Medium Voltage Cables and Accessories Market Size Worth USD 70.4 billion by 2031

Posted by Kaustubh Ravan on July 10th, 2024

The global market for medium voltage cables and accessories was estimated to have acquired US$ 46.2 billion in 2022. It is anticipated to advance with a 4.8% CAGR from 2022 to 2031 and by 2031 the market is likely to gain US$ 70.4 billion.

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Global Medium Voltage Cables and Accessories Market: Key Players

A few number of large-scale suppliers, reflecting the highly consolidated nature of the global market, mostly controls the medium voltage cables and accessories market share. Businesses are spending a lot of money on extensive research and development projects, mostly to produce environmentally friendly goods. They are strategically working together to grow their business lines in domestic and foreign markets and speed up product innovation.

The following companies are well-known participants in the global medium voltage cables and accessories market:

  • Prysmian Group
  • Nexans
  • Sumitomo Electric Industries
  • ABB
  • Siemens AG
  • Southwire
  • NKT
  • LS Cable & System
  • Dubai Cable Company (Private) Ltd.
  • Furukawa Electric Co., Ltd.
  • Brugg Cables
  • The Okonite Company
  • Riyadh Cables Group

Key developments in the global market for medium voltage cables and accessories are:

A new age of clean and renewable energy generation has been ushered in by the global move toward sustainable energy sources, which is mostly powered by wind and solar energy. The efficient integration of sources of clean energy into the power grid, which is the foundation of this change, makes medium voltage cables and accessories essential. These parts serve as a crucial connection between the grid and renewable energy producing facilities, allowing the smooth flow of clean energy across medium distances.

Key Findings of the Market Report

  • The need for dependable power transmission and distribution networks is expanding rapidly.
  • Electricity has become an essential part of society for both basic necessities and vital industrial activities.
  • The market for medium voltage cables and accessories is seeing growth in revenue due to the rising need for reliable and uninterrupted power supply.
  • The global market is being driven by the increased integration of renewable sources and the rise in need for dependable power delivery.

Market Trends for Medium Voltage Cables and Accessories

  • According to deployment, the underground sector is anticipated to rule the global market in the next several years. Numerous benefits of underground cable networks include less aesthetic effect, increased safety, and higher resilience to disturbances brought on by the weather. The underground cables are probably going to be favored for medium voltage cable installations.
  • The underground method works well with urban landscape aesthetics and offers a dependable alternative for heavily inhabited regions. This pattern represents a tactical change in favor of contemporary, effective power distribution.
  • Urbanization expansion and an increase in environmental worries are driving the overhead segment. Urban places throughout the world are increasingly embracing renewable activities. This is increasing demand for hidden, compact cable networks.

Medium Voltage Cables and Accessories Market Regional Outlook

Various reasons are propelling the growth of the medium voltage cables and accessories market in different regions. These are:

  • In 2022, Asia Pacific accounted for 58.2% of the global market. The region is anticipated to rule over the forecast period, according to the most recent medium voltage cables and accessories market forecast.
  • A significant element accelerating market development in the Asia Pacific area is the region's growing urban population as well as the existence of large-scale running industries and plants, particularly in the countries of China, Japan, South Korea, and India.
  • It is projected that the size of the North American market for medium voltage cables and accessories would expand gradually in the near future due to the rise in investment in industrial operations in the area, particularly in the United States and Canada. In 2022, North America owned 16.7% of the market.

Global Medium Voltage Cables and Accessories Market Segmentation

  • Type
    • Cable Terminations
    • Cable Joints and Splices
    • Insulators
    • Connectors
    • Others
  • Deployment
    • Overhead
    • Underground
    • Submarine
  • Voltage Range
    • 3KV to 10KV
    • 10KV to 20KV
    • 20KV to 30KV
    • 30KV to 50KV
    • More than 50KV
  • End-use
    • Residential
    • Commercial and Industrial (C&I)
    • Utility
  • Region
    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East & Africa

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Kaustubh Ravan

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Kaustubh Ravan
Joined: April 15th, 2021
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