Press release
Medium Voltage Cable Global Market Size, Share Report, Growth Prospects, Developments Plans, Future Insights and Trends Analysis Till 2033 | Pirelli S.p.A., LEONI AG, Ducab DWC LLC, Brugg Kabel AG, Cablel S.A.
The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033The Business Research Company offers in-depth market insights through Medium Voltage Cable Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The medium voltage cable market size has grown strongly in recent years. It will grow from $31.86 billion in 2023 to $34.03 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to industrialization's impact, energy demand growth, urbanization and infrastructure, renewable energy adoption, aging infrastructure replacement.
The medium voltage cable market size is expected to see strong growth in the next few years. It will grow to $43.93 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to supply chain dynamics, energy efficiency regulations, government investments, electric vehicle adoption, urbanization trends. Major trends in the forecast period include safety & environmental standards, resilience & reliability requirements, electric vehicle charging infrastructure, digitalization in energy sector, energy transition policies.
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Market Segmentation:
The medium voltage cable market covered in this report is segmented -
1) By Product: Termination Cables, Joints, Cross-Linked Polyethylene (XLPE) Cables, Other Products
2) By Voltage: Up to 25kV, 26kV-50kV, 51kV-75kV, 76kV-100kV,
3) By Installation: Underground, Submarine, Overhead
4) By Application: Industrial, Commercial, Utility
5) By End Users: Oil And Gas, Energy And Power, Mining, Manufacturing, Transportation, Commercial, Residential
Major Driver - Rising Electricity Demand Propels Growth In The Medium Voltage Cable Market
The rising electricity demand drove the market for medium voltage cable market in the historic period. Within a power grid, medium-voltage cables serve to supply a region with electrical energy. During the pandemic, the demand for electronic items such as laptops and desktops has increased due to the increase in work-from-home culture, which in turn increases the demand for medium-voltage cables. According to India Brand Equity Foundation (IBEF), an Indian Government export promotion agency, in June 2021, the power consumption grew by 12.6% which is 25.36 billion units due to the electricity demand. Also, according to the International Energy Agency (IEA), a Paris-based autonomous intergovernmental organization, power demand in India is expected to grow at an annual rate of 6.5% between 2022 and 2024 backed by rising consumption from residential and industrial segments. The rising electricity demand drove the market for the growth of the medium voltage cables during the period.
Competitive Landscape:
Major companies operating in the medium voltage cable market report are Sumitomo Electric Industries Ltd., Hitachi Cable Ltd., Jiangsu Hengtong Cable Co Ltd., General Cable Technologies Corporation, Prysmian Group S.p.A., Nexans France SAS, Furukawa Electric Co Ltd., ZTT Cable Co Ltd., Guangdong Guangyi Electric Power Co Ltd., Pirelli S.p.A., LEONI AG, KEI Industries Limited, Shandong Hengsheng Cable Co Ltd., LS Cable & System Ltd., Ducab DWC LLC, Riyadh Cables Group Company, NKT Holding A/S, Southwire Company LLC, Sterlite Technologies Limited, Brugg Kabel AG, Taihan Electric Wire Co Ltd., Eland Cables Plc, Tratos Cavi S.p.A., Synergy Cables Limited, Chinese Cables & Conductors Co Ltd., Universal Cables Limited, TPC Wire & Cable Corporation, Hanwha Corporation, Jiangsu Jiangnan Cable Group Co Ltd., Cablel S.A.
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Top Trend - Strategic Partnerships For Powering The Future Medium Voltage Cable Framework Agreements
Major companies operating in the medium voltage cable market are adopting a strategic partnership approach for medium voltage cable framework agreements. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in June 2023, Prysmian Group S.p.A., an Italy-based company that manufactures electrical cable for usage in the energy and telecommunications sectors, as well as optical fiber, announced a partnership with National Grid plc, a UK-based electricity and gas utility company, to modernize the UK's power grid. Prysmian will assist the UK's power system in being capable of distributing additional power in the future, as a major enabler for the energy transition, through this deal. Medium voltage cables will be predominantly provided by the Group's manufacturing factory in Wrexham, North Wales, and will aid National Grid in expanding and modernizing the network to handle increased demand.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Medium Voltage Cable Market Characteristics
3. Medium Voltage Cable Market Trends And Strategies
4. Medium Voltage Cable Market - Macro Economic Scenario
5. Medium Voltage Cable Market Size And Growth
…..
27. Medium Voltage Cable Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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