The Europe high voltage cable market accounted for US$ 8.01 Bn in 2018 and is expected to grow at a CAGR of 5.4% over the forecast period 2019-2027, to account for US$ 12.49 Bn in 2027. Growing industrialization, economic development, focus towards power grid are some of the factors responsible to drive the growth of the high voltage cable market. However, there are some factor which might have an adverse impact in the growth of the high voltage cable market. Fluctuation in the pricing structure of copper and aluminum prices, changing customer preferences in developing countries, exchange rates, international trade, changing industrialization trends, and stocks of raw materials. The prices of copper and aluminum vary on a daily basis. The aforesaid factor is a restraining factor which could hamper the market of high voltage cables.
In Europe region, Germany is the leading country which dominates the high voltage cable market. The country has contributed the largest share of ~19.7% of the overall net electricity generation of EU-28, followed by France (17.1%) and the UK (10.3%). According to figures announced by German industry associations?BDEW and ZSW?renewables accounted for 38% of the gross electricity consumption of the country in 2018. Solar PV is the fastest-growing renewable energy source, and wind energy plants remained the largest producer of renewable power. Investments in construction are increasing driven by rising housing market and industries. The growing housing market due to increasing income levels and low rate of interest on the properties is nurturing the growth of the residential sector and eventually the construction industry. Above-mentioned factors are anticipated to accelerate the high voltage cable market.
The high voltage cable market on the basis of end user is segmented into renewable energy, industrial, and infrastructure. During the forecast period of 2019 to 2027, the underground high voltage cable is anticipated to be the largest contributor in the high voltage cable market, whereas renewable energy is projected to be the fastest growing segment with the highest CAGR over the forecast period.
The overall high voltage cable market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the high voltage cable market. It also provides an overview and forecast for the high voltage cable market based on all the segmentation provided with respect to the Europe region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the high voltage cable market. Some of the players present in high voltage cable market are Dubai Cable Company - Ducab, Furukawa Electric Co., Ltd., Nexans SA, NKT A/S, Prysmian Group (General Cable Corporation), Siemens AG, Southwire Company, LLC, Sumitomo Electric Industries, Ltd., TELE-FONIKA Kable SA (TF Kable), and ZTT Group among others.