High Voltage Cables Market Size

High Voltage Cables Market Size

High Voltage Cables Market size exceeded USD 19 billion in 2021 and is anticipated to expand at more than 4.5% CAGR from 2022 to 2030. Stringent energy-efficiency norms across major world economies focused on minimizing energy consumption & GHG emissions are likely to bolster the demand for high-voltage cables. The consistent growth in the world population and the rapid pace of urbanization and industrial development globally has dramatically surged the demand for electricity.

On the other hand, conventional energy sources have witnessed a significant decline over recent years. These factors, in tandem, have raised concerns about maintaining an adequate energy supply across various regions and encouraged regulatory authorities to bring about necessary reforms to improve energy efficiency. For instance, The Energy Policy and Conservation Act allows the US Department of Energy to execute appliance and equipment standards. The Department’s Office of Enforcement demonstrates whether products sold in the country meet energy and water conservation standards.