High-voltage cable (HVC) operate at a voltage greater than 66KV, and are used for electric power transmission and distribution over long distance with minimum power loss.
HVCs are segmented into three types, which include overhead, underground, and submarine. The underground HVC segment holds a significant revenue share in the world HVC market, owing to the applications of these cables in various industries such as power utilities, mining, paper & pulp, and cement industry among others.
According to a new report published by Allied Market Research, titled, World High-Voltage Cable Market—Opportunities and Forecasts, 2015–2022, the global high-voltage cable (HVC) market is expected to garner $47.1 billion by 2022, growing at a CAGR of 6.7% from 2016 to 2022.
However, submarine cables are expected to witness the fastest growth during the forecast period, with a CAGR over 8%. The growth would be driven by their applications in offshore power projects and oil & gas industry and their various competitive advantages over other cables such as presence of extra shield, armour, and protection and bedding.
Among the end user segment, industrial segment held the highest revenue share in 2015, owing to growing energy demand in industries such as oil & gas, mining, power utilities, and chemicals among others. Renewable energy segment also contributed a significant revenue share of over 36% in the overall market in 2015. However, infrastructure segment is expected to witness the fastest growth during the forecast period due to increase in urbanization in developing countries such as China and India.
Asia-Pacific is the largest revenue-generating region in this market, followed by Europe and North America. Among the countries of Asia-Pacific, China is the largest market with nearly 60% revenue share of the overall Asia-Pacific market due to its strong layout of transmission plans. Furthermore, the market in Asia-Pacific is anticipated to exhibit the highest growth, registering a CAGR of over 7% during the forecast period.
HVCs operate at a voltage greater than 66KV, and are used for electric power transmission and distribution over long distance with minimum power loss. The HVC market is largely driven by increase in investments in renewable energy projects and growth in urbanisation, industrialisation, and infrastructure in developing countries such as India, China, and Brazil.