PUBLISHER: Inkwood Research | PRODUCT CODE: 1170416
PUBLISHER: Inkwood Research | PRODUCT CODE: 1170416
The North America high voltage cable market is predicted to grow with a 3.83% CAGR during the estimation period, 2022-2032. Favorable government policies and rapidly surging requirements for electricity and renewable projects stimulated market growth.
The North America high voltage cable market growth assessment entails an in-depth analysis of the United States and Canada. Canada has announced plans to phase out the use of coal-fired electricity by 2030. The provinces of Alberta, Saskatchewan and British Columbia have since announced their strategy to set ambitious renewable energy targets for electricity generation from renewable sources, which is to be implemented by 2030.
Furthermore, significant investments in grid modernization are expected to boost the need for high voltage cables (HVC) for even power distribution during the forecast period. Moreover, in June 2021, the ministry of natural resources of Canada announced a $964 million program to promote grid modernization projects and smart renewable energy that are expected to drastically reduce emissions with investments in clean energy like wind, hydro, geothermal, solar, and tidal technologies. Such initiatives are predicted to further raise the need for HVC cables in grid stations, driving the Canada market growth.
Key companies operating in the market include: Synergy Cables Ltd, Southwire Company LLC, etc.