Underground DC Electric Cable Market to Grow with a CAGR of 7.70% through 2028
Growing awareness of the environmental benefits of
underground DC electric cables and increasing
investment in new power transmission & distribution infrastructure are likely to
drive the market in the forecast period.
According to TechSci Research report, “Underground
DC Electric Cable Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Underground DC Electric
Cable Market stood at USD 30.08 billion in 2022 and is anticipated to grow with
a CAGR of 7.70% in the forecast period. A primary driver of the underground DC
Electric Cable market is the imperative to integrate renewable energy sources
into the global energy infrastructure. As countries worldwide seek to
transition to cleaner and more sustainable power generation, renewable energy
projects like solar and wind farms have proliferated. These installations are
often located in remote areas, where abundant natural resources can be
harnessed most effectively. Underground DC electric cables are pivotal in
connecting these remote renewable energy sources to urban centers and industrial
hubs. Their capability to efficiently transmit electricity over long distances
with minimal energy loss makes them the preferred choice for grid integration.
By reducing energy losses during transmission, these cables maximize the
utilization of electricity generated from renewable sources, enhancing the
overall efficiency and sustainability of the energy grid. Government
policies promoting renewable energy, such as subsidies, feed-in tariffs, and
renewable energy targets, further bolster the demand for underground DC
electric cables. As renewable energy projects continue to expand, the market
for these cables is poised for sustained growth, underpinning the global shift
towards cleaner energy. The rapid urbanization of cities worldwide is another
influential driver of the underground DC Electric Cable market. As more people
move to urban areas in search of better opportunities and living conditions,
the demand for efficient and reliable power distribution systems escalates.
Underground DC electric cables offer a solution that aligns with the aesthetic
and spatial constraints of urban environments. Unlike overhead power lines,
which can mar cityscapes and skyline views, underground cables remain hidden
beneath the ground, preserving the aesthetic appeal of urban areas. They reduce
visual clutter and contribute to the overall visual harmony of cities, which is
essential for maintaining property values and enhancing the quality of life for
residents.
Furthermore,
underground cables are less susceptible to weather-related disruptions,
ensuring a more reliable power supply in densely populated urban centers. As
cities continue to expand and modernize their electrical infrastructure to
support growing populations and technological advancements, the demand for
underground DC electric cables as a visually appealing and reliable solution
continues to rise. Urbanization policies, smart city initiatives, and
regulations aimed at reducing visual pollution all drive the adoption of
underground cable systems, making them a key driver in the global market.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Underground DC Electric Cable Market.”
The Global Underground DC Electric Cable Market is
segmented into cable construction, installation method, end user industry,
voltage rating and region. Based on cable construction, The Single-Core Cables
segment held the largest market share in 2022 & expected to maintain it in
the forecast period. Single-core cables are highly efficient in transmitting
electrical power, especially at high voltages. They have a single conductor,
which reduces electrical losses during transmission. This efficiency is crucial
for long-distance underground DC electric cable installations, where minimizing
energy losses is a top priority. As a result, single-core cables are often
preferred for projects that involve power transmission over extended distances.
Single-core cables have a straightforward design with a single conductor
enclosed by insulation and a protective outer sheath. This simplicity
contributes to their reliability. They are less prone to electrical faults and
failures compared to more complex cable constructions, making them a dependable
choice for critical applications in underground power distribution and
transmission. Single-core cables are versatile and adaptable to a wide range of
applications. They can be customized to meet specific project requirements,
including varying voltage levels and environmental conditions. Their
flexibility allows for ease of installation, even in challenging underground
environments, contributing to their widespread use in diverse projects.
Single-core cables are often more cost-effective to manufacture and install
than some other cable constructions, such as self-contained fluid-filled (SCFF)
or mass-impregnated (MI) cables, which involve more complex manufacturing
processes and specialized materials. This cost-effectiveness makes single-core
cables an attractive choice for both utilities and project developers.
Single-core cables have a long history of successful use in underground
electrical infrastructure projects worldwide. Their proven track record and
well-established manufacturing processes have led to widespread industry
adoption. This familiarity with single-core cable technology makes it the
default choice for many projects, further solidifying its dominance in the
market. Based on voltage rating, The
High Voltage segment held the largest market share in 2022 and is projected to
experience rapid growth during the forecast period. High voltage cables are
engineered to efficiently transmit electrical power over extended distances.
The higher the voltage, the lower the energy losses during transmission. In
underground power distribution networks that require electricity to be
transported over considerable distances, HV cables excel in minimizing energy
losses, making them the preferred choice. With the increasing emphasis on
renewable energy sources like wind and solar, HV cables are crucial for
integrating electricity generated at remote renewable energy installations into
the broader grid. These renewable energy facilities are often located in areas
with abundant natural resources but far from population centers. HV cables
enable the efficient transfer of this electricity to where it is needed most,
contributing significantly to the global transition to clean energy. Many industrial
facilities, data centers, and large commercial establishments rely on high
voltage electricity for their operations. HV cables provide a reliable means of
delivering substantial power to these facilities. Their capability to transmit
electricity efficiently over long distances makes them indispensable for
powering industries and commercial complexes. Governments and utilities
worldwide are investing in grid modernization efforts, which frequently involve
replacing aging infrastructure with HV underground DC electric cables. This
modernization initiative enhances grid reliability, reduces energy losses, and
facilitates the integration of distributed energy resources.
Major companies operating in the Global Underground
DC Electric Cable Market are:
- ABB Ltd.
- Prysmian
Group S.p.A.
- 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 Underground DC Electric Cable market is
expected to rise in the upcoming years and register a significant CAGR during
the forecast period. The global underground DC electric cable market is
expected to grow significantly in the coming years, driven by the increasing
demand for renewable energy and the growing investment in new power
transmission and distribution infrastructure.
Also, The Asia Pacific region is the largest market
for underground 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 China, India, and Japan. Therefore, the
market of Underground 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.
“Underground DC Electric Cable Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Cable Construction (Single-Core
Cables, Multi-Core Cables, Self-Contained Fluid-Filled (SCFF) Cables, Mass
Impregnated (MI) Cables, Extruded Cables), By Installation Method (Direct
Buried, Trenching, Ducting), By End-User Industry (Utilities, Renewables,
Industrials, Commercial, Transportation), By Voltage Rating (High Voltage,
Medium Voltage, Low Voltage), By Region, By Competition”, has evaluated
the future growth potential of Global Underground 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 Underground DC Electric Cable
Market.
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