Press release
Medium Voltage Cable 2024-2033 : Market Size, Top Segments, Leading Region Forecast | Sumitomo Electric Industries Ltd., Hitachi Cable Ltd., Jiangsu Hengtong Cable Co Ltd.
Medium Voltage Cable Global Market Report 2024
As per the report, 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 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%.
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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.
Technological Innovations Drive Eco-Friendly Solutions In The Medium Voltage Cable Market
Technological Innovations are shaping the medium voltage cable market. Companies in the medium voltage cables market are focusing on the development of eco-friendly products. For instance, a US-based custom cable and wire manufacturer, Philatron's new Philatron-EF Environmental Friendly Power Cables are made using a special proprietary blend of recyclable thermoplastics which outperforms TR-XLPE (tree-retardant cross-linked polyethylene) and EPR (ethylene propylene rubber). These cables also have a higher dielectric strength value and are toxic-free and are well suited for recyclability.
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
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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.
Contents of the report:
1. Executive Summary
2. Medium Voltage Cable Market Report Structure
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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