The Vietnam high voltage cable market is estimated to rise with a 7.45% CAGR by 2030, and is predicted to be valued at $1058.47 million during the forecasting years, 2023 and 2030.

High voltage cables (HVCs), also known as prefabricated concrete, are reinforced concrete mixed and cast off-site before being assembled on the building site. High voltage cables can be manufactured in any shape and size and are available in common shapes and specifications. HVC products are perfect for several architectural applications because of their qualities, including fire resistance and sound attenuation. HVCs have various benefits, such as quick and precise component erection, cost-effective construction, superior quality control, and environmental protection.

Additionally, shifting focus towards green, energy-efficient buildings in the construction industry, particularly in developing economies like Vietnam, is expected to fuel the market demand. In addition, the growing prominence of offsite construction has also led to increased demand. Structural building components, including precast slabs, façade, etc., are increasingly being used in the construction of industrial and manufacturing plants. In addition, the rising use of structural building components in affordable housing is anticipated to be a major driver for the high voltage cable segment.

In Vietnam, a significant market growth driver is the rapidly growing government investment towards energy and power projects’ development like Van Phong I, Thai Binh II, Nam Dinh I, and Vung Ang III, along with renewable energy investments to give a boost to the future energy demand in the rapidly developing economy, Vietnam.

The Vietnam high voltage cable market evaluation includes segmentation by end-user and installation. Market by end-user covers industrial, renewable energy, and infrastructure.

Electricity is created using renewable energy gathered from wind, solar, tidal, and geothermal energy sources. High voltage cables are typically used to move electricity from renewable energy plants to power grids or industrial facilities. Submarine cables are the most commonly used of the three high voltage cables for offshore renewable energy projects, while subterranean and overhead cables are used for onshore renewable energy projects.

Renewable energy projects such as wind and solar farms require numerous high voltage cables. Currently, the governments of European countries are supporting renewable energy projects, compared to non-renewable ones. Germany is one of the leading renewable energy producers among other countries, which can be attributed to the rise in urbanization and industrialization.

Furthermore, the factors supplementing the growth of the high voltage cable market include an increase in government investment in renewable energy projects and the need for clean energy due to the depletion of fossil fuels. Moreover, the expansion of offshore power projects and the increase in demand for power in various countries provide lucrative opportunities for the growth of the high voltage cable market.

Some of the major players in the Vietnam high voltage cable market are Furukawa Electric Group, Siemens AG, Hitachi Ltd, etc.

Furukawa Electric Group manufactures and sells automobiles, electronics, construction, telecommunication, and energy products. Its key solutions include electricals, electronics parts materials, power cables, wiring materials, conductors, optical components, connectors, fluorescent lamps, and LED reflectors. The company is headquartered in Tokyo, Japan, and operates all over Asia-Pacific, Europe, and North America.

Furukawa Electric’s extra high voltage underground power transmission cable has been employed in developing underground power transmission networks since Japan’s high-speed economic growth era. It has also played a significant part in a transmission line project with 500 kV of power.