Global High-voltage Power Cable Market – Trends, Drivers, and Challenges | Technavio

LONDON–(BUSINESS WIRE)–#Energy–The global
high-voltage power cable market is expected to grow at a CAGR of
more than 7% during the period 2018-2022, according to a new
market research study by Technavio.

The report presents a comprehensive research of the global
high-voltage power cable market by product, including
high-voltage and extra-high voltage. The report also determines the
geographic breakdown of the market in terms of detailed analysis and
impact, which includes key geographies such as APAC, the Americas, and
EMEA.

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Market driver: increasing investments in renewable energy projects

Globally, fossil fuels are one of the major contributors to emissions,
and more than two-thirds of electricity generated worldwide is from
fossil fuels. This has led towards the development of cleaner fuel
sources such as nuclear and renewables. The renewable energy capacity
has grown extensively due to lucrative government policies, incentives,
and rebates and this led to a significant increase in the share of
renewables and alternative sources of energy in the global energy mix.

According to a senior analyst at Technavio for power
research, “In 2016, a total of 165 GW of new renewable power
capacity came online in the world. This was supported by a strong market
for solar PV. Solar PV additions accounted for nearly 45% of the total
renewables that came online in 2016.”

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Market trend: increase in sales of HVDC power cables

The underground HVDC power cables are considered as viable alternatives
to transmit high-voltage
power over long distances. HVDC power systems prove to be
economical for long-distance bulk power delivery. There are commissions
being granted by regulatory authorities to create an internal energy
market and improve energy security. Such projects are intended to end
energy isolation and remove the factors that hinder the growth of the
internal energy market. HVDC cables are regarded as the ideal option as
these projects would include cross-border transmission of high loads of
electricity. Additionally, the lightweight of HVDC cables makes them a
preferred option over their AC counterparts, especially in submarine
power transmission.

Market challenge: challenges faced in laying and maintaining cables

The installation and maintenance of cables are considered to be
capital-intensive and challenging. It involves a great amount of risk at
various stages. Selection of the path is the first step in the
installation process. A cable laying project is expected to run for 25
years, which makes the selection of the path a significant challenge.
Selection of the path is critical as the risk should be minimum and
should not cause any damage to the cables. However, the path should also
be in an area that offers easy access to carry out repair activities.

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