High Voltage Cables and Accessories Market Huge Growth Opportunity between 2023-2028

According to a research report, the high voltage cables and accessories industry is projected to reach USD 52.5 billion by 2028 from an estimated USD 40.0 billion in 2023, at a CAGR of 5.6% during the forecast period.​

High voltage cables and accessories are essential as they facilitate the efficient and reliable transfer of electricity from power plants to power utilities, renewables and industries over long distances. It offer insulation and protection to prevent electrical leakage and reduce power losses. Accessories are essential components utilized to establish secure connections and maintain the seamless flow of power, ensuring the integrity of the system.​

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The power utilities, by end user, is expected to grow be the largest segment during the forecast period.

​Based on end user, the market has been split into power utilities, renewables, and indusrials. The power utilities segment is anticipated to be the largest during the forecast period. Power utilities industry is growing in high voltage cables and accessories market because of rising demand for electricity due to industrialization, urbanization, population growth etc. It is also growing due to factors like renewable energy integration, grid modernization, infrastructure expansion, and advancements in cable technology.

This research report categorizes the high voltage cables and accessories industry by component, power source, application, and region.

On the basis of by product type:

• Cables

  • XLPE Cables (Cross-linked Polyethylene)

  • EPR Cables (Ethylene-Propylene Rubber)

  • HEPR Cables (High Modulus Ethylene-Propylene)

  • MI Cables (Mass Impregnated)

• Accessories

  • Cable Joints

  • Cable Terminations

  • Fittings & Fixtures

  • Others

On the basis of voltage:

• 72.5 kV

• 123 kV

• 145 kV

• 170 kV

• 245 kV

• 400 kV and above

On the basis of installation:

• Overhead

• Underground

• Submarine

On the basis of conductor type:

• Copper

• Aluminum

On the basis of end user:

• Power Utilities  

• Renewables      

• Industrial

  • Oil & Gas

  • Chemicals & Petrochemicals

  • Metals & Mining

  • Others

On the basis of region:

• Asia Pacific

• Europe

• North America

• Middle East & Africa

• South America

​The underground segment, by installation, is expected to grow at the second-highest CAGR during the forecast period.

​This report segments the high voltage cables and accessories market based on installation into three segments: overhead, underground, and submarine. The underground segment is expected to be the second-fastest growing segment during the forecast period. Underground installation is essential as it offers enhanced reliability as they are less susceptible to weather-related disruptions leading to fewer power outages and a more dependable electrical supply. Underground cables provide flexibility for future expansion and urban planning, allowing for easier integration with new infrastructure projects and accommodating growing power demands.

​Asia Pacific: Largest region in the market

​Asia Pacific is expected to be the largest high voltage cables and accessories industry during the forecast period. Industries in Asia Pacific is constantly evolving, with new developments and emerging trends emerging. Some key trends such as the growth in the energy consumption of the region, coupled with development of infrastructure and energy projects drive the market for high voltage cables and accessories with the rising need for effective power transmission and distribution.

Key Market Players

• Prysmian Group (Italy),

• Sumitomo Electric Industries Ltd. (Japan),

• Nexans (France),

• LS Cable & System Ltd. (Korea),

• NKT A/S (Denmark).

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Recent Developments

• In May 2023, Prysmian Group made an announcement regarding the successful acquisition of a contract valued at over USD 864.9 million. This contract pertains to the development of a new power interconnection project between France and Spain, which will be executed for INELFE. INELFE is a joint venture equally owned by Red Electrica, the Spanish grid operator, and Réseau de Transport d’Électricité (RTE), the French grid operator.

• In April 2023, Nexans finalized the purchase of Reka Kaapeli Oy, for a total of USD 57.29 million. The integration of Reka Cables into Nexans' Distribution & Usage business group was included in the acquisition. Being a part of Nexans presents Reka Cables with the chance to enhance its growth and development, while also enabling increased investments in renewable energy solutions.

• In April 2023, Sumitomo Electric Industries, Ltd. revealed its plans to construct a fresh Power Cable facility in the Scottish Highlands, UK. This initiative aims to make a substantial impact on fostering local supply chains and advancing technologies in the UK within the renewable energy sector.

• In March 2023, Prysmian Group made an announcement regarding the acquisition of contracts from the Dutch transmission system operator TenneT. These contracts, with a total value of around USD 1.94 billion, are for two grid connection projects that aim to connect two upcoming offshore wind farms situated in the Dutch North Sea to the province of Zeeland in the Netherlands. The scope of the project includes various tasks such as design, engineering, manufacturing, installation, testing, and commissioning of two 525 kV HVDC submarine and land cable systems, along with all associated accessories.