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Technavio, an international market research institution, recently released a report that from 2021 to 2025, the compound annual growth rate of the global high-voltage power cable market will reach 5.
42%, during which the market size is expected to grow by $33.
81 billion
.
According to the report, the rapid development of global renewable energy and increased investment in the renovation and expansion of existing power infrastructure are the main reasons for promoting the stable and rapid growth of the
global high-voltage cable market.
The market demand for HVDC cables will increase rapidly during the forecast period, mainly due to the increase in renewable energy generation requiring more efficient grid-connected infrastructure
.
However, the report also points out that cable laying and maintenance is a major challenge
for the development of this market, whether it is a terrestrial high-voltage cable or a submarine cable.
On the other hand, the high application cost of high-voltage cables is also a major constraint
.
56% of the market growth will come from Asia Pacific
during the forecast period.
China and Japan are the main markets
for high-voltage power cables in the region.
Asia Pacific will witness rapid growth during the forecast period, so the region should offer multiple growth opportunities
for market vendors.
From the perspective of manufacturers, Prysmian, Nexans, Sumitomo Electric, Nktor Group, LEONI Cable, Furukawa Electric, Fujikura Cable, and LS Cable will become the world's leading manufacturers of high-voltage
cables.
Technavio, an international market research institution, recently released a report that from 2021 to 2025, the compound annual growth rate of the global high-voltage power cable market will reach 5.
42%, during which the market size is expected to grow by $33.
81 billion
.
According to the report, the rapid development of global renewable energy and increased investment in the renovation and expansion of existing power infrastructure are the main reasons for promoting the stable and rapid growth of the
global high-voltage cable market.
The market demand for HVDC cables will increase rapidly during the forecast period, mainly due to the increase in renewable energy generation requiring more efficient grid-connected infrastructure
.
However, the report also points out that cable laying and maintenance is a major challenge
for the development of this market, whether it is a terrestrial high-voltage cable or a submarine cable.
On the other hand, the high application cost of high-voltage cables is also a major constraint
.
56% of the market growth will come from Asia Pacific
during the forecast period.
China and Japan are the main markets
for high-voltage power cables in the region.
Asia Pacific will witness rapid growth during the forecast period, so the region should offer multiple growth opportunities
for market vendors.
From the perspective of manufacturers, Prysmian, Nexans, Sumitomo Electric, Nktor Group, LEONI Cable, Furukawa Electric, Fujikura Cable, and LS Cable will become the world's leading manufacturers of high-voltage
cables.
