Extra High Voltage Cables Market Size, Strategic Analysis, Growth Drivers, Industry Trends, Demand and Future Opportunities and Forecast Period

• The market for extra high voltage cables market was estimated to be worth USD xx billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of xx.x% from 2024 to 2034, reaching USD xx billion.
• An effective and dependable electrical supply is made possible by the additional high voltage wires. The market is increasing and sustainable since it is in line with a variety of industries.
• In order to reduce energy loss and improve grid stability, extra high voltage cables are electrical cables made to resist and function at high voltage levels, typically above the typical level. To endure high voltages, the cables are composed of conductors made of advanced materials and are additionally insulated with layers of advanced materials.

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GROWTH DRIVERS

• One of the main factors driving the market is the increase in energy consumption in developing nations like Asia and Africa, which is fueled by the fast industrialization and urbanization of these regions.
• Global electricity demand is expected to expand at a pace of 2.1% year until 2040, which is twice the rate of primary energy demand, according to the International Energy Agency's (IEA) Stated Policies Scenario. As a result, the proportion of electricity in total final energy consumption will increase from 19% in 2018 to 24% in 2040.
• One of the major factors driving the market is the growth of the renewable energy industry, which need effective electrical cable transmission in order to link through offsites. Additional high voltage cables allow for transmission while minimizing power loss over long distances.
• On July 14, 2021, for example, the European Union Commission unveiled Europe's revised 2030 climate targets, which included a proposal to alter the Renewable Energy Directive. In order to stimulate market expansion, it aimed to raise the 32% target to at least 40% renewable energy sources in the EU's overall energy mix by 2030.

MARKET SEGMENTATION:

·?????????By Type-?overhead line, underground line and submarine line

·?????????By Bonding Type- singe point, both end and cross bond

·?????????By Voltage Type- Under 350 kV, 350 kV-400kV and above 400kV ?

·?????????By Region-?North America, Europe, Asia Pacific, Middle & Africa and South America

Global Key Players:

·?????????Nexans

·?????????Southwire

·?????????SEI

·?????????Prysmain Group

·?????????General Cable

·?????????NKT

·?????????LS Cable and System

·?????????FarEast Cable

·?????????Qingdao Hahnhe

·?????????TF Kable Group

·?????????Other Players

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