Press release
Global Medium Voltage Cable Market Projected to Grow at 6.2% CAGR, Reaching $44.45 Billion by 2029
Medium Voltage Cable
What Will the Medium Voltage Cable Industry Market Size Be by 2025?
Over the past few years, the medium voltage cable market size has exhibited stable growth. It is projected to expand from a value of $33.46 billion in 2024 to $35 billion in 2025, marking a Compound Annual Growth Rate (CAGR) of 4.6%. The growth observed in the historical period can be tied to several factors, including the influence of industrialization, the rise in energy demand, urbanization and infrastructural developments, the uptake of renewable energy, and the replacement of outdated infrastructure.
What's the Long-Term Growth Forecast for the Medium Voltage Cable Market Size Through 2029?
The market size for medium voltage cable is predicted to experience robust growth in the coming years, hitting a high of $44.45 billion by 2029, with a 6.2% CAGR. The progression during the forecasted timeline can be credited to influence of supply chain dynamics, regulations related to energy efficiency, government funding, the adoption of electric vehicles, and urbanization patterns. Key trends during the predicted period include safety and environmental regulations, demand for resilience and reliability, the infrastructure for electric vehicle charging, digital advancements in the energy sector, and energy transition policies.
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What Are the Key Growth Drivers Fueling the Medium Voltage Cable Market Expansion?
The flourishing requirement for electricity stimulated the growth of the medium voltage cable market during the historical period. Medium-voltage cables, which are crucial components of any power grid, provide regions with electrical power. As seen during the pandemic, the surge in demand for electronics such as laptops and desktops, a byproduct of the expanding remote work trend, has inherently boosted the demand for medium voltage cables. For instance, a study from the International Energy Agency (IEA), an autonomous intergovernmental entity based in France, reported that there was a 2.6% rise in electricity demand in the United States in 2022 when compared to 2021. This escalation in electricity demand fueled the market's expansion for medium voltage cables during this time frame.
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What Are the Key Trends Driving Medium Voltage Cable Market Growth?
Technological advancements are having a profound impact on the medium voltage cable market, with businesses in this sector focusing their efforts on creating environmentally friendly products. With this in mind, Philatron, a US-based custom cable and wire manufacturer, has produced new Philatron-EF Environmental Friendly Power Cables. These are made from a special blend of recyclable thermoplastics that outperform TR-XLPE (tree-retardant cross-linked polyethylene) and EPR (ethylene propylene rubber). In addition, these cables not only hold a higher dielectric strength value but are also toxic-free, making them ideal for recycling efficiency.
How Is the Medium Voltage Cable Market Segmented?
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
Subsegments:
1) By Termination Cables: Indoor Termination Cables, Outdoor Termination Cables
2) By Joints: Straight Joints, Branch Joints, Transition Joints
3) By Cross-Linked Polyethylene (XLPE) Cables: XLPE Power Cables, XLPE Control Cables
4) By Other Products: Armored Medium Voltage Cables, Unarmored Medium Voltage Cables, Composite Cables
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Which Companies Are Leading the Charge in Medium Voltage Cable Market Innovation?
Major companies operating in the medium voltage cable market include 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.
Which Regions Are Leading the Global Medium Voltage Cable Market in Revenue?
Asia-Pacific was the largest region in the medium voltage cable market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medium voltage cable market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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