High Voltage Cables Market Growing at CAGR of 7.11 % | Forecast to 2026
The global High Voltage Cables Market is expected to witness robust growth on account of increasing demand for power generation in order to supply electricity to the increasing population. For instance, a preferred supplier agreement or PSA was signed by NKT for the delivery of high voltage DC for both offshore and onshore locations. Here, NKT would act as the main contractor and export cable systems from the Doggerbank Creyke Beck A and B offshore wind farms.
Info Source: https://www.fortunebusinessinsights.com/industry-reports/high-voltage-cable-market-100794
Fortune Business Insights in their report titled, “High Voltage Cables Market Size, Share & Industry Analysis, By Installation (Overhead, Underground, Submarine), By Voltage (100 kV – 250 kV, 251 kV – 400 kV, Above 400 kV), By End-User (Industrial, Utility) and Regional Forecast, 2019-2026.” foresees the global market to exhibit a CAGR of 7.11% and reach a value of USD 54.97 Billion by 2026 from USD 31.89 Billion in the year 2018. On the basis of installation, the overhead installation segment is dominating the market because of the low transmission losses and easy installation processes.
Some of the players operating in the high voltage cables market include:
- Furukawa Electric Co., Ltd.
- General Cable
- Prysmian Group
- Dubai Cable Company – Ducab
- Schneider Electric
- Universal Cables Ltd
- Riyadh Cables Group Company
- ZTT
- Nexans
- NKT
- ABB
- Jiangnan Group Limited
- Tratos
- Brugg Cables
- Synergy Cables
Medium Voltage Cables Market Observed -11% Growth Stoked by Reduced Energy Demand amid COVID-19
The lockdown enforced amid the COVID-19 pandemic had significantly reduced the energy and power consumption among nations globally. For instance, according to the International Energy Agency, the overall demand for electricity in China, the first nation to be affected by the pandemic, was -11% in February 2020 compared to the same month in 2019. This has significantly impacted the growth of the related markets including this market. According to our analysis, the market observed a -9.6% growth in 2020.
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The global High Voltage Cables Market is expected to witness robust growth on account of increasing demand for power generation in order to supply electricity to the increasing population. For instance, a preferred supplier agreement or PSA was signed by NKT for the delivery of high voltage DC for both offshore and onshore locations. Here,…