Overhead DC Electric Cable Market to Grow with a CAGR of 5.19% through 2028
Increasing demand for renewable energy and investment
in new power transmission and distribution infrastructure in developing
countries likely drive the market in the forecast period.
According to TechSci Research report, “Overhead DC
Electric Cable Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Overhead DC Electric Cable
Market stood at USD 37.08 billion in 2022 and is anticipated to grow with a
CAGR of 5.19% in the forecast period. One of the primary drivers propelling the
Overhead DC Electric Cable market is the integration of renewable energy
sources into the global power grid. As nations worldwide commit to reducing
carbon emissions and combating climate change, there is an increasing emphasis
on harnessing clean energy from sources like wind, solar, and hydropower. Overhead
DC Electric Cables play a pivotal role in this transition. These cables are
essential for transmitting electricity generated from remote renewable energy
installations, such as offshore wind farms and remote solar arrays, to
population centers where the demand for power is highest. The efficiency and
low energy loss characteristics of DC transmission make it an ideal choice for
long-distance electricity transfer, especially from these remote renewable
sources. Furthermore, renewable energy mandates and incentives provided by
governments encourage the development of renewable projects, spurring the
demand for Overhead DC Electric Cables. Governments recognize that to meet
their renewable energy targets, efficient transmission infrastructure is
essential. This synergy between renewable energy growth and the need for
efficient transmission infrastructure underscores the importance of Overhead DC
Electric Cables in the transition to a greener energy future. The relentless
trend of global urbanization and the need for infrastructure development
represent another significant driver of the Overhead DC Electric Cable market.
As more people migrate to urban areas, the demand for reliable and efficient
power distribution systems escalates. Overhead DC Electric Cables are vital
components in modernizing and expanding electrical infrastructure in urban
centers. Their flexibility, ease of installation, and cost-effectiveness make
them the preferred choice for power distribution projects in densely populated
areas. The electrification of public transportation systems, including electric
buses and trains, also relies on Overhead DC Electric Cables for efficient
power supply. As governments and municipalities prioritize cleaner modes of
transportation to reduce emissions and congestion, this further drives the
demand for these cables.
Additionally,
the ongoing development of smart cities, which require advanced electrical
grids for efficient resource management and energy conservation, adds to the
need for Overhead DC Electric Cables. In essence, as urbanization and
infrastructure development continue worldwide, the demand for these cables as a
fundamental component of modern electrical systems remains robust. This makes
them an indispensable driver in the Overhead DC Electric Cable market's growth
and sustainability.
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The Global Overhead DC Electric Cable Market is
segmented into voltage rating, component, end user and region. Based on voltage
rating, The High voltage segment held the largest market share in 2022 &
expected to maintain it in the forecast period. HVDC (High Voltage Direct
Current) cables are exceptionally efficient at transmitting electricity over
extended distances. They experience lower resistive losses compared to medium
and low voltage cables. This efficiency is crucial for transmitting electricity
from remote power generation sources, such as offshore wind farms and remote
solar installations, to urban centers where the demand is high. Capacity for
Bulk Power Transfer: HVDC cables have a higher power-carrying capacity compared
to medium and low voltage cables. This makes them well-suited for projects
involving transferring large volumes of electricity, such as cross-border power
trading, interconnections between regions or countries, and integrating massive
renewable energy installations. Many governments and utilities are investing in
grid modernization efforts, which often involve the deployment of HVDC
transmission systems. These systems enhance grid stability, reduce energy
losses, and efficiently integrate renewable energy sources, which are typically
located far from urban demand centers. HVDC cables are typically more
cost-effective on a per-unit basis when considering the power capacity they can
carry over long distances. This cost advantage becomes more pronounced for
large-scale transmission projects, encouraging their use in mega-projects like
transcontinental power links. The reduced energy losses associated with HVDC
transmission contribute to a lower environmental footprint. Less wasted energy
means fewer emissions and a more sustainable energy transmission system,
aligning with global efforts to combat climate change. Ongoing advancements in
HVDC cable technology, including the development of high-temperature
superconductors and improved materials, continue to enhance their efficiency
and performance.
Based on component, The Conductor segment held the
largest market share in 2022 and is projected to experience rapid growth during
the forecast period. Conductors are at the core of any electric cable system,
serving as the pathway for the flow of electrical current. In the case of
Overhead DC Electric Cables, they are specifically designed to efficiently
transmit direct current (DC) over long distances. Their primary function is to
carry electricity from the power generation source to end-users or substations.
The conductor's material and design directly impact the efficiency of power
transmission. High-quality conductors are engineered to minimize energy losses
during transmission, ensuring that a significant portion of the electricity
generated reaches its intended destination. The efficiency of conductors is
particularly crucial for long-distance power transmission projects, such as
those involving renewable energy sources located far from urban centers.
Overhead DC Electric Cables come in various configurations, and the choice of
conductor material and design can be tailored to meet specific project
requirements. The flexibility in conductor selection allows for the
optimization of performance, capacity, and efficiency based on factors like
voltage requirements, distance, and environmental conditions. Ongoing research
and development efforts continue to enhance conductor materials and designs,
further improving their efficiency and performance. Innovations in conductor
technology, such as the use of high-temperature superconductors, contribute to
reducing energy losses during transmission, making them even more crucial in
modern power infrastructure. Overhead DC Electric Cables are often used for
high-voltage, long-distance transmission projects. High-voltage transmission
lines require specialized conductors capable of withstanding high electrical
stress and environmental conditions. This further underscores the importance of
conductors in the overall system.
Major companies operating in the Global Overhead
DC Electric Cable Market are:
- ABB Ltd
- Prysmian
Group
- NKT A/S
- Nexans
S.A.
- Siemens
AG
- Hitachi,
Ltd.
- LS Cable
& System Ltd.
- Southwire
Company
- Sumitomo
Electric Industries, Ltd.
- Mitsubishi
Electric Corporation
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“The Global Overhead DC Electric Cable market is
expected to rise in the upcoming years and register a significant CAGR during
the forecast period. The primary driver of the global Overhead DC Electric
Cable market is the accelerated growth of renewable energy projects. The need
to efficiently transmit electricity from remote renewable sources, such as
offshore wind farms and solar installations, to urban centers is boosting
demand for Overhead DC Electric Cables. Their ability to minimize energy loss
during long-distance transmission makes them indispensable in facilitating the
transition to cleaner and sustainable energy sources. Also, The Asia Pacific
region is the largest market for overhead DC electric cables, followed by North
America and Europe. The growth of the market in the Asia Pacific region is
attributed to the increasing demand for renewable energy and the growing
investment in new power infrastructure in countries such as India, China, and
Japan. Therefore, the market of Overhead DC Electric Cable is expected to boost
in the upcoming years.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Overhead DC Electric Cable Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Voltage Rating (High voltage,
Medium voltage, Low voltage), By Component (Conductor, Insulators, Fittings
& Accessories), By End User (Utilities & Power Grids, IT & Telecom,
Automotive & Transportation, Electronics), By Region, By Competition”, has evaluated
the future growth potential of Global Overhead DC Electric 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 Overhead DC Electric Cable Market.
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