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HVC Market: An Explainer on Widening Applications

The global high voltage cable market is expected to witness growth at a CAGR of 5.52% during the forecast period 2023-2030. Get more insights into our blog.

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HVC Market: An Explainer on Widening Applications

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  1. HVC Market: An Explainer on Widening Applications Giventheinfrastructurespace,thebudgetaryallocation,industryCAPEX,andpolicyreformshavespearheadedinvestmentsinvariousprojectsinthepastfewyears.TheEuropeanCommissiondeclaredgrantsfor135transportprojectsundertheConnectingEuropeFacility.Suchprojectswillguaranteeanincreaseindemandforalltypesofhighvoltagecablestomeetenergydemandsamongthegrowingpopulation.AsperTriton’sanalysis,theglobal high voltage cable marketisexpectedtogarnerrevenueworth$59.80billionby2030,growingataCAGRof5.52%duringtheforecastperiod2023-2030. Equippedwithvariousconductorsandinsulators,HVCsaredesignedtotransmitelectricityoverlongdistanceswithoutpowerlosses.Thisbenefithaselevatedtheiradoptioninvarioussectors,includinginfrastructureandrenewableenergy. RisingApplications:BridgingtheGrowthGap WeknowthatHVCsareexpansivelyemployedforhighvoltageenergytransmission;however,theirapplicationisnotlimitedtoinfrastructure.Theverticalsectorinthestudiedmarketincludesrenewableenergy,infrastructure,andindustrial.Let’sdiveintoeachcategorytounderstandtheirroleinthemarket’sexpansion.

  2. RenewableEnergy:Whilethereareseveralrenewableenergysources,investmentsinsolarandwindenergyarebyfarattheirpeak.AspertheGlobalWindEnergyCouncil,windfarmsareestimatedtogeneratearound536GWofglobalpoweroverthenext5years.AsizablenumberofHVCswillberequiredtoconnectoffshoreprojectstothemaingridline.Inthisregard,submarinecableswillbeemployedforoffshoreprojects,whileoverheadcableswillfindapplicationinonshoreprojects.RenewableEnergy:Whilethereareseveralrenewableenergysources,investmentsinsolarandwindenergyarebyfarattheirpeak.AspertheGlobalWindEnergyCouncil,windfarmsareestimatedtogeneratearound536GWofglobalpoweroverthenext5years.AsizablenumberofHVCswillberequiredtoconnectoffshoreprojectstothemaingridline.Inthisregard,submarinecableswillbeemployedforoffshoreprojects,whileoverheadcableswillfindapplicationinonshoreprojects. RegionalFocus:SeveralEuropeangovernmentsaresupportingcleanenergyprojects,withGermanyleadingoverothernations.By2050,thenation’senergytransitionplanaimstogenerate80%ofelectricityviarenewablesources.Toachievethistarget,thenationissettoupgradeitshighvoltagepowertransmissionnetworks.Further,intheAsia-Pacific,Chinaleadsinrenewableenergyinstallations,attainingacapacityofapproximately1020GWin2021.Thesefactorsarethusexpectedtoofferlucrativeopportunitiesformarketdevelopment. Industrial:Triton’sanalysisofthegivenmarketbyindustrialverticalincludescategorieslikemining,oil&gas,power&utilities,chemical&petroleum,andothers.Estimatesindicatethepower&utilitysubsegmentholdsthelargestshareataCAGRof4.23%inthecategory.Undergroundandoverheadcableshavegainedprominenceinpowerutility,manufacturing,andmining,whilethesubmarineisusedintheoil&gasindustry.TherobustdemandforHVCsissupportedbytherisingfocusoninstallingpowergenerationplantstosupportgrowingoperations. RegionalFocus:IndustrializationandgovernmentinitiativesacrosstheUK,Germany,France,andSpainhaveelevatedtheadoptionofhighvoltagecables.Large-scaleHVCsareemployedforexcavationprojectsforpoweringon-sitemachines.Asperouranalysis,thenaturalgassectorisanticipatedtoexpandgreatly.InSouthEastEurope,theGasCorridorpipelineinfrastructurehasdeliveredthefirst10billioncubicmetersofgasasofMarch2022.TheBalticPipeProjectisanotherprojectthatconnectsgasreservoirsinIsraelandCyprustoGreece.ThesemegaprojectshavewidenedthescopeoftheEurope HVC market. Infrastructure:TheHVCmarketissupportedbyvariouscommercialandresidentialconstructionprojects.Thecommercialcategorycapturesamajorityofsharesintheinfrastructuresegment.SeveralnationsinAsia-Pacific,theMiddleEast,andLatinAmericahaveundertakenupgradationprojectsfromrailsignalingtonetworkinfrastructure.Overheadandundergroundcablesarewidelydeployedinbigcommercialspaceswiththecapacitytohavetheirsubstations.Additionally,therisingdemandtoupgradebroadbandservicesandtheadventofthe5Gnetworkhasinfluencednetworkproviderstoupgradeinfrastructure,ultimatelydrivingthehighvoltagecablemarket. RegionalFocus:Canadadeclareditsplantophaseoutcoal-firedelectricityby2030,withtheprovincesofAlberta,Saskatchewan,andBritishColumbia,settingambitiousenergytargets.Thegovernmentaimstoinvestaround$350billioninelectricityinfrastructureby2030,soaringdemandforvariouspowerequipment,includinghighvoltagecables.SuchdevelopmentsareprojectedtoopenavenuesforHVCmanufacturersinNorthAmerica.

  3. GrowthOutlook:CompetitiveAnalysis • Giventherisingapplicationsofhighvoltagecables,thereisintensecompetitionamongcontenders.Inrecentyears,urbanization,highpowerconsumption,andinvestmentinemergingnationshaveinfluencedplayerstoacquiremorecontractsorengageinproductlaunchestogainahighermarketshare. • NKTCable,inJanuary2022,acquiredVentcroftLtdtoadditsfire-resistantcabletechnologytotheproductlineandexpandintheEuropeanpowercablemarket. • InSeptember2022,NKTCableintroducedlow-carboncopperforthe320kVHVDCcablestolowercarbonfootprint,deliveredtoDoggerBankCintheNorthSea. • TratospartneredwithEnertechnosin2019todevelopaninnovativecabletotackletheUK'senergyloss. • Inretrospect,populationgrowthandindustrializationhaveelevatedthedemandandproductionofHVCsacrosssectors.However,therisingeffortstolimitglobaltemperaturebelow2°CundertheParisAgreementareexpectedtofuelthedeploymentofHVCsforcleanenergydevelopmentprojects,ultimatelydrivingthehighvoltagecablemarketonanadditionalgrowthtrajectory. FAQs: Q1)Whatarethedifferenttypesofhighvoltagecables? Submarine,underground,andoverheadaredifferentHVcabletypes. Q2)Whatfactorsarefuelinghighvoltagecableadoption? Thegrowinginfrastructureactivities,highpowerdemand,anddevelopmentinemergingnationsfueltheadoptionofhighvoltagecablesglobally.

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