The medium voltage cable and accessories market is projected to grow from US$ 45.82 billion in 2022 to US$ 70.67 billion by 2030; it is expected to expand at a CAGR of 5.60% from 2022 to 2030. A rise in power demand is expected to be a key trend in the market.
The rising need for electricity supply worldwide is expected to drive the medium voltage cable and accessories market. The electricity demand is increasing due to the growing population and industrialization in developing economies. In addition, the growing urban population has resulted in increased construction activities in various sectors, including commercial, residential, industrial, and infrastructure. For instance, in Q2 of 2023, the construction of an electric vehicle battery manufacturing plant started in Michigan, which is expected to be completed by Q4 of 2025. Such construction activities are directly increasing the need for electricity generation and distribution, which is surging the demand for medium-voltage cables and accessories.
Medium voltage cables and accessories are used for electricity supply to commercial and residential buildings as well as industrial distribution circuits. They have indoor use in power supply stations and outdoor use in cable ducts, underground, and cable trays for industrial buildings, switchboards, and power stations. In addition, these cables are also used in pulp and paper mills, steel mills, textile mills, petrochemical plants, water and sewage treatment facilities, railroads, mines, and electrical utility generating plants. Also, medium voltage cable accessories such as cable terminations, cable joints, and connectors are designed to connect, protect, and support medium voltage cables for single-core or three-core.
In recent years, there has been a drastic increase in the power demand. The need for reliable power grid infrastructure, emergency power backup solutions, and a steady power supply is increasing tremendously in various industries. The demand for an uninterrupted power supply has surged in the mining industry. Various types of heavy-duty equipment are used in mining operations, such as excavating machinery, conveyor belts, drillers, and cranes, which require a continuous power supply even in harsh environments. Similarly, in oil & gas and petrochemical industries, highly reliable electrical power is needed to protect people, assets, the environment, and the continuity of sensitive operations. Also, various activities are carried out in the oil & gas fields, including drilling, pumping, and loading, which require an uninterrupted power supply for continuous operation and safety purposes.
Moreover, on oil rigs, an uninterruptible power supply is mandatory to ensure that signal lighting is always operational. Thus, the rising demand for an uninterruptible power supply in mining, oil & gas, and petrochemical industries is raising the demand for medium voltage cables and accessories, as they help provide a regular power supply in the field. Furthermore, for the high volume production of different goods, there is a need for an uninterruptible power supply in the manufacturing industry. A slight power disruption at a manufacturing plant can lead to a low volume of production and affect the production's quality. In addition, the growing data center industry is boosting the demand for an uninterruptible power supply. The data center market is rapidly growing due to the digital revolution and the 5G rollout. Hence, the growing demand for power in the manufacturing and data center industries fuels the medium voltage cable and accessories market growth.
A smart grid is a technologically upgraded electrical grid system that incorporates information and communication technologies. The smart grid also offers two-way power flow and upgraded metering infrastructure capable of self-healing, resilience to attacks, and the ability to foresee future uncertainty. Smart grids, which incorporate medium voltage cable accessories, are one of the latest breakthroughs in research to improve efficiency and reduce energy waste. Numerous improvements are ongoing using various technologies, like smart terminations, which are intended to improve grid dependability. Thus, the implementation of smart grid technology is anticipated to generate lucrative opportunities for the medium voltage cable and accessories market during the forecast period.
The key segments that contributed to the derivation of the medium voltage cable and accessories market analysis are installation and end user.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America.
The growth in the North American region is attributed to the deployment of medium voltage cables and accessories to upgrade grid infrastructure and increase renewable power investments. Also, an increase in investments in the oil & gas sector and discoveries of new reservoirs are anticipated to drive the medium voltage cable and accessories market in the region during the forecast period.
The regional trends and factors influencing the Medium Voltage Cable and Accessories Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Medium Voltage Cable and Accessories Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 45.82 Billion |
| Market Size by 2030 | US$ 70.67 Billion |
| Global CAGR (2022 - 2030) | 5.6% |
| Historical Data | 2020-2021 |
| Forecast period | 2022-2030 |
| Segments Covered |
By Installation
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Medium Voltage Cable and Accessories Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Medium Voltage Cable and Accessories Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The medium voltage cable and accessories market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Medium Voltage Cable and Accessories Market are listed below:
The medium voltage cable and accessories market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Medium Voltage Cable and Accessories Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
The List of Companies - Medium Voltage Cable and Accesories Market
The medium voltage cable and accessories market size is projected to reach US$ 70.67 billion by 2030.
The global medium voltage cable and accessories market was estimated to grow at a CAGR of 5.60% during 2022 - 2030.
The development of advanced electricity infrastructure and increasing demand for uninterrupted power supply are the major factors that drive the global Medium Voltage Cable and Accessories market.
Asia Pacific is expected to dominate the medium voltage cable and accessories market with the highest market share in 2022.
An increase in power demand is a major trend in the market.
ABB Ltd, El Sewedy Electric Co, Hellenic Cables SA, NKT AS, Prysmian SpA, The Okonite Co, Tratos Cavi SpA, Eland Cables Ltd, and Nexans are the major market players.