At a CAGR of 5.6% The High Voltage Cables and Accessories Market to Reach $52.5 billion by 2028

According to a new market research report, the high voltage cables and accessories market is projected to reach USD 52.5 billion by 2028 from an estimated USD 40.0 billion in 2023, at a CAGR of 5.6% during the forecast period. Factors such as increased investments in electricity grids and growth of offshore wind farms is driving the need for high voltage cables and accessories.

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Key market players:

The high voltage cables and accessories market is served by a mix of large international players with global operational presence and local players with a strong domestic supply network. Prysmian Group (Italy), Sumitomo Electric Industries Ltd. (Japan), Nexans (France), LS Cable & System Ltd. (Korea), and NKT A/S (Denmark) are the market leaders in the high voltage cables and accessories market. These companies use strategies such as expansions, acquisitions, sales contract, mergers, and product launches to increase their market share.

This research report categorizes the high voltage cables and accessories market by component, power source, application, and region.
On the basis of by product type:

Cables
XLPE Cables (Cross-linked Polyethylene)
EPR Cables (Ethylene-Propylene Rubber)
HEPR Cables (High Modulus Ethylene-Propylene)
MI Cables (Mass Impregnated)
Accessories
Cable Joints
Cable Terminations
Fittings & Fixtures
Others

On the basis of voltage:

72.5 kV
123 kV
145 kV
170 kV
245 kV
400 kV and above

On the basis of installation:

Overhead
Underground
Submarine

On the basis of conductor type:

Copper
Aluminum

On the basis of end user:

Power Utilities  
Renewables      
Industrial
Oil & Gas
Chemicals & Petrochemicals
Metals & Mining
Others

On the basis of region:

Asia Pacific
Europe
North America
Middle East & Africa
South America

The underground segment, by installation, is expected to grow at the second-highest CAGR during the forecast period.

This report segments the high voltage cables and accessories market based on installation into three segments: overhead, underground, and submarine. The underground segment is expected to be the second-fastest growing segment during the forecast period. Underground installation is essential as it offers enhanced reliability as they are less susceptible to weather-related disruptions leading to fewer power outages and a more dependable electrical supply. Underground cables provide flexibility for future expansion and urban planning, allowing for easier integration with new infrastructure projects and accommodating growing power demands.

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Asia Pacific is expected to be the largest region in the high voltage cables and accessories market

Asia Pacific is expected to be the largest high voltage cables and accessories market during the forecast period. Industries in Asia Pacific is constantly evolving, with new developments and emerging trends emerging. Some key trends such as the growth in the energy consumption of the region, coupled with development of infrastructure and energy projects drive the market for high voltage cables and accessories with the rising need for effective power transmission and distribution.

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This release was published on openPR.