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Key Emerging Trends in the High Voltage Cables Accessories Market
The demand for electricity worldwide is on the rise due to factors like a growing population, urban development, increased infrastructure projects, and better access to electricity. In response to these trends, the power generation industry is actively looking for ways to reduce its carbon footprint. One key strategy is to increase the proportion of renewable energy sources in the overall power generation mix globally. Renewable energy sources, including solar, wind, and hydropower, are becoming increasingly important for generating electricity.
The primary reason for this shift towards renewable energy is the environmental benefits it offers. Unlike non-renewable sources like coal and natural gas, renewable sources do not produce harmful emissions or waste during electricity generation. This growing awareness of environmental safety and security is driving the global market for renewable energy. Various countries, such as the United States, India, Germany, Saudi Arabia, and the United Arab Emirates (UAE), have set ambitious targets to boost the capacity of renewable energy sources. These targets are aimed at increasing the overall share of renewable energy in the total power generation mix.
For instance, the UAE government initiated the Energy Strategy 2050 in 2017, with the goal of achieving a 50% share of renewable energy in the country's total energy mix by 2050. Similarly, Germany has set a target of attaining a 40-45% share of renewable energy in its total electricity consumption by 2025, according to the Federal Ministry for Economic Affairs and Energy. In the United States, the International Renewable Energy Agency (IRENA) predicts that the share of renewable energy in the country's total energy generation capacity will reach 10% by 2030.
This increasing emphasis on electricity generation from renewable sources is expected to have a positive impact on the XLPE cable market. XLPE cables play a crucial role in transmitting and distributing electricity generated from renewable sources. As the demand for renewable energy sources continues to grow, there will be a corresponding increase in the use of XLPE cables. Therefore, the rising share of renewable energy in the power generation mix is anticipated to drive the global XLPE cable market's growth in the coming years.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Increasing power generation capacity |
| Market Dynamics | Growth of offshore wind farms Need for efficient transmission systems |
High Voltage Cables Accessories Market Highlights:
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