International market research firm Reportlinker.com has published a report on the high voltage cables market, stating that the global high voltage cables market is growing at a CAGR of approximately 5% from 2020-2024, and the market size is expected to grow by USD 13.63 billion during the period.

According to the report, increased investment in renewable energy projects, renovation and expansion of transmission and distribution infrastructures, rapid growth of offshore wind power, and increased demand for long-distance power transmission are contributing to the steady growth of the high-voltage cable market. On the other hand, fluctuations in the prices of base metals such as copper and aluminium will also affect the growth of this market.

In terms of market regions, the global high voltage cable market is segmented into Asia Pacific, Europe, North America, South America, and Middle East & Africa. Of these, Asia Pacific is expected to be the market with the highest regional demand during the forecast period. Emerging markets in Asia Pacific region represented by China and India are witnessing increasing demand for long distance power transmission with accelerated urbanisation and industrialisation, coupled with the fact that these two countries are also major renewable energy markets globally, which will stimulate the growth in demand for high voltage cables in the region.

The European region is a major market for offshore wind power, and the rapid deployment of offshore wind power in Europe during the forecast period will continue to drive growth in demand for high-voltage cable products in the region. Meanwhile, the commencement of deployment of offshore wind power in North America and the renovation and expansion of aging infrastructure will also contribute to the growth in demand for high voltage cables in the region.