Global HVDC Cables Market
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Global HVDC Cables Market was valued US$ XX Mn in 2018 and is expected to reach US$ XX Mn by 2026, at a CAGR of XX % during a forecast period.
Growing awareness regarding benefits related to use of clean energy sources, supportive government policies and initiatives for HVDC transmission in developed as well as developing economies are some of the factors anticipated to boost growth of the market. Furthermore, rising focus on technological developments in the field of power sector is also projected to play an important role for growth of the global market. Additionally, expansion of industries, urbanization, need for electricity, and long distance transmission network are also expected to boost growth of the market. On the other hand, high cost of installing HVDC transmission systems and high cost of circuit breakers, which may affect demand and restrain growth of global market over the forecast period.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
According to application, overhead HVDC transmission lines cost lesser than underground and submarine lines. Therefore, the overhead line segment accounted for leading share of the market in 2017. Market share of the segment is expected to increase during the forecast period because of the low cost and ease of building of overheard lines.
Global HVDC cables market is highly consolidated, it is dominated by a few players. Companies require high level of proficiency to enter the market. Furthermore, every HVDC transmission line needs to be highly customized to suit project requirements and specifications. Hence, it is also a highly worthwhile market. This has resulted in various mergers and acquisitions in recent years, as companies have tried to consolidate their position in the market.
Globally, HVDC cables market in the Asia Pacific accounts for leading market share in terms of revenue in the global market and anticipated to maintain its dominance over the forecast period. This dominance can be attributed to technological developments such as ultrahigh-voltage direct current (UHVDC) technology and voltage source converter (VSC) based technology for power transmission, are some of the major factors estimated to boost growth of HVDC transmission market in the region. As well, development of power infrastructure and government initiatives and investments concerning renewable energy sources and implementation of smart grid technology are some of the major factors projected to boost growth of the market in countries such as China, India, and Japan over the forecast period.
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Last Update : Sep 07, 2020
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