The major factors that drive the growth of the high voltage cable market are includes, growth of offshore wind farms and modern grid infrastructure in order to increase the electrification rate across the developing nations. On the other hand, the volatile metal prices of copper and aluminum limit the growth of the market. A rising demand of electricity across North American market is expected to encourage these regions to enhance their grid infrastructure, which is a key factor for the growth of the high voltage cable market.
Some of the key players of North America High Voltage Cable Market: Dubai Cable Company – Ducab,Furukawa Electric Co., Ltd.,Nexans SA,NKT A/S,Prysmian Group (General Cable Corporation),Siemens AG,Southwire Company, LLC,Sumitomo Electric Industries, Ltd.,TELE-FONIKA Kable SA (TF Kable),ZTT Group
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The high voltage cable market is fragmented in nature due to the presence of several industries, and the competitive dynamics in the market is anticipated to change during the coming years. In addition to this, various initiatives are undertaken by governmental bodies to accelerate the high voltage cable market further. The government of this country spends a significant amount on electricity to fulfill the rising demand from consumers and industries. The US Energy Information Administration, the country generated 4,178 billion kWh of electricity in 2018; fossil fuels such as natural gas, coal, and petroleum contributed 63% share to this, while nuclear power plants held 20% and renewable sources accounted for 17% share of this. The country also accounts for the largest share of the North American high-voltage cable market, owing to the huge demand for and consumption of electricity as well as the presence of a large number of power generation plants. High production and consumption of energy is expected to boost the high voltage cable market.
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The high voltage cable market on the basis of end user is segmented into industrial, renewable energy, and infrastructure. During the forecast period of 2019 to 2027, the industrial end user is anticipated to be the largest contributor in the high voltage cable market and is projected to be the fastest growing segment with the highest CAGR over the forecast period.
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This post was originally published on The Picayune Current