Partnerships and New Projects to Excess the Demand for High Voltage Cables
6 Apr 2021
Electric power transmission has undergone a number of transformations. The rising hi-tech era has led the cables to go through remarkable changes. However, the development of high voltage cables has been most significant. With a number of applications over typical cables, high voltage cables also ensure better protections from environmental elements along with controlling and monitoring leakage.
Power with high voltage requires a great level of insulation. And high voltage cables offer insulation that can be used both underwater as well as underground. There is a variety of high voltage cables available in the market that serves different purposes. High voltage cables are superior in nature that works with specific distribution panels and switches. It offers the control rooms to shift, thereby, offering both remote and manual options for individual supply system testing. This in turn aids the sub-stations to lower the voltage for distribution in the local areas.
Every sector has increased its focus on reliability and protection. Since high voltage cables have become an essential aspect for various industries, the demand for secured and consistent cables has increased. On the other hand, the market players are also initiating to augment safety and reduce risks in different sectors. The manufacturers are striding strategically to expand the growth of the market. Moreover, the market is getting thrived with a number of activities. Let’s get to some of the recent happenings in the market.
Partnerships and mergers are coming out as the latest trend among the market players. Bureau Veritas, a world-leading company for testing, inspection, and certification services has recently partnered with Nexans, a leading cable and optical fiber provider. The partnership aims to deal with concerns related to deliveries of high voltage power cables in offshore wind farms. The partnership focuses on reducing the risks with systematic risk management, maritime expertise, and widespread experience by Bureau Veritas and breakthrough engineering, construction, procurement, and installation by the Nexans.
Energy trading is another aspect highly supporting the progress of the market. The market field is witnessing a number of projects related to solar energy trading. This is turn is highly increasing the demand for high voltage cables. For instance, Tata Power Delhi distribution a joint endeavor between Tata Power and the government of NCT of Delhi, India, has lately collaborated with an Australian tech firm Power Ledger for a solar trade project. The project aims to advance the renewable energy targets in the city.
High voltage cables can be foreseen to have a great demand in the future years. A report published by Allied Market Research, says that the global high voltage cables market is expected to hit $23.4 billion by 2027. Development in the regions is also leading to increasing urbanizations and industrialization. Apart from this, infrastructure development takes another toll on emerging economies. All these factors majorly show their effects on the growth of the industry. On the other hand, the growing investment for smart grid technology, energy trading projects, and other plans for further expansion is evolving the market furthermore. However, it’s a little different sometimes, then how it looks like. There are several challenges that the industry is facing. And volatile prices of metals such as copper and aluminum are among the major one of them. Nevertheless, the industry is not only finding ways to tackle the challenges, but also has several aspects that are introducing new opportunities. The expansion of offshore power projects in emerging economies and the adoption of new strategies to step up are among such aspects. Moreover, as the industry is moving forward with a number of new projects, plans, and trends, it cannot be denied that a new dawn will soon arrive.
Chief editor of review team at FinancesOnline Alex Hillsberg is an expert in the area of B2B and SaaS related products. He has worked for several B2B startups in the past and gathered a lot of first hand knowledge about the industry during that time.