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According to a recent report released by Technavio, an international market research institution, the compound annual growth rate of the global high-temperature cable market will exceed 5% from 2019 to 2023, and the growth scale will exceed $400 million
.
The growing global demand for energy will be one of the key factors driving the growth of
the high temperature cable market during the forecast period.
Global energy consumption has increased
due to strong global economic growth.
Most of the energy demand comes from China, the United States and India
.
This factor has led to an increase
in the number of power plants and transmission lines that are important end-users of high-temperature cables.
Upcoming high-temperature cable market trends such as the increase in high-voltage DC units will also drive the market growth
during the forecast period.
High voltage direct current (HVDC) cables offer more advantages
than AC cables with distance limitations and transmission capacity limitations.
Important applications of HVDC cables are connecting remote power generation, interconnected grids, offshore wind power connections, DC links in AC grids, overhead transmission lines, etc
.
Thus, with the increase in the installation of new HVDC projects, the demand for high-temperature cables will continue to rise during the forecast period, thereby boosting the growth of
the high-temperature cables market.
In terms of application market, the energy segment was the largest end-user in this market in 2018 and the largest market share
of high temperature cables during the forecast period.
Due to the increasing global energy demand and the massive development of wind power generation, growing generation capacity and transmission and distribution networks will drive the
growth of the market in the coming years.
From the perspective of the regional market, Asia-Pacific will account for the highest share
of high-temperature cables over the entire forecast period.
Factors such as significant growth in the end-user industry and rapid growth in exploration and production activities are contributing to the growth of
the high-temperature cable industry in the region.
According to a recent report released by Technavio, an international market research institution, the compound annual growth rate of the global high-temperature cable market will exceed 5% from 2019 to 2023, and the growth scale will exceed $400 million
.
The growing global demand for energy will be one of the key factors driving the growth of
the high temperature cable market during the forecast period.
Global energy consumption has increased
due to strong global economic growth.
Most of the energy demand comes from China, the United States and India
.
This factor has led to an increase
in the number of power plants and transmission lines that are important end-users of high-temperature cables.
Upcoming high-temperature cable market trends such as the increase in high-voltage DC units will also drive the market growth
during the forecast period.
High voltage direct current (HVDC) cables offer more advantages
than AC cables with distance limitations and transmission capacity limitations.
Important applications of HVDC cables are connecting remote power generation, interconnected grids, offshore wind power connections, DC links in AC grids, overhead transmission lines, etc
.
Thus, with the increase in the installation of new HVDC projects, the demand for high-temperature cables will continue to rise during the forecast period, thereby boosting the growth of
the high-temperature cables market.
In terms of application market, the energy segment was the largest end-user in this market in 2018 and the largest market share
of high temperature cables during the forecast period.
Due to the increasing global energy demand and the massive development of wind power generation, growing generation capacity and transmission and distribution networks will drive the
growth of the market in the coming years.
From the perspective of the regional market, Asia-Pacific will account for the highest share
of high-temperature cables over the entire forecast period.
Factors such as significant growth in the end-user industry and rapid growth in exploration and production activities are contributing to the growth of
the high-temperature cable industry in the region.
