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The global wind power cable market is growing at a CAGR of 19%

The global wind power cable market is growing at a CAGR of 19%

2022-09-09

The global wind power cable market is growing at a CAGR of 19%

 

According to the latest "2021 Global Wind Power Cable Market Research Report" released by Market Intelligence Data, the compound annual growth rate of the global wind power cable market will reach 19.4% from 2021 to 2027.

The market for these power cables has grown rapidly over the past decade as acceptance of renewable energy continues to grow. Green energy targets set by organizations in various countries along with global targets to reduce the use of fossil fuels by 2027 are major factors driving the growth of the market.

Since the main goal is to protect a sustainable environment, reduce the ozone layer, and reduce global warming, renewable energy is considered a solution to these global problems. Many countries around the world are investing heavily in offshore wind, onshore wind, solar and other sectors, creating room for this market to grow.

In terms of market regions, the Asia-Pacific region will lead the global wind power cable market during the forecast period, supported by high electricity demand. The wind power cable market share in the Asia-Pacific region is expected to be the largest, as the continued population growth and urbanization in countries such as China, Japan, India and South Korea have created new industrial space as well as commercial and residential space for the development of this market.

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