SAN FRANCISCO, July 9, 2020
SAN FRANCISCO, July 9, 2020 /PRNewswire/ -- The global high voltage cables market size is expected to reach USD 47.2 billion by 2027 registering a CAGR of 3.7%, according to a new report by Grand View Research, Inc. Increasing investments in offshore wind farms and preference for energy generation from renewable sources are the major factors driving the market. The demand for refined power T&D systems is expected to be another critical factor driving the market over the forecast period.
High investments and new projects have been launched in various emerging economies for power generation from renewable energy sources. This energy generation needs to be supplied to the end-users through efficient cables with less transmission loss. Thus, high voltage (HV) cables allow the transmission and distribution of electricity safely. The submarine HV cables are also installed to enable communication between the regions across the globe.
Key suggestions from the report:
Read 120 page research report with ToC on "High Voltage Cables Market Size, Share & Trends Analysis Report By End Use (Energy & Power, Building & Construction), By Installation (Overhead, Underground, Submarine), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/high-voltage-cables-market
The power grid interconnection has proved beneficial for the growth of the overall market due to its advantages including reduced transmission losses and efficient power transmission. In addition, the power grid operator is undergoing upgradation and renovation of the old infrastructure. For instance, in 2019, NKT A/S signed a contract with TenneT (Germann-Dutch) power grid operator to provide HV cables.
Grand View Research has segmented the global high voltage cables market on the basis of installation, end use, and region:
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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