The new report by Expert Market Research titled, ‘Asia Pacific MV and HV Underground Cables and Accessories Market Price, Report and Forecast 2023-2028’, gives an in-depth analysis of the Asia Pacific MV and HV underground cables and accessories market, assessing the market based on its segments like types, end-users, and major countries.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 3%
The MV and HV underground cable and accessories market is expected to be driven by a surge in renewable energy, increased usage of interconnectors and submarine cables, the building of urban substations, and growing public opposition to new overhead line projects. In India, the government has been emphasising the development and enhancement of transmission and distribution networks.
The government has introduced several schemes to this end, and such initiatives have resulted in creating a market for cables and conductors in the country. Continued investments by the government through various schemes are expected to augment the market growth during the forecast period. Apart from government initiatives, a key driver would be the shift towards HV (high voltage) transmission lines.
Demand would increase due to the creation of high voltage long-distance corridors aimed at delivering electricity to high demand areas and the development of green energy corridors for integrating the increasing share of renewable energy into the grid.
Industry Definition and Major Segments
Underground cables are a cost-effective and easy-to-maintain alternative for critical segments (and in some cases the entire length) of power transmission and distribution lines, and the entire length of some lines. A cable is an insulated conductor used for electrical transmission and distribution underground. A cable consists of one or more conductors, each with its own insulation, covers, assembly protection, and protective coverings.
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By type, the market is segmented into:
- Cable Type
- Medium Voltage
- 1kV–15kV
- 15kV-36kV
- 36kV-69kV
- High Voltage
- 69kV-230kV
- 230kV-500kV
- Above 500kV
- Accessories Type
- Cable Joints
- Terminators
- Connectors
- Clamps
- Others
By end user, the market is classified into:
- Utility
- Oil and Gas
- Mining
- Renewables
- Transportation
- Others
On the basis of country, the market is segmented into:
- China
- Japan
- India
- ASEAN
- Australia
- Others
Market Trends
Several solutions have been developed to allow utilities to expand their capacity without having to contend with right-of-way (RoW) clearances. The use of underground cables has become a new technology trend. Cross-linked polyethylene (XLPE) and Gas Insulated Cables (GILs) have been developed for high-voltage transmission networks.
In several parts of Asia, increasing consumer demand for a better environment and superior system reliability has resulted in increased demand for undergrounding. With the growth of smart grid technologies and the increase in renewable energy capacity, specialised cables are being designed.
For example, MV (medium voltage) smart cables that integrate optical fibre cable with power cables are preferred for smart grid applications. Thus, the growth of smart grid technologies is expected to stimulate the Asia Pacific MV and HV underground cables and accessories market.
Key Market Players
The major players in the market are Gloster Cables Limited, Sterlite Power, Bhuwal Insulation Cable Pvt. Ltd., Sumitomo Electric Industries, Ltd., Federal Power Sdn Bhd, ZTT, Jiangnan Group Limited, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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