Global Demand for High Voltage Power Cables and Accessories will exceed $ 41.2 billion by 2021

According to the world's second largest market research firm MarketsandMarkets recently released report shows that by 2021, global demand for high voltage power cables and accessories market will reach $ 41.27 billion, during 2016-2021, the market annual compound growth rate is 6%.

Offshore wind power, HVDC and grid interconnection are the main reasons to promote the high voltage power cables and accessories market steady growth in demand. Especially the increase in demand for grid interconnection project will increase investment in submarine cables and underground power cables over overhead cables and accessories. From the market area, the Asia-Pacific region will become the world's largest high voltage power cables and accessories demand market. Among them, China will become a major demand country of high voltage power cables and accessories. In addition, the United States, India, Germany, United Kingdom, Brazil and Egypt are also main demand country.

Meanwhile, the high voltage power cables and accessories market is also facing many challenges, including the complexity of the projects, cumbersome approval procedures, regulatory environment and financing market turmoil.

From the enterprise point of view, the Swiss ABB Group, the Italian Prysmian Group, Japan's Sumitomo Electric, France Nexans, Germany NKT and the United States General Cable will become the world's leading supplier of high voltage power cables and accessories. Henan Tano Cable are also the main supplier of high voltage cables from China.