The underground HVDC power cables are being considered as a viable alternative to transmit high-voltage power over long distances. HVDC power systems are proving to be economical for long-distance bulk power delivery. Directives are being issued by various 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.

 These are some of the important findings of the latest comprehensive research report that has been released by Persistence Market Research which is titled as ‘Power Cable Market: Global Industry Analysis 2013-2017 and Forecast 2018-2026’. This research report presents a deep insight into the global power cable market and discusses the qualitative factors that are responsible for the growth of this market and also discusses the factors which hinder the growth of this market.

This research report also presents a detailed quantitative assessment of the various segments and sub-segments of the global power cable market and also presents information on the various regional markets spread all over the globe. As per the numbers given in this report, the global power cable market is estimated to be valued at US$ 7,015.8 Mn in 2018 and is forecasted to reach a valuation of US$ 11,504.7 Mn in 2026 end, exhibiting a CAGR of 7.2% during the period of assessment 2018-2026.

Implementation of smart grids benefiting the global power cable market

A smart grid consists of an automated, widely distributed network for energy delivery with responsive and organic capabilities. Smart grids are being increasingly preferred since they enable the monitoring, analysis, control and communication which results in a significant reduction in energy consumption. For instance, China, the world’s largest consumer of electricity, consumed around 5.550 billion kWh of power in 2015.

It is believed that China’s consumption will double by the year 2025 and triple by 2035. To cope with the increasing demand for power and to bring billions of kWh of power to its consumers, China has planned to build an elaborate network of smart grids. This development is likely to positively impact the global power cable market.

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