High Voltage Cables Market Share Worldwide Industry Growth, Size, Statistics, Opportunities & Forecasts up to 2025
Growing inclination towards renewable energy owing to the alarming rise in the carbon emission levels along with the need to achieve enhanced energy efficiency will steer high voltage cables market share in the coming years. U.S. Energy Information Administration reported that the total consumption of natural gas in the U.S. in 2019 was estimated at 31 trillion cubic feet. While nearly 539 million short tons of coal was consumed in the U.S. in the same year.
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The amount of carbon emitted due to high consumption levels has led to a detrimental effect on the environment. This will steer the demand for renewables and support high voltage cables market expansion. The Paris Agreement has played an integral role in urging many nations to scale the pace of transition towards sustainability.
Growing commercialization to meet the overall economic growth supported by foreign direct investment to favor industrial and commercial establishments will complement the demand for reliable grid infrastructure. An increase in population in both developed, as well as developing nations, has driven the demand for electrification across grid-isolated areas.
As per reports, the net electricity generation in the U.S. as of March 2021, stood at 310,701 thousand MWh. The rising energy demand supported by the growing demand for efficient grid networks will expand the high voltage cables market share in the coming years.
High voltage cable products find extensive use utility applications in line with decentralized micro-grid networks which has steered the demand for technologically advanced circuitry components to counter the fluctuating frequency and support network integration. There is a growing need for continuous supply of electricity to ensure the continuity of commercial operations. High voltage cable manufacturers are increasingly investing in R&D to advance their offerings to meet the growing energy needs. These manufacturers are investing to deploy smart monitoring, control, and performance units.
Favorable initiatives in the U.S.
Regionally speaking, economic development in the U.S. has driven the need for a robust grid network to support the developments in industries, commercial and residential establishments. Rising expenditure towards the advancements of long-route transmission networks has supported the regional high voltage cables demand.
As per EIA, annual spending by leading U.S. electric utilities on the U.S. electric transmission system had risen to USD 40 billion in the year 2019. Increasing focus towards the reinstallation of the prevailing electrical devices along with superior-quality units will complement growth in the U.S. high voltage cables industry.
High voltage cable manufacturers are actively investing to strengthen their product quality and to meet the demands from various sectors. These companies are entering into strategic alliances, acquiring, and merging to increase their presence and to gain a competitive advantage.
In January 2021, Sterlite Power- a power transmission major announced the completion of merger of its subsidiary — Sterlite Power Grid Ventures with the parent company. Through this merger, the company aimed at strengthening its position in the marketplace by combining its operations and streamlining the corporate structure.
Some of the other notable high voltage cable companies include LS Cables, KEI, ZTT, Alfanar, Elsewedy, Riyadh Cables, Southwire, and NKT, to name a few. The rising number of government efforts directed towards promoting renewable energy along with the need to revamp grid infrastructure will complement the global high voltage market size in the near future.
