Press release
Medium Voltage Cable Market: Primary Drivers, Emerging Trends, Key Players, and Growth Projections
Medium Voltage Cable Market
What Is The Projected Market Size Of The Global Medium Voltage Cable Market And Its Growth Rate?
The medium voltage cable market has seen steady growth in the recent past. Key statistics include:
• Market size in 2024: $33.46 billion
• Market size in 2025: $35.46 billion (6.0% CAGR)
• Market size in 2029: $45.67 billion (6.5% CAGR)
Growth factors range from supply chain dynamics, energy efficiency regulations, governmental investments, to the adoption of electric vehicles and continuing urbanization.
What Is Driving The Growth In The Medium Voltage Cable Market?
The market growth for medium voltage cables is largely driven by the rising electricity demand. Medium-voltage cables supply electrical energy to different regions within a power grid. The demand for these cables increased during the pandemic because more electronic items such as laptops and desktops were needed due to the surge in work-from-home culture. According to a report by the International Energy Agency (IEA), the United States experienced a 2.6% rise in electricity demand in 2022 compared to 2021, driving the growth of the medium voltage cable market.
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Who Are the Key Players Driving Medium Voltage Cable Market Growth?
Several major companies are driving growth in the medium voltage cable market, including:
• 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.
What Are The Key Trends In The Medium Voltage Cable Market?
Key trends in the medium voltage cable market include:
• Safety and environmental standards
• Resilience and reliability requirements
• Development of electric vehicle charging infrastructure
• Digitalization in the energy sector
• Enactment of energy transition policies
What Are The Segments Of The Global Medium Voltage Cable Market?
The global medium voltage cable market is divided into several segments:
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
Which Region Leads The Medium Voltage Cable Market?
In 2024, Asia-Pacific was the largest region in the medium voltage cable market. The region is also expected to show the fastest growth in the future. The regions analyzed in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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What Is Covered In The Medium Voltage Cable Market Global Market Report?
- Market Size Analysis: Analyze the Medium Voltage Cable Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Medium Voltage Cable Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Medium Voltage Cable Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Medium Voltage Cable Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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