The global high voltage cables and accessories market is projected to grow from an estimated $30.83 billion in 2016 to $41.27 billion by 2021, at a compound annual growth rate (CAGR) of 6 per cent, according to a report.

Major factors such as grid interconnections, offshore windfarm connections, connections of islands with mainland, power from shore links to offshore oil and gas installations, and projects integrating renewable generation with the power transmission grid are driving the market across the globe, stated MarketsandMarkets, a leading business research firm, in its report “High Voltage Cables Market by Type of Use  - Global Forecast to 2021”.

The report includes profiles of some of the leading players in the high voltage cables and accessories market such as ABB Ltd (Switzerland), Prysmian Group (Italy), Sumitomo Electric Industries (Japan), Nexans (France), NKT Cables (Germany), General Cable Corporation (US) among others.

Dominant players are trying to penetrate developing and developed economies and adopting contracts and agreements strategy to increase their market share, it said.

The report segments the high voltage cables and accessories market on the basis of type of use; products specific for overhead, underground, and submarine cable systems; and region.

Underground cable systems are adopted by various countries to reduce transmission losses and reduce outages by providing continuous power supply.

The underground cables and accessories market is driven by the need for greater power to be supplied to urban areas, along with a growing resistance to overhead transmission lines near residential areas, added the report.

The cross-linked polyethylene (XLPE) cables are the most commonly used cables in undergrounding systems. The cable technology has advanced significantly, which has enabled the use of XLPE cables over the fluid-filled cable technology.

XLPE provides insulation to cables to make it withstand the electric field under rated and transient operating conditions. XLPE cable was the largest segment in the underground cable systems market in 2015.

Moreover, Asia-Pacific is the largest market for high voltage cables and accessories among other regions studied in this report. This region will continue to dominate the high voltage cables and accessories market, seeking high voltage transmission projects in the region.

China is leading the regional high voltage cables and accessories market, whereas other global key markets include the US, India, Germany, UK, Brazil, and Egypt.

The manufacturers and service providers are focusing and creating huge prospects in this service industry. Also, governments, private producers and service providers, and cables and accessories manufacturers are continuously trying to integrate their existing technologies and develop new ones extensively to increase the capacity of high voltage transmission and reduce the impact of high voltage transmission near residential areas, it added. – TradeArabia News Service