According to a report released by international market research institutes, the global high-temperature cable market will grow at a compound annual growth rate of more than 5% during the period from 2019 to 2023, and the growth period will exceed 400 million US dollars.
The growing global energy demand will be one of the key factors driving the growth of the high temperature cable market during the forecast period.
Global energy consumption has increased due to strong global economic growth. Most of the energy demand comes from China, the United States and India. This factor has led to an increase in the number of power plants and transmission lines that are important end users of high temperature cables.
The upcoming high temperature cable market trends, such as the increase in high voltage DC devices, will also drive market growth during the forecast period.
High voltage direct current (HVDC) cables have more advantages than AC cables with distance limitations and transmission capacity limitations. An important application of HVDC cables is to connect remote power generation, interconnected power grids, offshore wind power connections, DC links in AC power grids, and overhead power transmission lines. Therefore, as the installation of new HVDC projects increases, the demand for high temperature cables will continue to rise during the forecast period, thus contributing to the growth of the high temperature cable market.
From the application market
The energy sector is the largest end user in the market in 2018 and the largest market share of high temperature cable in the forecast period. Due to the increase in global energy demand and the massive development of wind power, the growing power generation capacity and transmission and distribution network will drive market growth in the next few years.
From the perspective of regional markets
The Asia Pacific region will account for the highest share of high temperature cable throughout the forecast period. Factors such as significant growth in the end-user industry and rapid growth in exploration and production activities are driving the growth of the high-temperature cable industry in the region.