New York, US, March 20, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Medium Voltage Cables Market Information by Voltage Rating, Installation and End User, and Region - Forecast till 2030", The market for medium voltage cables can reach a value of USD 51,600 million at a CAGR of more than 6% from 2022 to 2030.
Medium Voltage Cables Market Overview
Power cables with a medium voltage have three layers: insulation material, conductor, and insulation screen. They provide defense against abrasion, ripping, wearing, and environmental hazards. They are incredibly flexible and strong. As medium voltage cables are buried, they are safer and more economical to operate and maintain. Also, by effectively distributing power to remote places, they offer a dependable power supply during unforeseen power outages. In addition to this, they increase resistance to tugging, twisting, and tension and are simple to install. They thus have a wide range of uses in the mining, chemical, electrical, and oil and gas sectors all over the world.
Market Competitive Landscape:
The affluent companies in the medium voltage cables market include
- General Cable Corporation (U.S)
- Nexans S.A. (France)
- NKT Cables Group A/S (Denmark)
- ABB Ltd. (Switzerland)
- Prysmian S.P.A. (Italy)
- Sumitomo Electric Industries Ltd. (Japan)
- Southwire Company LLC (U.S)
- Kabelwerke Brugg AG (Switzerland)
- Hebei New Baofeng Wire & Cable Co. Ltd. (China)
- LS Cable & System Ltd. (South Korea)
- EL Sewedy Electric Company (Egypt)
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These most significant major important players in the global market for medium voltage cables employ a variety of strategies and techniques to meet the expanding client demand. as more and more nations become urbanized and industrialized. the length of time needed to install power in diverse locations. As a result, the demand for medium voltage cables is growing. Also, the size of the medium voltage cable market has grown recently. To extend their consumer base in the prospective global market, they employ a variety of policies and methods, including joint ventures, mergers, acquisitions, the development of new manufacturing processes, product innovation, company expansion, and partnerships.
Medium Voltage Cables Market USP Covered:
Market Drivers:
The growing demand for a dependable electric supply often drives the market for medium voltage cables. Further expenditures are also made in grid expansion, safe electrical infrastructure development, and transmission and distribution network expansion. The high operating efficiency, proper load distribution between circuits, enhanced system stability, simple and quick installations, and practical virtual deployment are further reasons why medium voltage cables are in high demand. The power networks' medium-voltage wires can be found virtually anyplace. There is a demand for electricity supply on a global scale. And this is primarily coming from nations where industrialization and urbanization have increased, like China and India.
Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | 2030: USD 51,600 Million |
| CAGR during 2022-2030 | 6% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | New product launches and R&D Amongst major key Players |
| Key Market Drivers | Increasing need for reliable electric supply & subsequent investment in transmission & distribution network Developing safe electrical infrastructure |
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The medium voltage sector will soon have a lot more opportunities to seize and expand. Surging urbanization, industrialization, and the demand for power in rural regions provide the main opportunity. Underground cable installations are typically preferred in developed economies. Due to their availability and affordability, medium voltage cables could see a sharp rise in demand over the next several years.
Market Restraints:
Although the market for gas generators has seen better development potential recently, various market restrictions may significantly slow market expansion. Due to rising transmission and distribution costs, high maintenance and operating costs, and constrained power generation capacity, the worldwide market may experience restrictions.
Medium Voltage Cables Market COVID 19 Analysis
COVID-19 has had a global impact on people's health. The aftermath has a massive social and economic impact on people all around the world. Individuals are going through a mental trauma as major governments implement new frameworks and industries embrace innovative kinds of expansion to stay relevant.
Increasing cases have increased emotional and financial problems around the world, particularly among the elderly. Furthermore, the younger generation is experiencing challenges as a result of job loss and is turning to family care to cope. The focus is mostly on COVID-19 treatment and vaccine research, diverting attention away from other markets. This has had an impact on the medium voltage cables business.
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Medium Voltage Cables Market Segmentation
By Type of Installation
Based on the type of installation into overhead, subterranean, and submarine, the medium cable market has been segmented. Due to its rising usage throughout all developing economies, particularly in those of the South Pacific region, overhead installation commands the biggest market share. They typically cost less to buy and require less upkeep.
Due of their dense populations, countries like Europe use underground connections. Higher industrialization and organization are seen to be the driving forces behind the expansion of underground cables in the Asia Pacific area. because there are few resources and low land capabilities in countries in the Asia Pacific region.
Europe has the most installed capacity for offshore wind, which contributes to the growing use of the submitting medium voltage cable there.
By End-User
Utilities, Industries and Commercial are the major end-users in the worldwide industry.
The utilities sector holds the biggest market share for medium voltage cables, and it is anticipated that it will continue to do so during the projected period. For the primary supply of energy to all large and small equipment, utilities employ medium voltage wires. The demand for medium voltage cables would rise as a result of the rising global electricity consumption, which would lead to more substations. As a result, it has been predicted that the utilities sector will dominate the market for medium voltage cables globally.
By Voltage Rating
1-25 kV, 26-50 kV, 51-75 kV and 76-100 kV are the top segments, as per voltage rating.
Medium Voltage Cables Market Regional Insights
As a result of the strong demand for energy, the Asia Pacific now owns the greatest market share for medium voltage cables. The industrialization and organization of China and India have also increased demand for medium voltage cables in the commercial, industrial, and utility sectors. Because they are less expensive and require less upkeep, overhead installations are a common practice in the Asia Pacific region.
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Several nations in the region still lack the fundamental infrastructure needed for energy. Governments are acting on this by making large investments in the expansion of the transmission line network. Another important element influencing the demand for medium voltage cables is the Chinese government's significant investment in the development of renewable energy.
The second-largest portion of the market value rise is attributable to Europe. Due to their established economies and dense populations, these areas frequently deploy subterranean cable systems. The more urbanization and quicker installation are what work best for Europe.
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