The government deregulations in the global electricity supply markets, along with growing environmental awareness are propelling the demand of high voltage cables in the power transmission infrastructure. The modern high voltage cables system is widely used in overhead lines, underground cables, and submarine cables, along with incorporated optical joints for supplying high voltage electricity over longer lengths than ever before. The demand of underground high voltage electric cables is spurred by the growing demand of electricity in the densely populated urban areas. The demand of submarine high voltage cable is driven by growing interconnection of power grids, in addition to increasing electricity generation by renewal sources, such as offshore wind and tidal. Moreover, the power grids in developed markets are gradually ageing, and hence the replacement of high voltage electric cables in most of the European countries is overdue in next five to six years.
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Based on type, the global high voltage cable market can be broadly classified as overhead cables, underground cables, and submarine cables. Based on accessories, the global high voltage market can be segmented as overhead accessories, underground accessories, and submarine accessories. The overhead high voltage cable accessories are further classified, as fittings & fixtures and conductors. The underground and submarine high voltage accessories are further classified as MI cables, XLPE cables, cable joints, and cable terminations.
Factors such as rapid growth of offshore wind farms, along with the growing concern over the transmission loses are driving the global high voltage cable market. The high capital requirement, in addition to complex design and authorization procedure is hindering the growth of the high voltage cable market.
The growing investment in smart grid technology, along with expanding offshore power projects in developing countries is expected to become the market growth opportunity for the high voltage cable market during the forecast period. The growing demand of electricity in developing countries, owing to industrialization and urbanization is also expected to increase the market penetration of low transmission loss high voltage cable market, during the forecast period.
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Asia-Pacific accounted for the largest market of high voltage cable and accessories in 2014. The high demand of high voltage cable in Asia-Pacific is, due to the improving power transmission infrastructure in the developing countries including China, India, Indonesia, and Pakistan. The Asia-Pacific high voltage cable market is also the fastest growing high voltage cable market, and is expected to maintain its dominance during the forecast period. The overhead high voltage cable accounted for the largest market share in 2014. The underground high voltage cable is the fastest growing market segment in Asia-Pacific. Europe is the second largest market of high voltage cables. The demand for high voltage cable market in the region is driven by ongoing replacement of the existing power transmission infrastructure in key countries, such as Germany, the U.K., and Russia. Russia recently announced to invest about 800 million for the new transmission lines during 2015 to 2020. The development of solar energy, along with offshore wind energy capacity in Asia-Pacific is expected to lay new market opportunities for the high voltage cable manufacturers in the coming years.
Some of the competitors in the high voltage cables market are, ABB Ltd., NKT Cables, Prysmian Group, Finolex Cables Ltd., Brugg Kabel AG, Nexans, General Cable Corporation, Sumitomo Electric Industries, Ltd., Encore Wire Corporation, and Kerite.
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