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Asia Pacific Underground High Voltage Cable Market Size, By Voltage (< 110 kV, 110 kV - 220 kV, > 220 kV), By Current (HVAC, HVDC) & Global Forecast, 2023 - 2032
Report ID: GMI6980
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Published Date: October 2023
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Report Format: PDF
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Premium Report Details
Base Year: 2022
Companies covered: 17
Tables & Figures: 148
Countries covered: 5
Pages: 160
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Asia Pacific Underground High Voltage Cable Market Size
Asia Pacific Underground High Voltage Cable Market size was valued over USD 15.7 billion in 2022 and is set to grow at a rate of over 4.9% by 2032. The power transmission industry has experienced notable expansion in recent years, primarily due to the increasing need for efficient Transmission and Distribution (T&D) control systems. The industry's outlook is further enhanced by the rising demand for the refurbishment of existing electrical infrastructure and the substantial investments in grid network development. In addition, the lack of efficient power infrastructure in many developing nations, combined with a shifting focus toward improving existing grid networks, has created a favorable business environment.
The power transmission industry is experiencing increased adoption of distributed generation technologies, especially in conjunction with offshore wind electric networks, which has prompted installers to focus on the installation of robust and dependable power supply units. The incorporation of export cables, aerial bunched cabling technology, and associated offshore and onshore connections has further intensified competition within the industry. Furthermore, the installation of heavy-duty industrial machinery, coupled with large-scale motor control operations, is expected to drive the demand for reliable circuitry equipment. Government initiatives that support the deployment and expansion of electric grid infrastructures, as well as stand-alone microgrid projects in areas with limited electricity access.
The swift commercialization efforts aimed at boosting overall economic progress, coupled with foreign direct investment initiatives to bolster industrial and commercial enterprises, are expected to drive the demand for robust and sophisticated grid infrastructures. Additionally, the ongoing process of digitalization within the industrial landscape has significantly heightened competition due to the rising energy requirements of communication base stations and data centers. The increasing adoption of advanced, secure, energy-efficient, and fire-resistant electrical components has established a favorable business environment.
COVID- 19 Impact
Asia Pacific Underground High Voltage Cables are an essential part of the energy infrastructure and are responsible for transmitting electricity from power stations to distribution networks. The pandemic has caused delays in the construction of new infrastructure, including Asia Pacific Underground High Voltage Cables owing to supply chain disruptions, labor shortages, and other pandemic-related issues.
Asia Pacific Underground High Voltage Cable Market Trends
The global emphasis on reducing carbon emissions has led to an increased demand for renewable energy sources, particularly wind and solar power. Consequently, there is a rising requirement for underground high voltage cables to facilitate the transmission of power from remote regions to urban centers. In addition, the need for upgrades in existing power infrastructure to cater to the growing energy demand and maintain a stable electricity supply is propelling the demand for high-quality Asia Pacific underground high voltage cables capable of handling higher voltages and ensuring more dependable power transmission.
Advancements in materials and manufacturing techniques are giving rise to a new generation of Asia Pacific underground high voltage cables that exhibit enhanced durability, efficiency, and cost-effectiveness. For instance, the utilization of high-temperature superconducting materials in cable production results in reduced power losses and decreased insulation requirements. In addition, regional government are instituting policies and regulations to promote the adoption of underground high voltage cables and the replacement of overhead cables to achieve higher electrical output and improved efficiency. The capacity of these cables to transmit power across diverse circuits with minimal losses, combined with the growing trend of conserving urban land space.
Asia Pacific Underground High Voltage Cable Market Analysis
Based on voltage, the market is segmented into 110 kV, 110 kV to 220 kV, and > 220 kV. 110 kV to 220 kV underground high voltage cable is set to grow at a rate of over 5.5% by 2032. Voltage rating serves as a standard industry protocol for the deployment of electrical components, with considerations that depend on the specific application, regulatory preferences, and the category of technologies to be encompassed.
The industry has been significantly shaped by a range of regulatory mandates and guidelines that have standardized manufacturing and deployment practices on a global scale. In recent years, regulators and installers have placed considerable emphasis on grid-isolated areas, recognizing their substantial potential for market expansion and business development.
The integration of renewable energy networks has empowered utilities and installers to concentrate on the reconfiguration of the current electrical infrastructure. Traditional systems are being adapted and improved, considering the resonating frequencies and bandwidths needed to accommodate the variability of renewable networks. Furthermore, the increasing need for export cables, submarine cabling systems, underground lines, and onshore station connections within wind farms.
Based on current, the Asia Pacific underground high voltage cable market is segmented into HVAC & HVDC. HVDC segment is anticipated to grow over 3.9% by 2032 on account of higher conductor adoption along with limited losses at high transmission when compared to AC cables. In addition, the installation cost of HVAC cables increases with increasing distance.
The capacity of HVDC (High Voltage Direct Current) cables to be installed underground for extended distances within a significantly narrower right-of-way, in contrast to conventional overhead cables. HVDC cables offer advantages such as lower power losses, improved controllability, efficient asynchronous interconnections, and minimal short-circuit current, which present significant potential for HVDC installations across the industry. Furthermore, the continuous integration of energy into the grid system from widely dispersed renewable generation sources, often located far from traditional baseload plants, particularly in offshore locations.
The rising demand for reliable and uninterrupted power supply along with increasing measures toward the electrification of remote locations will propel the China underground high voltage market expansion which is set to grow at a rate of over 4% by 2032. Shifts in power consumption patterns within both corporate and residential settings are poised to provide further impetus to industry progression. The increasing focus on ensuring reliability and grid safety is expected to notably augment the demand for these products.
Increasing peak load demand and the aging of power equipment are compelling leading manufacturers to incorporate technologically advanced products to enhance power stability and efficiency. Additionally, the mounting concerns regarding grid safety, reliability, and security have substantially boosted forthcoming projects throughout the region. The industry in the Asia Pacific is expected to benefit from increasing intra-regional agreements and contracts, particularly among power surplus and deficit countries, to meet the escalating demand for electricity in the foreseeable future. The modernization and upgrading of existing electricity transmission networks, coupled with the expansion of smart grid infrastructure.
Asia Pacific Underground High Voltage Cable Market Share
Nexans, CTC Global Corporation, & KEC International commands a substantial share in the overall Asia Pacific underground high voltage cable industry. Introduction of enhanced technologies and advance technological components by the eminent players has led to the positive business dynamics.
Prominent industries operative in the Asia Pacific Underground High Voltage Cable industry includes:
Asia Pacific Underground High Voltage Cable Industry News
Asia Pacific Underground High Voltage Cable market research report includes in-depth coverage of the industry with estimates & forecast in terms ‘km’ & ‘USD Million’ from 2019 to 2032, for the following segments:
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By voltage, 2019 – 2032 (km, USD Million)
By current, 2019 – 2032 (km, USD Million)
The above information has been provided for the following region across the countries.