According to new market research published by Technavio, the global high voltage power cable market is expected to grow by more than 7 percent annually between 2018 and 2022.
Globally, fossil fuels are one of the main sources of emissions, and more than two-thirds of the world's electricity comes from fossil fuels.To reduce carbon emissions, governments around the world are developing cleaner sources of fuel, such as nuclear and renewable energy. Due to government policies, and lucrative reward, the capacity of renewable energy has been widely growth, resulting in renewable energy and alternative energy share a significant increase in the global energy structure.
From the global trends, high-voltage direct current transmission system proved for long and large capacity transmission is economic and feasible solution, aimed at ending the energy isolation and eliminate obstacles to internal energy market growth factors.Therefore, high-voltage dc cables are considered ideal, including high-load cross-border power transmission.In addition, the high voltage dc cable is lighter than ac cable, making it the first choice for submarine cables.
On the other hand, the installation and maintenance of cables is considered to be capital-intensive and challenging. It involves a lot of risk at all stages.Selecting a path is the first step in the installation process. A cable laying project is expected to run for 25 years, making the selection path a major challenge.
From the perspective of market region, the asia-pacific region is the largest regional market for high-voltage power cables in 2017.By 2022, the asia-pacific region is expected to continue to dominate the global high-voltage cable market as emerging markets in the asia-pacific region, including India and China, continue to increase demand for energy and power infrastructure.