Press release
Rising Demand for Power Infrastructure to Propel Medium Voltage Electric Cables Market to US$ 60.0 Bn
Medium Voltage Electric Cables
Increase in trend of transition from overhead to underground cabling in order to offer enhanced reliability, safety, and lower environmental impact offers lucrative opportunities to market players. Utility institutions and cable manufacturing companies are focusing on enabling efficient and reliable electricity distribution, which is crucial for powering the world's future.
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Competitive Landscape
The market features key players such as Prysmian Group, Nexans, General Cable, LS Cable & System, Southwire, and Sumitomo Electric Industries. Companies focus on R&D, partnerships, and geographical expansion to strengthen their market presence.
Key Developments in Global Medium Voltage Electric Cables Market
In July 2023, PRYSMIAN S.p.A. launched a new innovative PV cable solution for solar power generation. Solar cables are designed for easy transmission of electrical power generated by solar panel, ensuring effective and efficient flow of power connecting the components of whole solar power circuit.
On November 08, 2021, Sumitomo Electric Industries, Ltd. received an order from Mitsubishi Heavy Industries for the Red Line Construction Project, covering an approximate total of 2,800 km which is designed in response of increasing transportation demand with an aim to control air pollution levels across the region. The medium- and low-voltage cables (600 V-25 kV) with hard-drawn aluminum wire has been used for the project.
Market Segmentation
By Service Type: Installation, Maintenance, Repair & Upgrades
By Sourcing Type: OEM, Aftermarket
By Application: Power Transmission, Power Distribution, Industrial Applications, Commercial Buildings
By Industry Vertical: Utilities, Oil & Gas, Renewable Energy, Manufacturing, Transportation, Infrastructure
By Region: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa
Regional Analysis
North America: Growth is driven by smart grid initiatives, renewable energy projects, and increasing electricity consumption. The U.S. and Canada are key contributors.
Europe: The market benefits from infrastructure upgrades and stringent environmental regulations promoting sustainable energy.
Asia-Pacific: Rapid urbanization, industrial growth, and government initiatives for electrification in countries like China, India, and Japan fuel demand.
Latin America: Infrastructure development and grid expansion projects are contributing to market growth.
Middle East & Africa: Rising investments in power generation, including renewable energy, are driving demand for medium voltage cables.
Market Drivers and Challenges
Drivers:
Growing investments in renewable energy projects
Increasing demand for reliable and efficient power distribution
Urbanization and industrial expansion
Government initiatives to modernize power grids
Challenges:
Fluctuations in raw material prices
High installation and maintenance costs
Supply chain disruptions impacting production and distribution
Market Trends
Adoption of smart grid technology to enhance power distribution
Increasing use of renewable energy sources requiring efficient transmission infrastructure
Rising investments in underground cable networks to reduce transmission losses
Technological advancements in insulation and material efficiency
Future Outlook
The market is expected to witness sustained growth due to increasing energy demands, electrification initiatives in developing regions, and the expansion of renewable energy infrastructure. Innovations in cable materials and energy-efficient solutions will further drive market expansion.
Key Market Study Points
Market demand analysis by application and industry verticals
Comparative analysis of underground vs overhead cables
Investment trends in power transmission infrastructure
Regulatory landscape affecting market growth
Impact of technological advancements on cable performance
Recent Developments
Strategic mergers and acquisitions among major players to expand market reach
Development of eco-friendly and high-performance cable solutions
Government initiatives supporting grid modernization projects
Increasing collaborations between utility companies and cable manufacturers to enhance infrastructure
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The medium voltage electric cables market is poised for consistent growth, driven by advancements in energy distribution, technological innovations, and increasing global electricity consumption. The ongoing transition toward renewable energy and smart grid solutions will continue shaping the market dynamics over the forecast period.
About Transparency Market Research
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Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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