The global HV&EHV Submarine Power Cables market was valued at USD 7.2 billion in 2024 and is projected to reach USD 9.5 billion by 2032, exhibiting a CAGR of 3.8% during the forecast period (2024-2032). The increasing demand for renewable energy integration, coupled with advancements in offshore wind technology, is expected to drive the market growth significantly. The U.S. market is projected to expand steadily, while China is anticipated to witness robust growth, driven by government initiatives supporting offshore wind power projects.
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