The Medium Voltage Cable Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Medium Voltage Cable Global Market Report 2024, The medium voltage cable market size has grown strongly in recent years. It will grow from $31.86 billion in 2023 to $34.03 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to industrialization’s impact, energy demand growth, urbanization and infrastructure, renewable energy adoption, aging infrastructure replacement.
The medium voltage cable market size is expected to see strong growth in the next few years. It will grow to $43.93 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to supply chain dynamics, energy efficiency regulations, government investments, electric vehicle adoption, urbanization trends. Major trends in the forecast period include safety & environmental standards, resilience & reliability requirements, electric vehicle charging infrastructure, digitalization in energy sector, energy transition policies.
The rising electricity demand drove the market for medium voltage cable market in the historic period. Within a power grid, medium-voltage cables serve to supply a region with electrical energy. During the pandemic, the demand for electronic items such as laptops and desktops has increased due to the increase in work-from-home culture, which in turn increases the demand for medium-voltage cables. According to India Brand Equity Foundation (IBEF), an Indian Government export promotion agency, in June 2021, the power consumption grew by 12.6% which is 25.36 billion units due to the electricity demand. Also, according to the International Energy Agency (IEA), a Paris-based autonomous intergovernmental organization, power demand in India is expected to grow at an annual rate of 6.5% between 2022 and 2024 backed by rising consumption from residential and industrial segments. The rising electricity demand drove the market for the growth of the medium voltage cables during the period.
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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
Top Major Players:
Sumitomo Electric Industries Ltd.
Hitachi Cable Ltd.
Jiangsu Hengtong Cable Co Ltd
General Cable Technologies Corporation
Prysmian Group S.p.A.
Asia-Pacific was the largest region in the medium voltage cable market in 2023.
Major companies operating in the medium voltage cable market are adopting a strategic partnership approach for medium voltage cable framework agreements. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in June 2023, Prysmian Group S.p.A., an Italy-based company that manufactures electrical cable for usage in the energy and telecommunications sectors, as well as optical fiber, announced a partnership with National Grid plc, a UK-based electricity and gas utility company, to modernize the UK’s power grid. Prysmian will assist the UK’s power system in being capable of distributing additional power in the future, as a major enabler for the energy transition, through this deal. Medium voltage cables will be predominantly provided by the Group’s manufacturing factory in Wrexham, North Wales, and will aid National Grid in expanding and modernizing the network to handle increased demand.
The medium voltage cable market report table of contents includes:
1. Executive Summary
2. Medium Voltage Cable Market Characteristics
3. Medium Voltage Cable Market Trends And Strategies
4. Medium Voltage Cable Market – Macro Economic Scenario
5.Global Medium Voltage Cable Market Size and Growth
…
32. Global Medium Voltage Cable Market Competitive Benchmarking
33. Global Medium Voltage Cable Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Medium Voltage Cable Market
35. Medium Voltage Cable Market Future Outlook and Potential Analysis
36. Appendix
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