The report presents a comprehensive research of the global high-voltage power cable market by product, including high-voltage and extra-high voltage. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: increasing investments in renewable energy projects
Globally, fossil fuels are one of the major contributors to emissions, and more than two-thirds of electricity generated worldwide is from fossil fuels. This has led towards the development of cleaner fuel sources such as nuclear and renewables. The renewable energy capacity has grown extensively due to lucrative government policies, incentives, and rebates and this led to a significant increase in the share of renewables and alternative sources of energy in the global energy mix.
According to a senior analyst at Technavio for power research, “In 2016, a total of 165 GW of new renewable power capacity came online in the world. This was supported by a strong market for solar PV. Solar PV additions accounted for nearly 45% of the total renewables that came online in 2016.”
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Market trend: increase in sales of HVDC power cables
The underground HVDC power cables are considered as viable alternatives to transmit high-voltage power over long distances. HVDC power systems prove to be economical for long-distance bulk power delivery. There are commissions being granted by regulatory authorities to create an internal energy market and improve energy security. Such projects are intended to end energy isolation and remove the factors that hinder the growth of the internal energy market. HVDC cables are regarded as the ideal option as these projects would include cross-border transmission of high loads of electricity. Additionally, the lightweight of HVDC cables makes them a preferred option over their AC counterparts, especially in submarine power transmission.
Market challenge: challenges faced in laying and maintaining cables
The installation and maintenance of cables are considered to be capital-intensive and challenging. It involves a great amount of risk at various stages. Selection of the path is the first step in the installation process. A cable laying project is expected to run for 25 years, which makes the selection of the path a significant challenge. Selection of the path is critical as the risk should be minimum and should not cause any damage to the cables. However, the path should also be in an area that offers easy access to carry out repair activities.
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