CHICAGO, June 23, 2023 /PRNewswire/ — High Voltage Cables and Accessories Market is projected to reach USD 52.5 billion in 2028 from USD 40.0 billion in 2023 at a CAGR of 5.6% according to a new report by MarketsandMarkets™.  High voltage cables and accessories are essential as they facilitate the efficient and reliable transfer of electricity from power plants to power utilities, renewables and industries over long distances. It offers insulation and protection to prevent electrical leakage and reduce power losses. Accessories are essential components utilized to establish secure connections and maintain the seamless flow of power, ensuring the integrity of the system.Browse in-depth TOC on “High Voltage Cables and Accessories Market”215 – Tables50 – Figures250 – PagesDownload PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=95892251  High Voltage Cables and Accessories Market Scope:Report Coverage
Details
Market Size
USD 52.5 billion in 2028
Growth Rate
5.6% of CAGR
Largest Market
Asia Pacific
Market Dynamics
Drivers, Restraints, Opportunities & Challenges
Forecast Period
2023-2028
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
High Voltage Cables and Accessories Market by product type, voltage, conductor type, installation, and end user
Geographies Covered
Asia Pacific, North America, Europe, South America, and Middle East & Africa.
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Increasing Adoption of HVDC Submarine Power Cables
Key Market Drivers
Rising Investments in Electricity Grids
 The power utilities, by end user, is expected to grow be the largest segment during the forecast period.Based on end user, the High Voltage Cables and Accessories Market has been split into power utilities, renewables, and indusrials. The power utilities segment is anticipated to be the largest during the forecast period. Power utilities industry is growing in High Voltage Cables and Accessories Market because of rising demand for electricity due to industrialization, urbanization, population growth etc.  It is also growing due to factors like renewable energy integration, grid modernization, infrastructure expansion, and advancements in cable technology.The underground segment, by installation, is expected to grow at the second-highest CAGR during the forecast period.This report segments the High Voltage Cables and Accessories Market based on installation into three segments: overhead, underground, and submarine. The underground segment is expected to be the second-fastest growing segment during the forecast period. Underground installation is essential as it offers enhanced reliability as they are less susceptible to weather-related disruptions leading to fewer power outages and a more dependable electrical supply. Underground cables provide flexibility for future expansion and urban planning, allowing for easier integration with new infrastructure projects and accommodating growing power demands.Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=95892251 Asia Pacific is expected to be the largest region in the High Voltage Cables and Accessories IndustryAsia Pacific is expected to be the largest High Voltage Cables and Accessories Market during the forecast period. Industries in Asia Pacific is constantly evolving, with new developments and emerging trends emerging. Some key trends such as the growth in the energy consumption of the region, coupled with development of infrastructure and energy projects drive the market for high voltage cables and accessories with the rising need for effective power transmission and distribution.Key Market Players:Some of the major players in the High Voltage Cables and Accessories Companies are Prysmian Group (Italy), Sumitomo Electric Industries Ltd. (Japan), Nexans (France), LS Cable & System Ltd. (Korea), and NKT A/S (Denmark). The major strategies adopted by these players include sales contract, acquisitions, product launches, agreements, partnerships, and expansions.Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=95892251 Recent DevelopmentsIn May 2023, Prysmian Group made an announcement regarding the successful acquisition of a contract valued at over USD 864.9 million. This contract pertains to the development of a new power interconnection project between France and Spain, which will be executed for INELFE. INELFE is a joint venture equally owned by Red Electrica, the Spanish grid operator, and Réseau de Transport d’Électricité (RTE), the French grid operator.In April 2023, Nexans finalized the purchase of Reka Kaapeli Oy, for a total of USD 57.29 million. The integration of Reka Cables into Nexans’ Distribution & Usage business group was included in the acquisition. Being a part of Nexans presents Reka Cables with the chance to enhance its growth and development, while also enabling increased investments in renewable energy solutions.In April 2023, Sumitomo Electric Industries, Ltd. revealed its plans to construct a fresh Power Cable facility in the Scottish Highlands, UK. This initiative aims to make a substantial impact on fostering local supply chains and advancing technologies in the UK within the renewable energy sector.In March 2023, Prysmian Group made an announcement regarding the acquisition of contracts from the Dutch transmission system operator TenneT. These contracts, with a total value of around USD 1.94 billion, are for two grid connection projects that aim to connect two upcoming offshore wind farms situated in the Dutch North Sea to the province of Zeeland in the Netherlands. The scope of the project includes various tasks such as design, engineering, manufacturing, installation, testing, and commissioning of two 525 kV HVDC submarine and land cable systems, along with all associated accessories.Browse Adjacent Markets: Energy and Power Market Research Reports & ConsultingRelated Reports:Medium Voltage Cables & Accessories MarketCables and Accessories MarketTop 10 High & Medium Voltage Products MarketAbout MarketsandMarkets™:MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.Contact:Mr. Aashish MehraMarketsandMarkets™ INC.630 Dundee RoadSuite 430Northbrook, IL 60062USA: +1-888-600-6441Email: sales@marketsandmarkets.comResearch Insight: https://www.marketsandmarkets.com/ResearchInsight/high-voltage-cable-accessories-market.asp Visit Our Website: https://www.marketsandmarkets.com/Content Source: https://www.marketsandmarkets.com/PressReleases/high-voltage-cable-accessories.asp Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg  View original content:https://www.prnewswire.com/news-releases/high-voltage-cables-and-accessories-market-worth-52-5-billion-by-2028—exclusive-report-by-marketsandmarkets-301860759.htmlSOURCE MarketsandMarkets