[Cable Network News] Technavio, an international market research organization, recently released a report saying that the compound annual growth rate of the global high-voltage power cable market will reach 5.42% from 2021 to 2025, during which time the market size is expected to grow by 33.81 billion US dollars.
According to the report, the rapid development of global renewable energy and increased investment in the reconstruction and expansion of existing power infrastructure are the main reasons for the steady and rapid growth of the global high-voltage cable market.
During the forecast period, the market demand for high-voltage DC cables will increase rapidly, mainly because the increase in renewable energy power generation requires more efficient grid-connected infrastructure.
However, the report also pointed out that whether it is a terrestrial high-voltage cable or a submarine cable, cable laying and maintenance are the main challenges facing the development of the market. On the other hand, the high application cost of high-voltage cables is also a major constraint.
During the forecast period, 56% of the market growth will come from the Asia-Pacific region. China and Japan are the main markets for high-voltage power cables in the region. The Asia-Pacific region will achieve rapid growth during the forecast period, so the region should provide market suppliers with multiple growth opportunities.
From the perspective of manufacturers, Prysmian, Nexans, Sumitomo Electric, Ankete Group, Leoni Cable, Furukawa Electric, Fujikura Cable and LS Cable will become the world's leading high-voltage cable manufacturers.
