The global high voltage cables and accessories market is expected to be worth USD 41.27 billion by 2021, at a CAGR of 6.0% from 2016 to 2021, according to a market research by Markets and Markets.
The growth of the offshore wind sector is a major factor driving the market, the report says.
The underground high voltage cables and 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 outages by providing continuous power supply.
The “High Voltage Cables Market by Type of Use, Overhead Products, Underground & Submarine Products, and Region – Global Forecast to 2021” report says that the increasing demand for high voltage cables and accessories is attributed to the investments in Transmission & Distribution (T&D), led by growing infrastructure developments and emerging offshore wind energy generations activities, with a focus on generating electricity domestically, as well as government investments in electricity infrastructure in an effort to meet the fast-growing demand with regard to economies and population.