The global high-voltage cable market will increase by 5% annually from 2020 to 2024

International market research organization Reportlinker com recently released a report on the high-voltage cable market, saying that the compound annual growth rate of the global high-voltage cable market from 2020 to 2024 is about 5%, and the market size is expected to grow by 13.63 billion dollars during this period.
According to the report, the increase of investment in renewable energy projects, the reconstruction and expansion of transmission and distribution infrastructure, the rapid growth of offshore wind power and the increase of long-distance transmission demand are promoting the stable growth of the high-voltage cable market.
On the other hand, fluctuations in the prices of basic metals such as copper and aluminum will also affect the development of the market.
In terms of market regions, the global high-voltage cable market is mainly divided into Asia Pacific, Europe, North America, South America, the Middle East and Africa. Among them, the Asia Pacific region is expected to become the market with the largest regional demand in the forecast period. With the acceleration of urbanization and industrialization, the emerging markets in the Asia Pacific region, represented by China and India, continue to increase their demand for long-distance power transmission. In addition, these two countries are also major global renewable energy markets, which will stimulate the growth of demand for high-voltage cables in the region.
Europe is the main market for offshore wind power. During the forecast period, the rapid deployment of European offshore wind power will continue to drive the growth of demand for high-voltage cable products in this region. At the same time, the deployment of offshore wind power in North America and the reconstruction and expansion of aging infrastructure will also promote the growth of high-voltage cable market demand in the region.
From the perspective of manufacturers, the global high-voltage cable market is highly fragmented. During the forecast period, Prysmian (which has acquired General Cable), Nexans, LS Cable, Sumitomo Electric, Fujikura Cable, Guhe Electric and Anket Cable will become the world's leading high-voltage cable manufacturers. At the same time, other regional manufacturers, such as Far East Smart Energy, Zhongtian Technology, India Polycab in Asia, Dubai Cable in the Middle East, and South Line Cable in North America, will also become strong competitors in their respective regions.