Extra High Voltage Cables Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034
Page: 215 | Report Code: SE241023 | Research Suite: Report (PDF) & Market Data (Excel)
The extra high voltage cables refer to the electrical cables
designed to withstand and operate at high voltage levels, mostly exceeding the
normal level, minimizing the energy loss and enhancing grid stability. The
cables are made up of conductors of advanced materials and moreover insulated
with layers of advanced materials in order to withstand high voltages.
MARKET
OVERVIEW
The market valuation of the Extra High Voltage Cables market was valued at approximately USD xx billion in 2023 and is projected to reach USD xx billion in 2034 exhibiting a CAGR of xx.x% during the forecast period of 2024-2034. The extra high voltage cables enables efficient and reliable electrical supply. The market is aligned with diverse sectors, which makes it a sustainable and growing market.
GROWTH
DRIVERS
The rise in the demand of the electricity in the emerging economies like Asia and Africa is one of the key primary drivers of the market driven by the rapid urbanization and industrialization. International Energy Agency (IEA) states in the Stated Policies Scenario, global electricity demand grows at 2.1% per year to 2040, twice the rate of primary energy demand. This raises electricity's share in total final energy consumption from 19% in 2018 to 24% in 2040. Electricity demand growth is set to be particularly strong in developing economies, contributing towards market growth.
The expansion of renewable energy sector is one of the significant drivers of the market, requiring efficient transmission through electrical cables in order to connect through the offsites where extra high voltage cables enable the transmission minimizing the power loss over long distance. For instance, the European Union Commision presented Europe's new 2030 climate targets, including a proposal for amending the Renewable Energy Directive, on 14 July 2021. It sought to increase the 32% target to at least 40% renewable energy sources in the EU's overall energy mix by 2030, supporting the market growth.
The rise in aging power infrastructure in developed regions boost the market growth as it drives the need for grid modernization and upgrades. The governments worldwide taking initiatives and promoting polices related to reduce energy waster and improvements in the grid performance, contributes towards market growth as it helps to reduce transmission losses.
The rise in industrialization and infrastructure
development including the development of new airports, transportation hubs and
industrial zones requires the need for robust power transmission where these
cables plays a crucial role in meeting the high
energy demands. As per World Bank prediction the global infrastructure
investment needs are projected to reach USD 94 trillion by 2040, supporting the
market growth.
MARKET
SEGMENTATION:
·
By Type- overhead line, underground
line and submarine line
·
By Bonding Type- singe
point, both end and cross bond
·
By Voltage Type- Under
350 kV, 350 kV-400kV and above 400kV
·
By Region- North America,
Europe, Asia Pacific, Middle & Africa and South America
Extra
High Voltage Cables Market Segment By Type Review:
The overhead cables are the most widely used segment supported by poles and towers and are exposed to wind, temperature and precipitation. The underground line cables are mostly used in urban areas, buried underground and shielded in order to protect it from mechanical damage or moisture. The submarine line segment are laid on the seabed in order to connect to the power grids across water bodies or integration with energy generation projects like offshore wind farms. These are designed to withstand high pressure caused by tides.
Extra
High Voltage Cables Market Segment By Bonding Type Review:
In the single point bonding segment, the metallic sheath of
the cable is connected to the ground through single point only, prevents
circulating current in the sheath and are mostly utilized in short transmission
lines. In the both end bonding, the cable’s metallic sheath is grounded at both
ends, providing better fault protection and mechanical stability as it
distributes the electrical load evenly. The cross-bonding segment is more
complex in which the cable is divided into segments and the metallic sheath is
bonded to the ground at more than one points.
Extra
High Voltage Cables Market Segment By Voltage Type Review:
The under 350 kV segment are used in medium to long distance
power transmission mainly in regional grids and smaller scale industrial
applications, mostly employed in urban and suburban settings. The 350kV-400 kV segment
is used in connecting major power generation sites to high demand urban centers
and industrial zones. The above 400 kV segment are used for high-capacity power
transmission mainly for vast distances in large scale energy transmission projects.
Extra
High Voltage Cables Market Segment By Regional
Review:
North America is a significant market driven by the aging infrastructure in countries in this region coupled with renewable energy initiatives where favorable government regulations including Infrastructure Investment and Jobs Act. Europe is a valuable market driven by the driven by the renewable energy targets and grid modernization.
Asia Pacific is a rapidly growing market due to the factors including rapid urbanization in this region and infrastructure development. The Middle East and Africa is another growing market driven by the investment in renewable energy projects. South America market is projected to grow driven by the integration of renewable sources.
Key
Challenges:
The deployment of extra high voltage cables involves
substantial financial resources and his may deter companies from investing in
upgrades with low budget. These cables are incident to incident strict
regulations including safety, environmental impact and operational standards,
where navigating these regulatory landscapes may be
complex and time consuming, leading to delays and market entry.
Competitive
Landscape:
In the highly competitive extra high voltage cables market,
companies are investing heavily in research and development to innovate and
improve their products and services. They are also collaborating, forming
strategic partnerships, or acquiring other companies to gain access to new
market segments, enhance distribution networks, and increase market share.
Global
Key Players:
·
Nexans
·
Southwire
·
SEI
·
Prysmain Group
·
General Cable
·
NKT
·
LS Cable and System
·
FarEast Cable
·
Qingdao Hahnhe
·
TF Kable Group
· Other Players
Attributes |
Details |
Base Year |
2023 |
Trend Period |
2024 – 2034 |
Forecast Period |
2024 – 2034 |
Pages |
215 |
By Type |
Overhead Line, Underground Line and
Submarine Line |
By Bonding Type |
Singe Point, Both End and
Cross Bond |
By Voltage Type |
Under 350 kV, 350
kV-400kV and above 400kV |
By region |
North America, Europe,
Asia Pacific, the Middle East and Africa, and South America |
Company Profiles |
Nexans, Southwire, SEI,
Prysmain Group, General Cable, NKT, LS Cable and System, FarEast Cable, Qingdao
Hahnhe, TF Kable Group, Other Players |
Edition |
1st edition |
Publication |
October 2024 |