The global high voltage cable market is expected to see a CAGR of 67%, reaching $47.1bn in 2022, according to Allied Market Research. Submarine cable is expected to grow the fastest, being used in wind energy, power utilities and oil and gas projects, while overhead lines will give way to underground cable, which enhances safety, and reduces the amount of land needed as well as radio interference. In terms of total capacity, submarine cables are projected to be able to carry more than twice as much data per second compared with undersea cables, making them an attractive option for companies looking to increase their capacity
The global high voltage cable market is expected to see a CAGR of 67%, reaching $47.1bn in 2022, according to Allied Market Research. Submarine cable is expected to grow the fastest, being used in wind energy, power utilities and oil and gas projects, while overhead lines will give way to underground cable, which enhances safety, 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 projects and infrastructure growth in developing countries.