Global high voltage cable market is expected to garner $47.1 billion by 2022, growing at a CAGR of 6.7% from 2016 to 2022, with submarine cables expected to witness the fastest growth during the forecast period with a CAGR of over 8%, according to a new research published by Allied Market Research.
Underground and submarine cables are expected to grow at a notable rate owing to their usage in various offshore power projects such as wind energy and different industries such as oil & gas, and power utilities. However, overhead cables would lose their significance in the coming years as they are being replaced by underground cables, the market analyst said.
The overall high voltage cable market is largely driven by increase in investments in renewable energy projects and growth in urbanization, industrialization, and infrastructure in developing countries such as India, China, and Brazil.
Underground cables are extensively used as they inculcate the properties of enhanced safety, reduced land consumption and abridged radio interference. Further, recently discovered river basins and expanding offshore power projects in developing countries have fostered the demand of submarine cables. These superior properties and broadening applications of both cable types have collectively contributed in the growth of overall high voltage cable market, the company detailed.