NEWARK, Del, April 09, 2024 (GLOBE NEWSWIRE) -- The medium voltage cable and accessories market is estimated to be around US$ 51.3 billion in 2024. The medium voltage cable and accessories sales are expected to rise at a CAGR of 6.1% through 2034. The market is projected to surpass the valuation of US$ 93 billion by 2034.
The medium voltage cable and accessories industry is primarily driven by rapid urbanization and industrialization, leading to increased demand for electricity infrastructure in urban and rural areas. Government initiatives and investments in renewable energy projects, such as wind and solar farms, contribute to expanding medium voltage cable networks for transmitting power from these sources to the grid. Moreover, the electrification of transportation and the growing adoption of electric vehicles (EVs) necessitates the development of charging infrastructure, driving demand for medium voltage cables and accessories.
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Despite the growth opportunities, the medium voltage cable and accessories industry faces challenges such as stringent regulatory standards and compliance requirements, which increase production costs and limit market entry for smaller manufacturers. Additionally, fluctuations in raw material prices, particularly for copper and aluminum, impact the manufacturing costs of medium voltage cables and accessories. Moreover, the industry is susceptible to supply chain disruptions and geopolitical tensions, affecting the availability of critical components and materials required for production.
The medium voltage cable and accessories industry presents significant opportunities for growth, particularly in emerging markets with expanding infrastructure needs and increasing electricity consumption. Investments in smart cities and sustainable urban development projects drive the demand for modernized medium voltage cable systems equipped with smart monitoring and control capabilities. Furthermore, advancements in insulation materials and cable design technologies enable the development of high-performance, long-lasting medium voltage cable solutions for various applications.
One of the latest trends in the medium voltage cable and accessories industry is the adoption of eco-friendly and recyclable materials in cable manufacturing, driven by sustainability objectives and regulatory requirements. Manufacturers increasingly focus on developing cables with reduced environmental impact, such as lead-free insulation materials and recyclable sheathing compounds. Another emerging trend is the integration of digital technologies, such as IoT sensors and predictive maintenance systems, into medium voltage cable accessories to enable real-time monitoring and remote diagnostics of cable health and performance.
“The transition towards renewable energy sources, coupled with grid modernization initiatives, creates opportunities for the integration of medium voltage cables in decentralized energy networks and microgrids”, - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Market Study
- The medium voltage cable and accessories industry in the United States is anticipated to rise at a CAGR of 6.5% through 2034.
- The medium voltage cable and accessories industry in the United Kingdom is projected to rise at a CAGR of 7.4% through 2034.
- China’s medium voltage cable and accessories industry is likely to witness expansion at a CAGR of 5.3% through 2034.
- Japan's medium voltage cable and accessories industry is projected to rise at a CAGR of 7.6% through 2034.
- The overhead segment is projected to witness expansion at a CAGR of 5.9% through 2034.
- MI segment is anticipated to lead with a CAGR of 5.6% through 2034.
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Competitive Landscape
Competition in the medium voltage cable and accessories industry is intense, reflecting the critical role these components play in modern power transmission and distribution systems. Leading firms prioritize the development of durable, high-performance products capable of withstanding the rigors of medium voltage applications, thus ensuring reliability and safety in electrical infrastructure.
Price competitiveness remains a crucial factor shaping the competition in the medium voltage cable and accessories sector. Market players are committed to offering cost-effective solutions without compromising quality or performance. They leverage economies of scale, efficient manufacturing processes, and strategic partnerships to optimize costs and enhance value proposition. Additionally, competition often extends beyond product offerings to encompass service quality, technical support, and after-sales service as companies vie to differentiate themselves in a crowded marketplace
Recent Developments:
- NKT AS has introduced a new series of medium voltage cables and accessories for offshore wind applications known as NKT Windlink® Offshore. The products are tailored to the special needs and problems of offshore wind farms, including extreme conditions, fluctuating loads, and great distances.
- Okonite Co. opened a new manufacturing plant in Kentucky in August 2022, increasing its capacity and efficiency in the manufacture of medium-voltage cables and accessories.
- Hellenic Cables SA has inked an agreement with Terna Energy to supply and install medium voltage cables and accessories to connect the Kafireas II wind farm complex in Greece.
Key Companies in the Market
- ABB Ltd.
- Hellenic Cables SA
- El Sewedy Electric Co.
- Prysmian SpA
- NKT AS
- The Okonite Co.
- Eland Cables Ltd
- Tratos Cavi SpA
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Key Segments
By Installation:
- Overhead
- Underground
- Submarine
By Product:
- MI
- Terminations
- Joints
- XLPE Cables
By Voltage:
- 1 to 5
- 6 to 13
- 23
- 34
- 45
- 69
By End User:
- Industrial
- Infrastructure
- Renewables
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
About the Chemicals and Materials Division at Future Market Insights
The chemicals and materials team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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