Market Leader - High Voltage Cable Market
The global high voltage cables and accessories market is projected to grow at a CAGR of 6.02%, from 2017 to 2022. In 2016, the market in Asia Pacific was the largest for high voltage cables and accessories, followed by the European and North American markets. This trend is expected to continue till 2022. The growth of the high voltage cables and accessories market is driven by the growth of offshore wind farms, high voltage direct current links, and increased investments in grid interconnections
Prysmian Group (Italy) with presence in 50 countries is one of the global market leaders for high voltage cables. Its high voltage and submarine businesses contributed to a nearly USD 2 billion which is around 19% of their total sales in 2014. The key growth strategies adopted by global players including Prysmian in this market include a higher percentage of contracts and agreements followed by facility expansions and setting up of new plants.
Prysmian tends to continue its market dominance with its ongoing and new contracts. It has announced contracts worth more than USD 1.6 Billion in 2014 for submarine projects alone. Also, its most recent contracts include a USD 880 Million worth HVDC submarine interconnector contract by Statnett SF (Norway) and National Grid NSN Link Ltd (UK) announced in August, 2015.
Prysmian has also been expanding or setting up new production facilities towards expanding its business reach; in November 2013, it has set up a new plant in Romania that produces high voltage cables as well as instrumentation and control cables which is target to triple its fiber optic cable as well as append its high voltage cable production; and in 2012, it has set up a new submarine power cables facility in Finland at an investment of around USD 51 million to scale up its high voltage cables production
ABB, has announced in 2014, the launch of its extruded HVDC cable systems with double transmission capacity at 525kV level. The company targets the large renewable installations that need bulk power to be transmitted over longer distance at lowest transmission losses. Other new product launches include specialty underwater power cable by Kerite in 2013.
Related Reports:
High Voltage Cables Market by Type (Overhead, Underground, & Submarine), by Overhead Products (Conductors, Fittings & Fixtures), by Underground and Submarine Products (XLPE Cables, MI Cables, Cable Joints, & Cable Terminations), and by Region - Global Trends & Forecasts to 2020
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