Medium Voltage Cables Market Size is Anticipated to Acquire US$ 76.3 Billion by 2028 With a CAGR of 5.34%

IMARC Group, a leading market research company, has recently releases report titled "Medium Voltage Cables Market Report by Voltage (Up to 25kV, 26kV-50kV, 51kV-75kV, 76kV-100kV), Product (Termination Cables, Joints, XLPE Cables, and Others), Installation (Underground, Submarine, Overhead), End User (Industrial, Commercial, Utility), and Region 2023-2028." The study provides a detailed analysis of the industry, including the global medium voltage cables market growth, trends, size, share and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

The global medium voltage cables market size reached US$ 55.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 76.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.34% during 2023-2028. The rising transition towards cleaner and more sustainable forms of energy, rapid expansion of infrastructure development activities, the increasing demand for electricity in emerging economies, and an enhanced focus on decentralized energy generation represent some of the factors that are propelling the market.

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Factors Affecting the Growth of the Medium Voltage Cables Industry:

• Renewable Energy Integration:
The increasing shift towards renewable energy sources like wind, solar, and hydroelectric power represents one of the major factors impelling the market growth. These renewable energy plants often require extensive cable networks for power collection and distribution, typically operating within the medium voltage range. The rising demand for medium voltage (MV) cables in various countries to reduce carbon emissions is strengthening the market growth. This is further encouraged by government policies, subsidies, and incentives promoting renewable energy. The intermittent nature of renewable sources also necessitates the development of more complex grid infrastructure, including storage and grid stabilization systems, which rely heavily on medium voltage cable networks.

• Electrification of Transport Sector:
The growing electrification of the transportation sector, particularly electric vehicles (EVs), is offering a favorable market outlook. The expansion of EV infrastructure, including charging stations and the necessary power distribution networks, largely relies on medium voltage cables. Moreover, increasing investments in EV infrastructure by governments and private entities to support environmental goals are driving the demand for robust and efficient MV cable systems. This is not limited to urban areas but extends to highways and remote charging points, often requiring extensive cable networks. In addition, the electrification of public transport systems, like electric buses and trains is necessitating enhanced power distribution networks that rely on medium voltage cables.

• Industrial Growth and Automation:
The increasing demand for reliable power distribution to ensure continuous and efficient operations is propelling the market growth. Medium voltage cables are integral in supplying power to large industrial plants, machinery, and automated systems. This is especially significant in industries with high power demands, such as manufacturing, mining, and chemicals. Furthermore, as industries adopt more automated and energy-intensive technologies, the requirement for reliable and efficient power distribution becomes even more critical, directly influencing the demand for medium voltage cables. The shift towards smart factories and industrial Internet of Things (IoT) also necessitates upgraded power infrastructure, supporting the growth of the market.

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Medium Voltage Cables Market Report Segmentation:

Breakup by Voltage:
• Up to 25kV
• 26kV-50kV
• 51kV-75kV
• 76kV-100kV

26kV-50kV is the most prevalent as this voltage range is widely used for several industrial and commercial applications, offering a balance between power transmission capacity and cost-effectiveness.

Breakup by Product:
• Termination Cables
• Joints
• XLPE Cables
• Others

Termination cables hold the largest segment supported by data indicating that termination cables are essential components in medium voltage cable systems, often required for safe and efficient connections.

Breakup by Installation:
• Underground
• Submarine
• Overhead

Overhead accounts for the largest share as they are a cost-effective and commonly used method for medium voltage cable deployment, particularly in areas with ample vertical space for utility poles and lines.

Breakup by End User:
• Industrial
• Commercial
• Utility

Industrial accounts for the biggest share substantiated by the rising demand for medium voltage cables in industrial settings, where they are used for powering machinery, equipment, and manufacturing processes.

Breakup by Region:
• North America
o United States
o Canada
• Asia Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
• Latin America
o Brazil
o Mexico
o Others
• Middle East and Africa

Asia Pacific dominates the market due to growing infrastructure development, leading to a significant increase in the demand for medium voltage cables to support various energy and construction projects.

Global Medium Voltage Cables Market Trends:

The ongoing advancements in cable technology and the increasing adoption of smart grid systems are bolstering the market growth. Modern medium voltage cables are designed for higher efficiency, reduced power losses, and enhanced durability, making them more suitable for demanding energy networks. Besides this, the advent of smart grid technology, which encompasses a range of digital solutions for more efficient and reliable power transmission and distribution, often requires the upgrade or replacement of existing cable infrastructure. This integration facilitates better load management, real-time monitoring of power flow, and rapid fault detection, necessitating the use of advanced MV cables. Moreover, the growing emphasis on grid resilience against natural and artificial disruptions is prompting utilities and governments to invest in more robust and intelligent cable infrastructure.

Who Are The Key Players Operating In The Industry?

The report covers the major market players including:

• ABB Ltd
• Brugg Cables (Shanghai) Co. Ltd.
• Eland Cables
• Hellenic Cables S.A.
• LS Cable & System (LS Group)
• Nexans S.A.
• NKT A/S
• Prysmian S.p.A.
• Riyadh Cables
• Southwire Company LLC
• Sumitomo Electric Industries Ltd.
• Synergy Cables
• TPC Wire & Cable

Other Key Points Covered in the Report:

• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

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