Global high voltage cable market is expected to garner $47.1 billion by 2022, growing at a CAGR of 6.7% from 2016 to 2022, with submarine cables expected to witness the fastest growth during the forecast period with a CAGR of over 8%, according to a new research published by Allied Market Research. The global high voltage cable market is expected to see a CAGR of 67 % , reaching $ 47.1bn in 2022 , according to Energy Market Research . Submarine cable is expected to grow the fastest , being used in wind energy , electric utilities and oil and gas projects , while overhead cable will give way to underground cable , which enhances efficiency , and reduces the amount of land needed as well as radio interference . Key drivers of the sector 's growth forecast are identified as investments in renewable energy , and infrastructure growth in developing countries .
The global high voltage cable market is expected to see a CAGR of 67 % , reaching $ 47.1bn in 2022 , according to Energy Market Research . Submarine cable is expected to grow the fastest , being used in wind energy , electric utilities and oil and gas projects , while overhead cable will give way to underground cable , which enhances efficiency , and reduces the amount of land needed as well as radio interference . Key drivers of the sector 's growth forecast are identified as investments in renewable energy , and infrastructure growth in developing countries .