length of high voltage cable varies as per the application and requirement. Also, the quality of high voltage cables depends on semiconducting layers and the insulation. Additionally, these cables offer the advantages of having additional insulation jacket that minimizes power loss, and enhanced stability in comparison to other cables.
Key factors supporting the growth of the global HVC market include the increased government initiatives in smart grid technology and offshore power projects, worldwide. Several developing countries have an old power transmission infrastructure that offers inefficient power supply and eases power theft. These factors are prompting utilities providers to improve the existing power transmission infrastructure, which is expected to create the demand for high voltage cables. Since, projects for power generation through renewable energy sources are increasing every year, therefore, efficient transmission network is required to connect generation plants and consumption centers, which is likely to bolster the growth of the global high voltage cables market.
The global high voltage cables market has been segmented based on the type of use, product type and region. Asia-Pacific has been the leading region in the global high voltage cables market, owing to increasing number of infrastructure and renewable energy projects in the region.
North America is focusing on upgrading its power grid infrastructure to enhance the efficiency of power generation and comply with better and advanced infrastructure. Grid infrastructure is required to be upgraded to provide continuous power supply and avoid power shortages. Governments in countries such as the U.S. and China are investing in building of infrastructure for renewable energy sources. Energy infrastructure upgradation and installation of new power grids are fueling the growth of the global high voltage cables market, during the forecast period.
The factors acting as key restraints for the global high voltage cables market include delay in implementation of power projects, due to various government approval policies for HSE. High voltage direct current (HVDC) with a smart grid network helps in improving the overall power efficiency and offers opportunities for the companies engaged in providing better power transmission system.
The key players operating in the global high voltage cables market are ABB Ltd., Prysmian Group, Sumitomo Electric Industries, Ltd., Nexans, NKT Cables, Okonite and General Cable Corporation (U.S.).