The U.S. high voltage cables market has observed a positive technological prospect on account of the increased spending towards the enhancement of long-distance transmission infrastructure. The U.S. DOE in 2017 allocated $10 billion to improve the existing electric network with an aim to reduce the curtailment rate across the western transmission infrastructure. A rising focus toward the re-establishment of conventional electrical devices with advanced high-quality products will further drive the high-voltage (HV) cables market.
The 50 kV – 110 kV HV cables market has gained significant impetus on account of large-scale commercial development and refurbishment of small-scale industries across emerging countries. In addition, suburban migration has further led to the integration of large multi-story apartments and residential complexes, which in turn, will strengthen the product penetration. The increasing dependency on large-scale industries, which include power generation and manufacturing facilities, has further complemented the HV cables market share.
The utility aided high voltage cables market surpassed an annual deployment of over 30,000 km in 2018. The incorporation of the grid-connected sustainable energy network, along with decentralized micro-grid infrastructure, leads to the demand for technically effective circuitry devices to bear the infusion of volatile frequency networks. Developers and manufacturers industry-wide have significantly been investing to instigate smart monitoring, performance and control units.
The global high voltage cables market is set to exceed $29 billion by 2025, as reported in the latest study by Global Market Insights, Inc. In recent years, the power transmission industry has observed an upsurge owing to the rising demand for efficient transmission and distribution control systems. Growing refurbishment demand for existing electrical setup along with increasing investments towards transmission grid enhancement will stimulate the HV cables market. Moreover, the lack of effective electric infrastructure across the emerging nations coupled with an inclination toward the advancement of prevailing infrastructure across developed economies has further infused a favorable business scenario.
The introduction of advanced overhead, underground and submarine cable technologies has integrated a sustainable business scenario. Suppliers and manufacturers have consistently been restructuring their research and development fund allocation to advance product portfolios in addition, fresh investments from leading participants to incorporate a versatile technological platform will augment the high voltage cables market share. Moreover, positive consumer inclination toward the deployment of these units with an aim to secure the environment and overall life expectancy of the electric infrastructure will foster the industry outlook.
Prominent high voltage cables market players include ZTT, NKT, Elsewedy, Prysmian, Sumitomo, Nexans, LS Cables, Sterlite Power, Furukawa Electric, KEI, Taihan Electric, Gupta Power, APAR, ABB, KEC, Alfanar, Kelani Cables, Southwire and Riyadh Cables.
Organic and inorganic strategies including M&A, technological and business collaborations and product-based research and development investments have been the primal reason for industry players to sustain their industry portfolio.
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