According to a TechSci Research report, the Global Underground High Voltage Cable Market was valued at USD 17.10 Billion in 2023 and is expected to reach USD 24.74 Billion by 2029, with a CAGR of 6.19% during the forecast period. The market is driven by the increasing demand for reliable and efficient power transmission solutions, particularly in urbanized and developing areas.
Urbanization is a key driver of growth in the global underground High Voltage Cable market. As the population continues to migrate to urban centers, the demand for electricity in densely populated cities has surged. This leads to the need for the expansion and modernization of electrical infrastructure, including the installation of underground High Voltage Cables. Underground cables are preferred in cities because they are visually unobtrusive and help maintain the aesthetic appeal of urban environments. The limited space for electrical infrastructure and the desire to reduce disruptions from overhead lines make underground cables the optimal solution for urban power needs.
The increased demand for power in urban areas is also driven by the expansion of public transportation systems. Electric trains and trams rely heavily on underground High Voltage Cables for power. This further boosts demand for underground cables in cities, where transportation electrification is a priority for improving efficiency and reducing environmental impact.
In 2023, the Utility sector held the largest share of the global underground High Voltage Cable market. Utility companies are responsible for generating, transmitting, and distributing electricity to residential, commercial, and industrial users. As global energy demand rises and the need for reliable power grids becomes more pressing, utilities are expanding and modernizing their electrical infrastructure. High Voltage Cables are integral to these efforts, providing an efficient solution for long-distance electricity transmission and minimizing energy losses. Additionally, the shift towards renewable energy sources such as wind and solar power has led to greater demand for High Voltage Cables to connect remote renewable energy generation sites to the broader electrical grid.
The modernization of aging electrical grids is another key driver for High Voltage Cable demand in the utility sector. Utilities are increasingly investing in smart grid technologies that require efficient and reliable power transmission solutions. High Voltage Cables enable real-time monitoring and control systems, which improve grid performance and enhance the reliability of electricity delivery. These cables are also essential for long-distance transmission, particularly in regions with dispersed populations or distant power generation facilities.
Regionally, the Middle East & Africa (MEA) is the fastest-growing market for High Voltage Cables. This growth is fueled by rapid urbanization, a rising demand for electricity, and the region’s ambitious energy transition goals. Many countries in the MEA region are experiencing significant infrastructural development, with new cities, industrial zones, and residential areas being established. To support these developments, there is a growing need for robust and efficient power transmission networks, where High Voltage Cables play a critical role in delivering electricity over long distances.
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The MEA region is also investing heavily in renewable energy, particularly solar and wind power. Countries like Saudi Arabia, the UAE, and South Africa are seeing a rapid expansion of renewable energy projects, which require High Voltage Cables to transmit power from remote generation sites to urban centers. Initiatives such as Saudi Arabia’s Vision 2030 and the UAE’s focus on sustainable energy have led to significant investments in infrastructure, including power grids, further boosting the demand for High Voltage Cables in the region.
As countries in the MEA region modernize their energy infrastructure, the demand for High Voltage Cables is expected to continue growing, particularly for power transmission from large-scale renewable energy plants to urban areas. This trend, along with increasing urbanization and the demand for reliable energy distribution systems, positions the MEA region as a key player in the global underground High Voltage Cable market.
Major companies operating in the Global Underground High Voltage Cable Market are:
- Prysmian S.p.A
- NKT A/S
- Fujikura Ltd
- Southwire Company, LLC
- Sumitomo Electric Industries Ltd
- Hitachi, Ltd.
- Kerlink SA
- Brugg Kabel AG
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“The Global Underground High Voltage Cable market is expected to rise in the upcoming years and register a significant CAGR during the forecast period. The global underground High Voltage Cable market is experiencing substantial growth driven significantly by the integration of renewable energy sources. Governments worldwide are making substantial investments in projects related to wind, solar, and hydropower to align with sustainability objectives and reduce carbon emissions. In this context, underground High Voltage Cables emerge as crucial components that enable the efficient transmission of electricity generated in remote renewable energy facilities to urban centers and industrial zones.
The increasing focus on clean energy solutions and the expansion of renewable energy installations are contributing to a heightened demand for underground High Voltage Cables. As the world collectively transitions toward more environmentally friendly energy alternatives, the underground High Voltage Cable market continues to enjoy sustained growth. This growth trajectory is likely to persist as the global community places greater emphasis on clean, sustainable energy sources, further underscoring the market's significance. Therefore, the market of Underground High Voltage Cable is expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.
“Underground High Voltage Cable Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented, By Voltage (100 kV – 250 kV, 251 kV – 400 kV, Above 400 kV), By End-User (Industrial, Utility, Commercial), By Region, By Competition, 2019-2029F”, has evaluated the future growth potential of Global Underground High Voltage Cable Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers make sound investment decisions., The report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Underground High Voltage Cable Market.
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