Increasing initiatives to accomplish the security of supply and grid stability by minimizing energy losses will drive the global HVDC cables market outlook. The ever-increasing product deployment to revamp the conventional grid network pertaining to the increased cases of power failures from the aged-out transmission infrastructure will positively impact business landscape.
Furthermore, rapid adoption of renewable energy, owing to the depleting fossil fuel resources will also stimulate product penetration on a large scale. As per latest study by Global Market Insights, Inc., HVDC cables market size will surpass an annual installation of 15,000 km by 2025.
What will influence HVDC cable industry trends over the forecast period?
There has been rising demands for refurbishment of the existing electrical infrastructure across developed nations, owing to the inefficient power transmission and distribution systems. Also, the emerging nations are also investing to revamp the transmission infrastructure due to the increasing energy demands.
Moreover, many countries are pushing in funds to establish sustainable grid interconnections, by adopting renewable energy generation projects to complement the existing grid. Therefore, the rising product demand to adhere the improving government regulations to minimize power losses and achieve energy sustainability will influence the HVDC cable industry dynamics.
Which factors will drive overhead HVDC cable market to register significant growth over 2019-2025?
Some of the major advantages provided by overhead HVDC cable include reduced power losses and better controllability during long distance energy transmission. Moreover, the overhead HVDC cables allow interconnection of the energy grids operating at different voltage frequencies which will upscale product demand during the forecast period. As per research reports, overhead HVDC cables market is anticipated to surpass an annual installation target of 10,800 Kms.
How will the increasing submarine installations stimulate industry growth?
Favorable regulatory reforms including incentives, leveraging schemes and subsidies for sustainable energy generation projects will promote submarine installations. The increasing deployments of offshore wind farms will propel product demand, owing to the rising renewable energy demand. Similarly, the ever-increasing product penetration for island interconnection favored by low cost and easy installation will propel HVDC cable industry growth