North America High Voltage Cable Market 2023-2030
MARKET OUTLOOK
Triton Market Research’s report represents that the high voltage cable market in North America is envisioned to garner a compound annual growth rate of 4.24% over the forecasting years from 2023 to 2030. Canada and the United States are studied in the given region.
In the United States, renewable energy outpaced coal by accounting for 23% of power generation. Earlier in 2019, wind and solar accounted for around 50% of the nation’s total renewable electricity generation. However, this percentage is anticipated to grow owing to rising renewable energy consumption by residential and commercial users. Further, growing initiatives like offshore projects are anticipated to increase the adoption rate of HVCs, thereby widening the scope of the high voltage cable market.
Similarly, Canada stated its plan to phase out coal-generated electricity by 2030. Energy supply sectors are contributing significantly to clean GDP through manufacturing energy supply components, constructing new facilities, etc. Moreover, several provinces have announced their strategies for renewable energy generation, setting ambitious energy targets. Such initiatives are set to accelerate the adoption of HVCs, thereby fueling the Canadian high voltage cable market’s growth.
COMPETITIVE OUTLOOK
The notable companies in the HVC market are Hitachi Ltd, Furukawa Electric Co Ltd, Dubai Cable Company Pvt Ltd, and NKT Cables.
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