Urbanization in Developing Countries facilitate the Global High Voltage Cable (HVC) Market Growth
According to estimations put forth by Inkwood Research, the Global High Voltage Cable (HVC) Market is predicted
to project a CAGR of 5.27% in terms of revenue during the forecasting years of
2020-2028.
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High Voltage Cables (HVC) are used for transmitting electric
power at high voltages, across long distances, to satisfy electricity demands
at the corresponding loads. Generally, there are three types of high voltage
cable installations, namely, underground, overhead, and submarine. Underground
cables are a preferred choice due to their functionality and application in
diverse sectors like oil and gas, mining, and power utilities.
Development
and Urbanization in Developing Countries stimulates Market Growth
The demand for electric power is increasing considerably
across the world, due to urbanization and industrialization. The upsurge in
demand for energy results in increased electricity generation and transmission,
thereby bolstering the need for high voltage cables. Moreover, depleting fossil
fuels like oil and coal have directed many governments' attention towards
investing in renewable energy products like offshore and onshore wind farms,
tidal power plants, and solar plants. In the last decade, the need for electrification
in developing countries such as Japan, India, and China, has led to the
development of major renewable energy projects. Hence, the demand for high
voltage cables in industrial sectors like power utilities, oil and gas, mining,
and power distribution centers are swiftly growing. Additionally, the amount of
power generated by renewable and non-renewable energy sources has rapidly
increased over the recent years, owing to urbanization and industrialization.
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Underground
Installation Acquired Largest Market Share in 2019
The underground cables market has depicted substantial
growth, because of advantages like lesser chances of fault, minimized drops in
voltage, and elimination of visual impact. Moreover, underground cables are
favored in areas that are densely populated and sensitive to harmful emissions
of overhead wires. On increasing their market approach, key industry players
are extensively focusing on launching fresh products related to underground
cables. Thus, the underground cable market is expected to grow in the coming
years, owing to its lucrative advantages.
Asia
Pacific is determined to mark its presence in the Global Market
Asia Pacific dominated the global market in 2019, and is
expected to remain the largest regional market for high voltage cables across
the forecast period. This is primarily due to the efforts established in
fulfilling the rising demands for electricity, because of urbanization and
industrialization in countries such as China, India, and Japan. Moreover,
prominent industry players are entering the market in the Asia Pacific and propelling
the high voltage cable (HVC) market growth.
The aggressive rivalry among existing players is intense,
and is anticipated to remain high throughout the forecast years. Moreover, with
an upsurge in demand for high voltage cables and the entry of domestic players,
key market entities are adopting numerous tactics to expand their geographical
presence. Distinguished companies in the market include, ABB Ltd, NKT Cables,
Prysmian Group, Hitachi Ltd, Finolex Cables, Etc.
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comprehension that acknowledges the business environments. Our geographical
analysis comprises of North & South America, CEE, CIS, Middle East, Europe,
Asia, and Africa.
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