High Voltage Cables and Accessories Market is projected to reach USD 52.5 billion in 2028 from USD 40.0 billion in 2023 at a CAGR of 5.6% according to a new report by MarketsandMarkets™. High voltage cables and accessories are essential as they facilitate the efficient and reliable transfer of electricity from power plants to power utilities, renewables and industries over long distances. It offers insulation and protection to prevent electrical leakage and reduce power losses. Accessories are essential components utilized to establish secure connections and maintain the seamless flow of power, ensuring the integrity of the system.
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The power utilities, by end user
Based on end user, the High Voltage Cables and Accessories Market has been split into power utilities, renewables, and indusrials. The power utilities segment is anticipated to be the largest during the forecast period. Power utilities industry is growing in High Voltage Cables and Accessories Market because of rising demand for electricity due to industrialization, urbanization, population growth etc. It is also growing due to factors like renewable energy integration, grid modernization, infrastructure expansion, and advancements in cable technology.
The underground segment, by installation
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.
Asia Pacific is expected to be the largest region in the High Voltage Cables and Accessories Industry
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.
Key Market Players:
Some of the major players in the High Voltage Cables and Accessories Companies are Prysmian Group (Italy), Sumitomo Electric Industries Ltd. (Japan), Nexans (France), LS Cable & System Ltd. (Korea), and NKT A/S (Denmark). The major strategies adopted by these players include sales contract, acquisitions, product launches, agreements, partnerships, and expansions.
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Prysmian Group is one of the leaders in cables and system solutions for various industries, including utilities & power grids, telecom, construction & infrastructure, transportation and mobility. The company operates through three business segments namely energy, telecom and project. It offers high voltage cables and accessories through its project and energy segment. It highly invests in research and development for innovation.
Sumitomo Electric Industries, Ltd. is one of the leading manufacturers of electric cables and wire products. The company operates its business through five business segments, namely, Environment & energy, info- communications, Automotive, electronics and industrial materials.
The Environment and Energy business segment includes high voltage cables and accessories which caters to power utilities and renewables as end users. This segment serves other products like Redox Flow Battery, Concentrator Photovoltaic System, energy management system architecture, superconducting products, , traveling cables, heat shrink tubing, thermal control devices and much more.
Nexans manufactures, installs and integrates cables and systems. The company’s product portfolio includes rigid and flexible wires, rods, conductors, switches, tools, connectors, and spare parts. Nexans operates through five business segments namely Building & Territories, Generation & Transmission, Telecom & Data, Industry & Solutions, and other activities. It offers high voltage cables and accessories under its Building & Territories and Generation & Transmission segment and serves to power utilities, renewables and industries as end users.
LS Cable & System Ltd. is an Korean corporation that manufactures cables catering to energy, industrial, and communication sectors. It operates through five business segments: energy, industrial cables, telecommunication, materials and solutions.
The company offers high voltage cables and accessories through its energy segment. It also offers other products such as submarine cables, supercomducting cables, extra high voltage cables, high temperature superconducting and communication through the same segment. It serves power utilities, renewables and industries as end users.
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NKT A/S is a company in Denmark that offers cable solutions and operates through three business segments, namely, Solutions, Applications, Service & Accessories. The company caters to construction, industry, mining, power distribution, power transmission, railway, telecom, and trading industries. It offers High voltage cables and accessories through its Solutions and Service & Accessories segment and serves three end users namely, power utilities, renewables and industries.
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