High Voltage Cables Market is Projected to Register 6.0% CAGR to 2021
High voltage cables & accessories market is estimated to grow at a CAGR of 6.0% during the forecast period.
The global high voltage cables & accessories market is expected to reach a size of USD 41.27 billion by 2021, at a CAGR of 6.0% from 2016 to 2021. It has become imperative nowadays to connect power facilities across water bodies, as offshore oil and gas production installations look for shore-generated power, and offshore wind parks need to bring their green power generation to power grids onshore. The use of high voltage cables & accessories provide a smooth Transmission & Distribution (T & D) network. So, the growth of offshore wind farms is a major factor driving the high voltage cables & accessories market.
Request a Free Sample copy of This Premium Research Report: 'Underground high voltage cables & accessories is the highest growing segment during the forecast period.
The underground high voltage cables & accessories segment is expected to grow at the highest rate by 2021, owing to the adoption of underground transmission technology by several countries to reduce transmission losses and reduce outages by providing continuous power supply. Utilities and transmission companies are investing in their transmission systems and upgrading existing lines or installing new lines near the urban or suburban areas, where new rights of way and permission is not easy to procure. Thus, there is a global need to reinforce transmission system with underground transmission.
Middle East & Africa is the fastest growing region in the global high voltage cables & accessories market. This growth and increasing demand for high voltage cables & accessories is attributed by the investments in T & D, led by growing infrastructure developments, and emerging offshore wind energy generations activities, with a focus on generating electricity domestically. Also, it is trying to meet the demand by government investments in electricity infrastructure to cater to fast-growing economies and population.