Asia-Pacific high-voltage cable market will grow at a CAGR of 7.2% from 2019 to 2027

The Insight Partners, an international market research organization, recently released a report on the Asia-Pacific high-voltage cable market, which shows that the Asia-Pacific high-voltage cable market will grow
at a compound annual growth rate of 7.
2% from 2019 to 2027.

Among them, the factors driving the stable and rapid growth of the high-voltage cable market include the growth of modern grid infrastructure and offshore wind farms to increase the electrification rate
.
Conversely, fluctuations in the prices of metals such as aluminum and copper may limit the growth of the
high-voltage cable market.

With huge power generation potential and demand in the Asia-Pacific region, coupled with favorable government policies to create an attractive investment climate, renewable energy is expected to grow
at an alarming rate in the near future.
Moreover, growing electricity demand and huge renewable energy generation potential are expected to drive the demand
for high-voltage cables during the forecast period.

From the perspective of laying type, high-voltage cables are mainly divided into underground high-voltage cables, overhead cables and submarine high-voltage cables
.
Underground high-voltage cables are expected to be the largest contributors to the market during the forecast period, growing at the highest CAGR
.

Due to the existence of
multiple industries, the Asia-Pacific high-voltage cable market is inherently low-concentration.
Overall, Prysmian, Nexans, Sumitomo Electric, Furukawa Electric, Nkt, and LS Cable will become the region's leading high-voltage cable manufacturers
.
But at the same time, other regional manufacturers, such as Zhongtian Technology, Far East Smart Energy, Dubai Cable, etc.
, will also become important market competitiveness
in each region.

In addition to this, various initiatives have been taken by government agencies to further accelerate the high voltage cable market
.
For example, China is a major
energy consumer in the Asia-Pacific region and even the world.
According to the China Electricity Council (CEC), China's installed power generation capacity is expected to reach 2,000 GW by 2019, while coal is expected to contribute about 1,040 GW
to the overall power generation.

In addition, new installed capacity could reach 110 GW by 2019, with more than 60 GW
installed from non-fossil fuel sources.
According to BP's 2019 Energy Outlook, China is expected to remain the largest energy consumer by 2040, accounting for 22%
of total energy consumption.
China's energy mix is developing
rapidly.
The share of coal is expected to decline from 60% in 2017 to 35%
by 2040.
However, the share of renewables is expected to rise from 3% in 2017 to 18%
in 2040.
Increasing energy consumption is expected to boost the high voltage cable market
.