HVDC Cables Market Revenue Worth $4 Billion by 2027, Says Global Market Insights Inc.

The HVDC cables market value is expected to cross USD 4 Billion by 2027, as reported in the latest study by Global Market Insights, Inc. owing to grid modernization along with the adoption of technologically advanced products across the T&D network. Rising power demand across the emerging countries on account of rapid industrialization and commercialization will fuel the business scenario.
UHVDC (ultra-high voltage direct current) cables are projected to exceed USD 530 million by 2027. Increasing demand to supply electricity over a long distance with minimum power loss will shift the consumer focus toward product installation. For instance, in 2020, NKT introduced its sustainably produced 525 kV HVDC XLPE underground power cable which is manufactured to complement the requirement for upcoming high voltage direct current corridor projects in Germany. Ongoing R&D investments by major industry players to deploy advanced & energy-efficient transmission cables will sway the product penetration.
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Overhead HVDC cables industry is set to grow on account of a rising development of industries across the emerging countries favored by large-scale upgrading of power infrastructure. Easy maintenance and operations of land-based transmission grid followed by the applicability of these cables across difficult terrains will sway the product demand. The continuous increase of the number of projects across the countries with the deficit power supply to fulfill high electricity demand will further drive the business scenario.
Some prime findings of the HVDC cables market report include:
Browse key industry insights spread across 250 pages with 379 market data tables & 25 figures & charts from the report, “HVDC Cables Market Projection By Voltage (High {35 kV to 475 kV}, Extra High {> 475 kV to 600 kV}, Ultra-High {> 600 kV}), By Installation (Overhead, Submarine, Underground), Application (Intra-regional, Cross Border) Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/hvdc-cables-market
Germany’s HVDC cables market in 2020 witnessed significant growth on account of an increasing number of wind farms followed by refurbishment of transmission lines and towers. Government efforts to deploy effective power supply networks to overcome the transmission losses will stimulate the industry landscape. For instance, in 2020, Prysmian signed a contract with Amprion GmbH, a German grid operator to supply ±525 kV high voltage DC cable system for A-Nord project.
Novel coronavirus has minimal impact on the HVDC T&D industry on account of continuous fund flow and investments from public & private investors. The power sector being the backbone of global economy may have minimal effect from COVID-19 on account of completion of projects across various nations.
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Browse Related Report:
Wire and Cable Industry Forecasts By Voltage (Low, Medium High), Application (Food & Beverages, Automotive, Material Handling/Logistics, Entertainment/Leisure, Utilities, Railways, Consumer Electronics, Building Infrastructure, Others), Product (Coaxial Cable/Electronic Wire, Fiber Optics Cable, Power Cables, Signal & Control Cable, Telecom & Data Cables), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026
https://www.gminsights.com/industry-analysis/wire-and-cable-market
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Source: Global Market Insights Inc.