Global demand for high-voltage cables and components will reach $41.27 billion by 2021, with a compound annual growth rate of 6% from 2016 to 2021, according to a new report by the world's second-largest market research firm, Markets and Markets.
Among them, offshore wind power, HVDC transmission and power grid interconnection are the main reasons to promote the stable growth of market demand for high-voltage cables and components.In particular, increased demand for grid interconnection projects will increase investment in submarine cables and underground cables and components over overhead cables.
In terms of market area, the asia-pacific region will become the world's largest demand market for high-voltage cables and components.Among them, China will become the main demand country for high-voltage cables and components.In addition, the United States, India, Germany, the United Kingdom, Brazil and Egypt will also be the major demand for high-voltage cables and components.
At the same time, the high-voltage cable and component market also faces a number of challenges, including project complexity, cumbersome approval procedures, environmental regulations and volatile financing markets.
From the corporate perspective, ABB group of Switzerland, prysmian group of Italy, sumitomo electric of Japan, nexen of France, anct of Germany and general cable of the United States will become the world's leading suppliers of high-voltage cables and components.