The global high voltage power cable market was valued at USD 33.225 billion in 2016 and is projected to expand at a CAGR of 7.17% over the forecast period to reach USD 50.345 billion by 2022, according to a report at Research and Markets.
Along with the increasing need for efficient transmission systems coupled with government initiatives for implementing projects having grid interconnections, the global market for high voltage power cable is also driven by the growing offshore wind industry and increasing inclination towards renewable energy resources further.
Looking at the factors that may hinder the market growth, the report names the requirement of various government approvals which causes a delay in power project implementation.
Furthermore, funding constraints and complex planning, as well as complex engineering, may negatively impact the market growth too.
Geographically, North America is expected to drive the global market for high voltage power cables on account of ongoing up-gradation of power infrastructure as well as the installation of new power grids in order to improve the power supply efficiency, according to the Global High Voltage Power Cable Market – Forecasts from 2017 to 2022 report. The governments of various countries in Asia Pacific region are also expected to contribute to the market growth owing to rising focus on renewable sources of energy.