Press release
Global Medium Voltage Cables Market To Be Driven By Rapid Urbanization In The Forecast Period Of 2023-2028
Medium Voltage Cables Market
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028):
Historical Market Size (2020): USD 49 Billion
Forecast CAGR (2023-2028): 5.7%
Forecast Market Size (2026): USD 70 Billion
Rapid industrialization and urbanisation have been the primary drivers of the medium voltage cable market's expansion. In developing economies, industrialization and urbanisation have been growing at a much faster rate, resulting in increased demand for power generation, transmission, and distribution, which is expected to increase the demand for medium voltage cables. This factor is likely to boost the medium voltage cable industry's growth. The medium voltage cable market has gained from advances in medium voltage cable design. Several players have taken steps to change the situation.
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Medium Voltage Cables Industry Definition and Major Segments
The International Electrochemical Commission defines medium voltage cables as those with voltages varying from 1 kV to a maximum of 100 kV. Medium voltage cables and adapters provide power in unexpected power outages, power delivery in remote areas, and applications with voltages varying from 5kV to 35kV.
Based on the installation, the industry is divided into:
Underground
Submarine
Overhead
Based on the components, the industry is divided into:
Termination Cables
Joints
XLPE Cables
Based on the voltage, the industry is divided into:
1 kV - 15 kV
16 kV - 35 kV
36 kV - 70 kV
Based on the application, the industry is divided into:
Industrial
Infrastructure
Renewable Energy
On the basis of regional markets, the industry is divided into:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Medium Voltage Cables Market Trends
The global medium voltage cables market has grown significantly as a result of rising electricity demand around the world, especially in Asia-Pacific countries like China and India, where rapid industrialization and urbanisation have boosted demand for medium voltage cables in the commercial, industrial, and utilities sectors. One of the main factors driving the global medium-voltage electric cable market is increased understanding and investments in renewable energy.
Renewable energy investments, such as solar, wind, hydropower, geothermal, and biomass, have increased significantly over the last decade. Since renewable energy projects are often off the grid, medium-voltage electric cables are used to link them to the grid. As a result, the global medium voltage electric cable market is expected to be powered by rising renewable energy generation over the forecast period.
During the forecast era, government initiatives to improve infrastructure and growing investments in the region's industrial sector are expected to drive the Asia Pacific medium-voltage electric cable market. Due to increased investments in energy production and distribution in these countries, India, China, and Japan are expected to lead the Asia Pacific medium-voltage electric cable market during the forecast period.
Key Market Players
The major players in the market are Nexans SA, Prysmian S.p.A., General Cable Technologies Corporation, Sumitomo Electric Industries Ltd, Ducab Group, TPC Wire and Cable Corporation, Hellenic Cables S.A., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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