High-voltage cables are power cables with a rated voltage higher than 1kV, which are mainly used to transmit large-capacity electrical energy. High-voltage cables can be divided into high-voltage AC (HVAC) and high-voltage direct current (HVDC) according to the transmission type, and can be divided into overhead, underground and subsea according to the deployment location. High-voltage cable has the advantages of low transmission loss, high system stability and strong controllability, and is widely used in electric power, communication, transportation and other industries.

According to data from the Champ Consulting Group,The global high-voltage cable market will reach $8.2 billion in 2022 and is expected to reach $10.9 billion in 2029, with a compound annual growth rate (CAGR) of 4.1 per cent for the period 2023-2029.。

From the perspective of market trends, the high-voltage cable market in 2023 will be affected by the following aspects:

The promotion of UHV transmission projects. UHV transmission refers to the transmission mode with a rated voltage of more than 500kV, which has the characteristics of long distance, large capacity and low loss, and is an effective means to solve the problem of uneven energy allocation and renewable energy consumption.According to data from Shangpu Consulting Group, the total length of global UHV transmission lines is expected to increase from 286000 kilometers in 2019 to 358000 kilometers in 2023, of which China will contribute nearly half of the new length. This will create a huge demand for HVDC and ultra-high voltage (UHV) cables required for UHV power transmission.

Intelligent and digital improvement. With the development of Internet of things, cloud computing, artificial intelligence and other technologies, intelligence and digitization have become an important means to improve the efficiency and safety of power grid operation. Intelligence and digitization not only need to transform and upgrade the existing transmission and distribution network, but also need to plan and design the new transmission and distribution network. This will lead to increased demand for high-voltage cables and their accessories with intelligent monitoring, control and protection functions.

Increase in subsea transmission projects. Submarine power transmission refers to the way of laying high-voltage or ultra-high-voltage DC or AC cables on the seabed or underwater for long-distance or cross-regional power transmission. It has the advantages of not being restricted by terrain, not occupying land resources, and not affecting the ecological environment. It is the main way to connect offshore wind farms and onshore power grids. According to data from the Champ Consulting Group,Global offshore wind capacity is expected to grow from 29.1GW in 2019 to 51.6GW in 2023, with China, Europe and the United States being the main growth markets. This will create a large demand for high-voltage or ultra-high-voltage DC or AC cables required for subsea power transmission.

From the perspective of the competitive landscape, the high-voltage cable market in 2023 will present the following characteristics:

Increased industry concentration. High-voltage cable market is a technology-intensive, capital-intensive, scale effect of the market, the enterprise's technical level, production capacity, quality management, service capacity, etc. have higher requirements. With the growth of market demand and the improvement of industry standards, low-end, small-scale, and serious homogenization companies will gradually be eliminated or merged, and high-quality, large-scale, and differentiated companies will gain more market share and profits. space. According to data from the Shangpu Consulting Group, the market share of the top ten companies in the global high-voltage cable market is expected to reach% in 2023, an increase of percentage points from 2019.

Increased international competition. With the acceleration of global power grid construction and energy transformation, the high-voltage cable market will face competitors from different countries and regions. European and North American companies have advantages in terms of technology, brand influence, and service capabilities, but they have disadvantages in cost control, market development, and supply chain management. Companies in Asian countries such as China and India have advantages in cost control, market development, and supply chain management, but they have disadvantages in terms of technical level, brand influence, and service capabilities. Therefore, enterprises in various countries and regions need to formulate reasonable competitive strategies according to their own advantages and disadvantages, seek opportunities for cooperation or mergers and acquisitions, and enhance their competitiveness.

Enhanced product innovation capabilities. With the diversification and individualization of customer needs, as well as the impact of technological progress and environmental changes, high-voltage cable products need to be continuously innovated and improved to adapt to different application scenarios and working conditions. For example, in order to meet the demand of UHV transmission projects for ultra-high voltage (UHV) cables, some enterprises have developed UHV AC or DC cables and their accessories above 1100kV. In order to meet the demand of submarine transmission projects for submarine cables, some enterprises have developed submarine cables and their accessories with anti-corrosion, anti-water pressure, anti-mechanical damage and other characteristics. In order to meet the demand of intelligent and digital projects for intelligent cables, some enterprises have developed intelligent cables and their accessories with intelligent monitoring, control and protection functions. Therefore, improving product innovation capability is the key for high-voltage cable companies to maintain their competitive advantage and meet customer needs.

In summary, the high-voltage cable market in 2023 will show the characteristics of scale growth, obvious trends, fierce competition, and outstanding innovation, providing huge opportunities and challenges for high-voltage cable companies. In response to this market situation, Shangpu Consulting believes that high-voltage cable companies should adopt the following marketing strategies:

Market positioning is clear. High-voltage cable companies should be based on their own technical level, production capacity, brand influence, service capabilities, etc., to determine their own positioning in the market and target customer base, as well as the differentiation advantage with competitors. For example, some companies can focus on UHV transmission projects and provide high-end UHV AC or DC cables and their accessories; some companies can focus on submarine transmission projects and provide submarine cables with anti-corrosion, water pressure resistance, and mechanical damage resistance. And accessories; some companies can focus on intelligent and digital projects, providing smart cables and accessories with intelligent monitoring, control and protection functions.

Product innovation continues. High-voltage cable companies should continue to invest in research and development resources, develop new products and new technologies that meet market demand and technological progress, improve product performance and quality, reduce product costs and risks, and increase product added value and competitiveness. For example, some companies can develop UHV AC or DC cables and their accessories with higher voltage levels, larger cross-sections, and longer distances; some companies can develop lighter, more flexible, and more reliable submarine cables and their accessories; some companies can Develop smarter, safer, and more energy-saving smart cables and their accessories.

Service quality improvement. High-voltage cable companies should provide a full range of services, including design consulting, engineering construction, operation and maintenance, fault handling, etc., to meet the different needs and expectations of customers, enhance customer trust and satisfaction, and establish long-term cooperative relations. For example, some companies can provide professional design consulting services, according to the customer's engineering characteristics and technical requirements, to provide optimized cable solutions and parameters; some companies can provide high-quality engineering construction services, in accordance with international standards and specifications, to ensure the safety of cables Laying and connecting; some companies can provide efficient operation and maintenance services, using intelligent monitoring systems to monitor the operating status and performance indicators of cables in real time, find and solve problems in time.

Brand promotion is strengthened. High-voltage cable companies should use various channels and methods to enhance their visibility and reputation in the market, establish their authority and leadership in the industry, and attract more customers and partners. For example, some enterprises can participate in major international or domestic projects or demonstration projects to show their technical strength and product advantages; some enterprises can participate in international or domestic industry associations or standards organizations to participate in the formulation or promotion of industry standards or norms; some enterprises can participate in international or domestic industry exhibitions or forums to show their product innovation and service innovation.