The power cable market has witnessed significant growth and is projected to continue expanding in the coming years. With a value of $148.6 billion in 2021, the market is expected to reach $277.8 billion by 2031, growing at a compound annual growth rate (CAGR) of 6.4% from 2022 to 2031.
Competitive analysis and profiles of the major market players that have been provided in the report include ABB Ltd., Belden Incorporated, Encore Wire Corporation, Finolex Cables, KEI Industries Limited, LAPP North America, Nexans, NKT A/S, Prysmian Group, and TPC Wire & Cable Corp.
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Key Developments in Power Cable Market!
In November 2019, Nexans secured a two-year agreement from MHI Vestas for Windlink cable kits. This contract covered the installation of medium voltage and low voltage cable kits for onshore wind turbines operated by Vestas in China, Europe, the U.S., and Brazil.
In January 2020, Nexans was awarded a contract by SSE Renewables to supply 800km of underground cables and 150km of copper earth cables for the Viking Wind Farm in Scotland. SSE Renewables, a prominent wind farm developer and operator, chose Nexans for this project.
In October 2020, ABB collaborated with Tan Thang Cement to integrate ABB Ability solutions at Tan Thang's new cement plant in Vietnam. The digital solutions, including ABB Ability System 800xA DCS, ABB Ability Knowledge Manager, and ABB Ability Expert Optimizer, aimed to enhance operational efficiency and ensure reliable electrical supply.
In June 2021, Prysmian Group finalized a contract with SOO Green HVDC Link for the supply and installation of high-voltage direct current cable systems. This interregional project, with a capacity of 2,100 megawatts, established a clean energy grid connecting the two largest energy markets in the U.S., providing affordable renewable energy to major population centers from Chicago to the mid-Atlantic region.
In November 2021, Prysmian Group was awarded a contract by Terna Rete Italia S.p.A. for a new submarine cable connection between Elba Island and the Italian mainland. As part of this project, Prysmian Group designed, supplied, installed, and commissioned a 132 kV three-core power cable with XLPE insulation and single-wire armoring, spanning a 34-kilometer undersea route and a 3-kilometer land route.
In January 2022, Prysmian Group signed a Limited Notice to Proceed (LNTP) for a significant HVDC undersea cable project in the Middle East. This project involved designing, supplying, assembling, and testing four HVDC 320 kV single-core cables with XLPE insulation. The cables would connect the Al Mirfa onshore converter station to Al Ghallan, an artificial offshore island in the Arabian Gulf near Abu Dhabi, United Arab Emirates.
In July 2022, NKT secured a contract with CHPE LLC to design, manufacture, and install the Champlain Hudson Power Express 400 kV high-voltage direct current transmission line in the U.S. This contract allowed NKT to leverage its expertise in DC technology to support the renewable energy transition in North America, thereby strengthening its market position.
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