North America High Voltage Cable (Hvc) Market Forecast 2020-2028
The North America high voltage cable (HVC) market is projected to record a CAGR of 4.24% during the forecast period of 2020 to 2028. Increasing electricity production, rising renewable projects, and investments for renewable energy schemes are attributed to the market growth in this region.
The countries assessed for analyzing the North America high voltage cable (HVC) market growth are Canada and the United States. North America is the second-largest electricity producer in the world, and the increase in the generation of electricity has bolstered the demand and use for high voltage cables in the region. Additionally, the government's investment and policies for renewable energy projects have facilitated market growth. Canada has declared plans to gradually discontinue the use of coal-fired electricity, in phases, by 2030. Consequently, Canadian provinces like Saskatchewan, British Columbia, and Alberta have announced their strategy and approach for generating electricity from renewable sources. The provinces have also laid determined targets for renewable energy, to be implemented by 2030. The sector is also anticipated to invest in infrastructure and electricity, thus creating a growing demand for the disposition of numerous innovative energy technologies in Canada. Moreover, US-European collaborations may prove to be a beneficial step towards taking the offshore wind development in the United States to the next phase. These improvements and factors are expected to fuel the high voltage cable (HVC) market in the North America region.
Southwire LLC, Dubai Cable Company Pvt Ltd, Nexans, Tele-Fonika Kable SA, NKT Cables, etc. are renowned companies in the market.
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