Global High Voltage Cables & Accessories Market Growth, Share, Size, Trends and Forecast (2024 - 2030)

Recent Developments

• In June 2023, NKT revealed its near completion of a power cable contract destined for Poland's 1.2 GW Baltic Power offshore wind farm. Valued at USD 128.3 million, the contract entails the design and production of roughly 130 kilometers of 240 kV high-voltage power cables for the Baltic Power project, one of Poland's pioneering offshore wind ventures. Manufacture of the export power cables will take place at NKT's Cologne factory, with the entire project slated for commissioning by 2026. Once operational, the wind farm is projected to provide renewable energy to over 1.5 million Polish households annually for approximately 25 years.

• In May 2023, NKT unveiled its intention to construct a new facility, complete with a third extrusion tower, in Karlskrona, Sweden. These investments, driven by escalating demand for high-voltage power cables and robust order intake, are anticipated to total around USD 1.2 billion between 2023 and 2026. The strategic move aims to significantly bolster NKT's dominant market position by enhancing its capacity to cater to the burgeoning demand, particularly for lengthy HVDC power cable solutions. Operations at the new facility are slated to commence in 2027.

This report extensively covers different segments of Global High Voltage Cables & Accessories Market and provides an in depth analysis (including revenue analysis for both historic and forecast periods) for all the market segments. In this report, the analysis for every market segment is substantiated with relevant data points and, insights that are generated from analysis of these data points (data trends and patterns).

The market is segmented based on installation, voltage, and geography, reflecting the diverse needs and applications within the electrical transmission and distribution sector. Installation types encompass underground, overhead, and submarine configurations, each tailored to specific environmental and infrastructure requirements. Voltage segmentation categorizes high voltage cables and accessories based on their operating voltage range, which spans from extra-high voltage (EHV) to ultra-high voltage (UHV) levels.

Geographical segmentation divides the market into key regions such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Each region presents unique opportunities and challenges driven by factors such as population density, economic development, energy demand growth, regulatory frameworks, and infrastructure investment.

Global High Voltage Cables & Accessories Segment Analysis

In this report, the Global High Voltage Cables & Accessories Market has been segmented by Installation, Voltage, and Geography.

Global High Voltage Cables & Accessories Market, Segmentation by Installation

The Global High Voltage Cables & Accessories Market has been segmented by Installation into Overhead, Underground, and Submarine.

Overhead installations are prevalent in rural and remote areas, utilizing existing utility poles and transmission towers to support the high voltage cables. This installation method is favored for its cost-effectiveness and ease of maintenance, making it suitable for spanning long distances across diverse terrains.

In contrast, underground installations are widely adopted in urban and densely populated areas, where minimizing visual impact and reducing the risk of weather-related disruptions are paramount. High voltage cables are buried beneath the ground surface, typically within conduits or trenches, providing enhanced protection against environmental factors and vandalism. Despite higher installation costs compared to overhead counterparts, underground configurations offer advantages in terms of reliability, safety, and aesthetic considerations, making them suitable for urban landscapes and sensitive environments.

Submarine installations represent a specialized segment of the market, catering to intercontinental and inter-island connections across bodies of water. These installations involve laying high voltage cables on the seabed or within underwater conduits, enabling electricity transmission between land masses separated by water bodies. Submarine cables are engineered to withstand harsh marine conditions, including corrosion, tidal currents, and seismic activity, ensuring reliable and uninterrupted power transmission across vast distances. They play a crucial role in facilitating cross-border energy exchange, supporting renewable energy integration, and enhancing energy security on a global scale.

Global High Voltage Cables & Accessories Market, Segmentation by Voltage

The Global High Voltage Cables & Accessories Market has been segmented by Voltage into High Voltage, Extra High Voltage, and Ultra High Voltage.

High voltage (HV) cables typically operate within the voltage range of 72.5 kV to 220 kV and are essential components of regional and national power grids. These cables facilitate the efficient transmission of electricity over medium distances, connecting power generation facilities to substations and distribution networks. HV cables are deployed in various applications, including urban and rural electrification, industrial power supply, and renewable energy integration, providing reliable and cost-effective solutions for meeting energy demand.

Extra high voltage (EHV) cables operate at voltages above 220 kV, extending up to 765 kV, and are employed for long-distance transmission and bulk power transfer within and between regions. EHV transmission lines play a crucial role in transporting large quantities of electricity over extended distances with minimal losses, supporting the interconnection of power systems and facilitating energy exchange across diverse geographical areas. EHV cables are deployed in major grid infrastructure projects, including cross-border interconnectors, backbone transmission corridors, and renewable energy corridors.

Ultra high voltage (UHV) cables operate at voltages exceeding 765 kV, reaching up to 1200 kV and beyond, and represent the highest voltage class in electrical transmission and distribution systems. UHV transmission lines enable ultra-long distance power transmission, interconnecting remote energy resources with load centers and enhancing grid stability, reliability, and efficiency. These cables are characterized by their ability to transmit large power capacities over ultra-long distances, making them indispensable for mega-scale energy projects, such as transcontinental power corridors and cross-border energy trading initiatives.

Global High Voltage Cables & Accessories Market, Segmentation by Geography

In this report, the Global High Voltage Cables & Accessories Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Global High Voltage Cables & Accessories Market Share (%), by Geographical Region, 2023

North America represents a mature market for high voltage cables and accessories, characterized by established grid infrastructure, technological innovation, and stringent regulatory standards. The region experiences ongoing investments in grid modernization, renewable energy integration, and transmission network expansion to enhance energy security, reliability, and resilience. Additionally, initiatives to upgrade aging infrastructure and improve grid efficiency contribute to market growth opportunities for high voltage cables and accessories manufacturers and suppliers.

Europe is another significant market for high voltage cables and accessories, driven by ambitious renewable energy targets, interconnection projects, and the transition towards a low-carbon energy future. The region prioritizes grid modernization, smart grid initiatives, and cross-border energy trading to achieve energy efficiency, decarbonization, and energy security objectives. High voltage cables and accessories play a crucial role in facilitating the integration of renewable energy sources, such as wind and solar, into the grid, as well as supporting interconnections between neighboring countries and regions.

The Asia Pacific region is witnessing rapid economic growth, urbanization, and industrialization, driving substantial investments in power infrastructure development and expansion. Countries like China, India, and Southeast Asian nations are investing heavily in energy infrastructure to meet rising electricity demand, improve electrification rates, and support economic development goals. High voltage cables and accessories are integral to these infrastructure projects, including grid expansion, renewable energy deployment, and urban electrification initiatives, presenting significant market opportunities for industry players.

In the Middle East and Africa region, investment in energy infrastructure is driven by population growth, urbanization, and industrialization, alongside initiatives to diversify economies and enhance energy access. The region focuses on developing power generation capacity, expanding transmission networks, and integrating renewable energy sources to meet growing electricity demand and address energy security challenges. High voltage cables and accessories are essential components of these infrastructure projects, enabling efficient electricity transmission and distribution across vast and diverse landscapes.

Latin America represents a growing market for high voltage cables and accessories, driven by urbanization, industrial growth, and increasing electrification rates across the region. Governments and utilities are investing in grid expansion, renewable energy development, and infrastructure modernization to meet rising energy demand, improve grid reliability, and reduce carbon emissions. High voltage cables and accessories play a vital role in supporting these initiatives, facilitating the integration of renewable energy sources and enhancing grid connectivity and resilience.

This report provides an in depth analysis of various factors that impact the dynamics of Global High Voltage Cables & Accessories Market. These factors include; Market Drivers, Restraints, and Opportunities.

Drivers:

• Increasing demand for electricity infrastructure
• Growing renewable energy investments
• Grid modernization initiatives
• Urbanization and industrial growth

• Intercontinental power connections - Intercontinental power connections serve as a significant driver in the global energy landscape, facilitating the exchange of electricity across borders and continents. These connections enable countries and regions to share energy resources, balance supply and demand fluctuations, and enhance energy security and reliability on a transnational scale.

  One of the primary benefits of intercontinental power connections is the ability to leverage diverse energy resources available across different regions. For example, regions rich in renewable energy sources such as wind, solar, or hydroelectric power can export surplus electricity to neighboring areas with higher demand or limited indigenous resources. This promotes the efficient utilization of renewable energy and helps to reduce reliance on fossil fuels for power generation.

  Intercontinental power connections also contribute to grid stability and resilience by diversifying energy supply sources and reducing the risk of localized disruptions. By interconnecting grids over long distances, countries can access backup power during emergencies, mitigate the impacts of extreme weather events or natural disasters, and ensure continuity of electricity supply for critical infrastructure and essential services.

Restraints:

• Regulatory hurdles and delays
• Land acquisition challenges
• Project planning complexity
• Alternative technology competition

• Skilled labor shortage - The skilled labor shortage presents a notable restraint in various industries, including the energy sector where specialized expertise is essential for the design, construction, operation, and maintenance of power infrastructure, including intercontinental power connections. This shortage of skilled workers poses significant challenges to the development and implementation of such projects, limiting their scalability, efficiency, and timely completion.

  One of the primary impacts of the skilled labor shortage is project delays and cost overruns. With fewer qualified professionals available to work on intercontinental power connection projects, there is increased competition for skilled labor, leading to extended project timelines and higher labor costs. Delays in project execution not only disrupt energy supply chains but also result in financial losses for stakeholders and investors.

  The skilled labor shortage can compromise project quality and safety standards. Inadequate staffing levels or reliance on inexperienced workers may increase the likelihood of errors, accidents, and safety incidents during the construction and operation of intercontinental power connections. Ensuring the reliability, resilience, and longevity of these critical infrastructure assets requires a highly skilled workforce with specialized knowledge and training.

Opportunities:

• Renewable energy expansion
• Interregional transmission development
• Energy storage integration
• Grid infrastructure modernization

• Smart city/grid projects - Smart city and smart grid projects present significant opportunities for various industries, including the energy sector, where intercontinental power connections play a crucial role in supporting sustainable urban development and grid modernization efforts. These projects leverage advanced technologies, data analytics, and digital infrastructure to optimize energy usage, enhance grid reliability, and improve overall quality of life in urban areas.

  One of the key opportunities associated with smart city/grid projects is the integration of renewable energy sources and distributed energy resources (DERs) into urban energy systems. By incorporating solar panels, wind turbines, energy storage systems, and electric vehicle charging stations into smart city infrastructure, municipalities can reduce reliance on fossil fuels, lower greenhouse gas emissions, and promote local energy generation and consumption.

  Smart city/grid projects enable the deployment of innovative energy management solutions, such as demand response programs, dynamic pricing mechanisms, and predictive analytics tools. These technologies empower consumers to make informed decisions about their energy usage, optimize energy efficiency, and reduce electricity costs, while also providing grid operators with real-time insights to better manage energy demand and supply fluctuations.

Key players in Global High Voltage Cables & Accessories Market include,

• ABB Ltd.
• Siemens AG
• General Electric Company
• Schneider Electric SE
• Hitachi ABB Power Grids
• Toshiba Corporation
• Mitsubishi Electric Corporation
• Prysmian Group
• Nexans S.A.
• Sumitomo Electric Industries, Ltd.
• NKT A/S
• LS Cable & System Ltd.
• Furukawa Electric Co., Ltd.
• Southwire Company, LLC
• LEONI AG

In this report, the profile of each market player provides following information:

• Company Overview and Product Portfolio
• Key Developments
• Financial Overview
• Strategies
• Company SWOT Analysis