High Voltage Cable Market: Major End-Users Augment Demands

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High Voltage Cable Market Major End-Users
Augment Demands
High voltage cables (HVCs) are the backbone of
electrical infrastructure globally. From their
use in commercial and residential infrastructures
to industrial end uses in mining, oil
gas factories, power utilities, etc., HVCs are
crucial supplements to the growth of the power
sector. Besides, urbanization and
industrialization globally are increasing the
demand for electric power. Therefore, the
surging power demand is expected to result
in more power generation and transmission,
thereby propelling the requirement for high
voltage cables. Inkwood Research predicts
that the global high voltage cable market is
set to surge with a 5.12 CAGR during the
forecast period 2023-2032.
High Voltage Cable Market Major End Uses
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• HVCs are extensively utilized for high
  voltage electric power transmission. Equipped
  with
• multiple conductors, structural elements of
  protective jackets, and insulators, they are
  designed to transmit electricity efficiently
  without long-range transmission power losses. The
• end-user segment of the global high voltage
  cable market includes renewable energy,
  industrial, and infrastructure.
  Infrastructure leads the end-user
  segment with an expected CAGR of 6.26 by
  2032.
• Renewable Energy
• High voltage cables transmit power to and from
  offshore facilities like wind and solar farms.
• Aligning with this, they are ideal for
  delivering power to and from remote areas,
  including
• military operations, construction sites,
  offshore oil rigs, wind farms, solar
  farms, and distributed generating systems.
  Governments are adopting regulations and
  implementing
• various steps to electrify rural areas and
  generate renewable energy. Throughout the
  forecast period, these regulated energy sources
  are anticipated to substantially increase the
  demand for high voltage cables.
• Furthermore, according to projections by the
  Global Wind Energy Council, wind farms will be
  able to produce 536 GW of power globally
  during the next five years. 114 offshore
  wind projects are slated for the next 5 years
  with a total value of 211 billion. A sizable
  number of high voltage cables are required to
  connect offshore projects, including floating
  wind and solar farms, to the main grid.
  Therefore, it is projected that these factors
  will increase the use of high voltage cables
  during the forecast period, providing a lucrative
  opportunity for market expansion.
• Infrastructure
• Refurbishment and new construction in
  industrial as well as commercial are
  expected to
• stimulate market growth. For instance, various
  countries in Asia-Pacific, the Middle East and
  Africa, and South America have undertaken new
  construction activities, such as rail signaling,

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• tunneling, and a corresponding expansion of power
  distribution and generation. In addition, several
  technological upgrades are availed in the
  electricity distribution transmission
• ecosystem that aim to stabilize the
  ecosystem in contrast to the alternating
  nature of
• renewable energy sources.
• However, the growing renewable energy and power
  capacity have further surged the need to
  interrelate a countrys transmission systems.
  The link is predicted to balance the
  power demand and generation through electricity
  import and export. Besides, the electricity trade
  is expected to increase with renewable energy
  generation, resulting in constructing of higher
  capacity interconnection lines and accelerating
  market growth.
• Industrial
• Inkwood Researchs analysis of the global HVC
  market by industrial includes sub-segments,
• such as power utilities, oil gas, mining,
  chemical petroleum, and other industrial
  end- users. High voltage cables are mainly used
  in industrial transmission applications. With the
  increasing electricity demand, most world
  economies are upgrading/installing new renewable
  and non-renewable power generation plants.
  This has led to the demand for high voltage
  cables for the power utility industry.
• Additionally, the floating oil gas production
  platform is the second most attractive end-user
  for applying high voltage cables. Deepsea
  exploration of oil gas is further expected to
  fuel the growth of the oil gas end-user
  segment. The oil gas and petrochemical
  industries face exceptional challenges in
  installing cables and equipment to process and
  access their final product. Whether it is
  floating production storage, mobile offshore
  drilling platforms, and onshore operations or
  offloading units, like processing and
  terminals and plants, hydrocarbon-laden muds
  or copper busbars, the high voltage cables used
  faces exposure to

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a range of chemicals, ultraviolet light,
salt-water submersion, acids, oils, and
thermal mechanical stresses. Building
Constructions Railway Infrastructure to augment
HVC End Use Building high-rise structures in the
United States, United Arab Emirates, India,
Brazil, China, Saudi Arabia, etc., have
significantly impacted the global HVC markets
expansion. In the United States, the Central
Park Tower, Steinway Tower, and 1 Manhattan West
will be built between 2020 and 2022. Upon
completion in December 2022, Jumeirah
Village Circle, Barsha 1, Business Bay, and
other projects in the United Arab Emirates are
expected to be among the tallest in the world.
High voltage cables are required during and
post-construction processes for the buildings
electrical wiring to function. Additionally,
several initiatives have been undertaken to
improve the EUs rail infrastructure, notably the
18 km long Fehmarn Belt tunnel, which will
drastically reduce travel time between Germany
and Denmark. Railways will become smarter,
interoperable, and safer with more European Rail
Traffic Management System rollout
investments. Further, these projects also
encompass improvements in fundamental port
infrastructure, including onshore power supply to
reduce emissions from docked ships, better
connections for cross-border inland waterways,
and several Digital European Sky demonstrators
for urban air mobility and green aviation. Such
Developments are expected to increase demand
for high voltage cables during the estimated
period.