(MENAFN- pr newswire) asia pacific is expected to be the largest high voltage cables and accessories market
during the forecast period. industries in asia pacific is constantly evolving, with new developments and emerging trends emerging. some key trends such as the growth in the energy consumption of the region, coupled with development of infrastructure and energy projects drive the market for high voltage cables and accessories with the rising need for effective power transmission and distribution.
key market players:
some of the major players in the high voltage cables and accessories companies
are prysmian group (italy), sumitomo electric industries ltd. (japan), nexans (france), ls cable & system ltd. (korea), and nkt a/s (denmark). the major strategies adopted by these players include sales contract, acquisitions, product launches, agreements, partnerships, and expansions.
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recent developments
in may 2023, prysmian group made an announcement regarding the successful acquisition of a contract valued at over usd 864.9 million. this contract pertains to the development of a new power interconnection project between france and spain, which will be executed for inelfe. inelfe is a joint venture equally owned by red electrica, the spanish grid operator, and réseau de transport d'électricité (rte), the french grid operator. in april 2023, nexans finalized the purchase of reka kaapeli oy, for a total of usd 57.29 million. the integration of reka cables into nexans' distribution & usage business group was included in the acquisition. being a part of nexans presents reka cables with the chance to enhance its growth and development, while also enabling increased investments in renewable energy solutions. in april 2023, sumitomo electric industries, ltd. revealed its plans to construct a fresh power cable facility in the scottish highlands, uk. this initiative aims to make a substantial impact on fostering local supply chains and advancing technologies in the uk within the renewable energy sector. in march 2023, prysmian group made an announcement regarding the acquisition of contracts from the dutch transmission system operator tennet. these contracts, with a total value of around usd 1.94 billion, are for two grid connection projects that aim to connect two upcoming offshore wind farms situated in the dutch north sea to the province of zeeland in the netherlands. the scope of the project includes various tasks such as design, engineering, manufacturing, installation, testing, and commissioning of two 525 kv hvdc submarine and land cable systems, along with all associated accessories.
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