The global high-voltage cable market will grow at a compound annual rate of 6.1 percent from 2019 to 2027, with a market size forecast to increase by $19 billion, according to international market research firm research and markets.
Industrialization and economic development have led to a sharp increase in electricity demand, and increased investment in renewable energy is the main factor driving the stable development of high-voltage cables, the statement said. But, Conductor raw material price fluctuation is still in the forecast period will affect the development of high voltage cable market .
On the other hand, increasing attention to smart grid technology and increasing supply demand in remote areas, offshore and other off-grid areas are also a major factor contributing to the increasing demand for high-voltage cables in the market.
Some of the leading players in the high voltage cable market are highly focused on strategic market initiatives to enrich their product capabilities and expand their geographic reach globally.In turn, this has contributed to the growth of the high-voltage cable market.