According to the latest report released by international market research firm ASD Reports, the global high-voltage cable market demand will reach to $ 52 billion by 2024, with annual compound growth rate of about 6.3%.
According to the application environment, high voltage cables are divided into underground high voltage cables, overhead high voltage cables and submarine high voltage cables. Overall, the process of industrialization and urbanization to accelerate, coupled with wind energy and solar energy and other renewable energy power increases, high-voltage cable market demand will usher in a stable growth period.
High-voltage cable with other cables with low loss, high transmission rate and other characteristics, the next few years, the high-pressure market is bound to grow significantly. At the same time, governments will increase investment in smart grid, energy storage and other new technologies will bring new opportunities for high-voltage cable development opportunities.
On the other hand, copper and aluminum material price fluctuations is the biggest impact on the development of this market constraints.