HV & EHV Underground Cables Market was valued at USD 13.2 Billion in 2022 and is projected to reach USD 23.6 Billion by 2030, growing at a CAGR of 7.9% from 2024 to 2030.
The shift towards underground cabling, driven by urbanization, environmental concerns, and the need for more resilient power systems, was a key factor in this market growth. Underground cables provide better protection against weather disruptions, reducing power outages caused by storms and natural calamities. Additionally, urban areas are increasingly adopting underground cables to save space and minimize visual pollution, especially in dense metropolitan cities.
As we look towards the future, the demand for HV & EHV Underground Cables is expected to grow at an even faster pace from 2023 to 2033. This growth is largely attributed to the increasing focus on sustainability and energy security. With the global push for carbon neutrality and the transition to renewable energy sources, underground cables play a vital role in ensuring the reliable transmission of electricity over long distances, especially in challenging terrains and densely populated urban areas.
The growing adoption of electric vehicles (EVs) and smart grids also contributes to the projected demand surge for HV & EHV Underground Cables. The electrification of transportation networks requires enhanced infrastructure for efficient charging systems, which in turn relies on the reliable transmission capabilities of underground cables. Governments and private sectors are expected to invest heavily in grid modernization, driving demand for both HV and EHV cables.
Additionally, innovations in cable design, such as the development of more flexible and efficient cables with higher capacity, are expected to further increase the uptake of HV & EHV Underground Cables. Industry players are focusing on expanding their production capabilities, leveraging advanced technologies such as artificial intelligence and automation to meet the growing demand. New geographic markets are also opening up, particularly in developing countries where energy access is a key priority.
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The HV & EHV Underground Cables market has seen steady growth from 2018 to 2022, driven by increasing demand for more reliable and safer electricity transmission systems. These cables, which are designed to carry high voltage and extra-high voltage, have become a key component in modernizing electrical grids and meeting global energy needs. During this period, technological advancements in insulation materials, cable manufacturing processes, and improved installation techniques have been some of the main contributors to the growth in this market.
With rising energy demand, governments worldwide have focused on expanding and upgrading infrastructure to ensure stable electricity supply. As of 2022, the market for HV & EHV Underground Cables was valued at several billion dollars, with Asia-Pacific leading the demand due to rapid industrialization and urbanization. In regions like Europe and North America, investments in renewable energy projects, including wind and solar, have bolstered the market further.
Prysmian Group
Nexans
Southwire
Hengtong Group
Furukawa Electric
Sumitomo Electric Industries
Qrunning Cable
LS Cable & System
Taihan Electric
Riyadh Cable
NKT Cables
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global HV & EHV Underground Cables Market
Direct Current
Alternative Current
Based on Types the Market is categorized into Below types that held the largest HV & EHV Underground Cables market share In 2023.
HV
EHV
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global HV & EHV Underground Cables Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global HV & EHV Underground Cables Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global HV & EHV Underground Cables Market, By Type
6. Global HV & EHV Underground Cables Market, By Application
7. Global HV & EHV Underground Cables Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global HV & EHV Underground Cables Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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