2024 global high-voltage cable market demand of 52 billion US dollars


high-voltage cable

According to the latest report released by international market research firm ASD Reports, the global high-voltage cable market demand will reach $ 52 billion by 2024, with annual compound growth rate of about 6.3%.

According to the application environment, high voltage cables are divided into underground high voltage cables, overhead high voltage cables and submarine high voltage cables. Overall, the process of industrialization and urbanization to accelerate, coupled with wind energy and solar energy and other renewable energy power increases, high-voltage cable market demand will usher in a stable growth period.

High-voltage cable with other cables with low loss, high transmission rate and other characteristics, the next few years, the high-pressure market is bound to grow significantly. At the same time, governments to increase investment in smart grid, energy storage and other new technologies will bring new opportunities for high-voltage cable development opportunities.

But on the other hand, copper and aluminum material price fluctuations is the biggest impact on the development of this market constraints.

From the supplier point of view, Prysmian, Nexans cable, the acquisition of ABB high-voltage cable business NKT cable, general cable, Sumitomo Electric, South cable and just announced the acquisition of JDR cable company TELE-FONIKA cable company will become the world Leading high-voltage cable manufacturing enterprises.