The "Global High Voltage Power Cable Market - Forecasts from 2017 to 2022" report has been added to Research and Markets' offering. The Global high voltage power cable market was valued at US$33.225 billion in 2016 and is projected to expand at a CAGR of 7.17% over the forecast period to reach US$50.345 billion by 2022.
High voltage power cables have insulators and conductors which can run underwater or underground. The high voltage power cables have a lower inductance than other cables owing to the reduced spacing between conductor and earth which enables cables to have a high charging current. These cables are used in buildings, apparatus, and industrial plant for power dissemination as well as submarine cables for power transmission.
The global market for high voltage power cable is driven by increasing need for efficient transmission systems coupled with government initiatives for implementing projects having grid interconnections. Moreover, the growing offshore wind farms and increasing inclination towards renewable energy resources further contributes to the market growth.
On the contrary, factors like the requirement of various government approvals which causes a delay in power project implementation may restrain the market growth. Moreover, funding constraints and complex planning, as well as complex engineering, may negatively impact the market growth too.
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