Medium Voltage Cables Market Trends 2023

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According to the latest report by IMARC Group, titled “Medium Voltage Cables Market Trends, Growth, Size, Share, Opportunity and Forecast 2023-2028″ reached a value of US$ 55.0 Billion in 2022. Looking forward, expects the market to reach a value of US$ 76.3 Billion by 2028 exhibiting a CAGR of 5.34% during 2023-2028.

Medium Voltage Cables Market Overview

Medium voltage cables refer to power cables comprising three layers, including the conductor, insulation screen, and insulation material. They are flexible as well as durable and offer protection against abrasion, tearing and wearing, environmental impacts, etc. Medium voltage cables are safer and cost-effective as they are laid underground with less operation and maintenance costs. These cables provide a reliable power source during unpredictable power outage situations by successfully distributing power to isolated areas. They are easy to install and enhance resistance to pulling, twisting, tension, etc. Consequently, medium voltage cables find wide-ranging applications in several sectors, such as oil and gas, chemical, electrical, etc., across the globe.

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Trends and Drivers in Medium voltage cables Market

The escalating demand for efficient power generation, transmission, and distribution, owing to the increasing levels of industrialization, is primarily driving the medium voltage cables market. Furthermore, the inflating need for renewable energy sources to reduce greenhouse gas emissions is catalyzing the market growth. Besides this, the widespread adoption of medium voltage cables in the mining industry to supply power to drills, shovels, haulers, etc., and the growing focus of the leading manufacturers on various marketing strategies to expand the consumer base are acting as significant growth-inducing factors.

Moreover, the rising utilization of underground cables, on account of the lesser number of annual faults as compared to overhead wires, is positively influencing the global market. Apart from this, extensive investments in R&D activities to introduce high-performance insulating system technology (HPTE) are expected to fuel the medium voltage cables market in the coming years.

Medium Voltage Cables Market Report Scope

Report Coverage
Details

Market size value in 2022
US$ 55.0 Billion

Market forecast in 2028
US$ 76.3 Billion

Growth Rate
CAGR of 5.34% from 2023 to 2027

Base year for estimation
2022

Historical data
2017-2022

Forecast period
2023-2028

Report coverage
Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, And Trends

Segments covered
Voltage, Product, Installation And End User

Regional scope
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico

Key companies profiled
ABB Ltd, Brugg Cables (Shanghai) Co. Ltd., Eland Cables, Hellenic Cables S.A., LS Cable & System (LS Group), Nexans S.A., NKT A/S, Prysmian S.p.A., Riyadh Cables, Southwire Company LLC, Sumitomo Electric Industries Ltd., Synergy Cables and TPC Wire & Cable.

Market Dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Voltage:

  • Up to 25kV
  • 26kV-50kV
  • 51kV-75kV
  • 76kV-100kV

Breakup by Product:

  • Termination Cables
  • Joints
  • XLPE Cables
  • Others

Breakup by Installation:

  • Underground
  • Submarine
  • Overhead

Breakup by End User:

  • Industrial
  • Commercial
  • Utility

Based on the Electronic and Semiconductor sector, the report finds that the utility sector dominates the market.

Regional Insights:

  • Asia Pacific
  • North America
  • Europe
  • Middle East and Africa
  • Latin America

On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.

For the competitor segment, the report includes global key players of the Medium Voltage Cables Market.

The major players in the market are ABB Ltd, Brugg Cables (Shanghai) Co. Ltd., Eland Cables, Hellenic Cables S.A., LS Cable & System (LS Group), Nexans S.A., NKT A/S, Prysmian S.p.A., Riyadh Cables, Southwire Company LLC, Sumitomo Electric Industries Ltd., Synergy Cables and TPC Wire & Cable.

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