Acording to the latest report by IMARC Group, titled “Medium Voltage Cables Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global medium voltage cables market growth.The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global medium voltage cablesmarket size reached US$ 55.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 76.3 Billion on by 2028, exhibiting a growth rate (CAGR) of 5.34% during 2023-2028.
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.
what are the key factors driving in the 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 RD activities to introduce high-performance insulating system technology (HPTE) are expected to fuel the medium voltage cables market in the coming years.
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|Medium Voltage Cables Market Report Scope|
|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 2028|
|Base year for estimation||2022|
|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.|
The report has been segmented the market into following categories:
Breakup by Voltage:
- Up to 25kV
Breakup by Product:
- Termination Cables
- XLPE Cables
Breakup by Installation:
Breakup by End User:
- Asia Pacific
- North America
- 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.
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