The medium voltage cable and accessories market was valued at US$ 45.82 billion in 2022 and is expected to reach US$ 70.67 billion by 2030; it is estimated to record a CAGR of 5.6% from 2022 to 2030.
Medium Voltage Cable and Accessories Market Analyst Perspective:
The rising need for electricity supply worldwide is expected to drive the medium voltage cable and accessories market. The demand for electricity 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. Furthermore, the rising focus on power generation through renewable energy sources has resulted in the development of new power grids and distribution lines. This, in turn, bolsters the growth of the medium voltage cable and accessories market
Medium Voltage Cable and Accessories Market Overview:
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.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Medium Voltage Cable and Accessories Market: Strategic Insights
Market Size Value in US$ 45.82 billion in 2022 Market Size Value by US$ 70.67 billion by 2030 Growth rate CAGR of 5.6% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Medium Voltage Cable and Accessories Market: Strategic Insights
| Market Size Value in | US$ 45.82 billion in 2022 |
| Market Size Value by | US$ 70.67 billion by 2030 |
| Growth rate | CAGR of 5.6% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Market Driver:
Rising Demand for Uninterrupted Power Supply in Various Industries Fuel Growth of Medium Voltage Cable and Accessories Market
In recent years, there has been a drastic increase in the demand for power. 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.
Medium Voltage Cable and Accessories Market Segmentation and Scope:
The medium voltage cable and accessories market is segmented on the basis of installation, product, voltage, end user, and geography. Based on installation, the market is categorized into overhead, underground, and submarine. By product, the market is categorized into MI, terminations, joints, and XLPE cables. In terms of voltage, the market is segmented into 1 to 5, 6 to 13, 23, 34, 45, and 69. In terms of end user, the market is segmented into industrial, infrastructure, and renewables. Additionally, based on geography, the market is segmented into Europe, North America, the Middle East & Africa (MEA), Asia Pacific (APAC), and South America (SAM).
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Medium Voltage Cable and Accessories Market Segmental Analysis:
Based on end user, the medium voltage cable and accessories market is segmented into industrial, infrastructure, and renewables. The industrial segment held the largest medium voltage cable and accessories market share in 2022 and is anticipated to register the highest CAGR in the market during 2022–2030. In a variety of industrial settings, medium voltage cables are used to transfer power from substations to transformers, motors, and other machinery. In industrial plants, the cables transfer power to motors, machines, and other equipment. Additionally, they are utilized to link transformers and other plant machinery. It can also transmit power to far-off areas, including mines, oil and gas rigs, and construction sites.
Thus, with the growing application, several players globally are taking initiatives to develop medium voltage cables and accessories. For instance, in August 2023, RFL Group launched a new product category of medium-voltage power cables for its well-known cable brand, Bizli Cables. Thus, such developments are favoring the medium voltage cable and accessories market.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Medium Voltage Cable and Accessories Market Regional Analysis:
The global medium voltage cable and accessories market is categorized into North America, Europe, MEA, APAC, and SAM. In 2022, Asia Pacific held the largest medium voltage cable and accessories market share, followed by Europe and America. Further, APAC is expected to record the highest CAGR during the forecast period. Due to fewer annual defects than overhead cables, underground cables are also more reliable. Despite the increased cost of underground cables, utilities are currently increasing their investment in them because of encouragement from authorities in developing regions such as Asia Pacific. The electrical cables in Ho Chi Minh City and Hanoi, two of Vietnam's biggest cities, are also being replaced from above-ground to underground. In addition to installing underground cables on busy routes, the exercise has been expanded to include city passageways.
The market is projected to be driven by replacing overhead cables between 2020 and 2025. Moreover, India is observing an increase in the use of underground wires. Many of the 100 smart city projects being undertaken across the country involve underground wires. The government's housing initiatives, such as Pradhan Mantri Awas Yojana (PMAY), are likely to encourage a considerable increase in residential building construction in India. By the end of 2022, the government planned to construct 60 million residences (40 million rural and 20 million urban areas). Thus, residential building construction is expected to propel the Asia Pacific medium voltage cable and accessories market growth in the coming years.
Medium Voltage Cable and Accessories Market Key Player Analysis:
ABB Ltd., Hellenic Cables SA, El Sewedy Electric Co., Prysmian SpA, NKT AS, The Okonite Co., Eland Cables Ltd, Tratos Cavi SpA, Nexans SA, TPC Wire & Cable Corp. are the key medium voltage cable and accessories market players profiled in the report.
Medium Voltage Cable and Accessories Market Recent Developments:
The medium voltage cable and accessories market players highly adopt inorganic and organic strategies. A few recent key market developments are listed below:
- In January 2023, Greek cable manufacturer Hellenic Cables launched an investment program of ~US$ 86.97 million (EUR 80 million) for two years to address the growing demand for electrification. This investment will enhance the existing center of manufacturing excellence for a wide range of subsea cables, from medium voltage to extra-high voltage ones needed in fast-growing markets like offshore wind, subsea interconnections, and power-from-shore.
- In February 2023, Nexans received a contract to provide subsea cables for PacWave South, the US first grid-connected wave energy test facility. The company will deliver four medium voltage alternating current cables to transfer energy from berths to the shore.
- In August 2023, French cable and fiber optic company "Nexans" launched a new range of low-carbon distribution grid cables, the first on the French market. The company's new approach reduces the greenhouse gas emissions of its low- and medium-voltage cables by 35–50%, depending on the product.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Installation, Product, Voltage, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The country anticipated to grow with the highest CAGR are China, Japan, and the US.
The global medium voltage cable and accessories market is expected to reach US$ 70.68 million by 2030.
APAC is anticipated to grow with the highest CAGR over the forecast period.
The key players holding majority shares in the global medium voltage cable and accessories market include ABB, Prysmian S.p.A, Nexans, NKT A/S, Hellenic Cables Group.
Advancements in cable technology are expected to drive the growth of the global medium voltage cable and accessories market in the coming years.
Rising demand for uninterrupted power supply in various industries and growing construction of residential and commercial buildings are the driving factors for the global medium voltage cable and accessories market.
The medium voltage cable and accessories market accounted for US$ 45. 83 billion in the year 2022 and is expected to grow at a CAGR of 5.6% during the forecast period, to account for US$ 70.68 billion in the year 2030.
The List of Companies - Medium Voltage Cable and Accesories Market
- ABB Ltd
- Hellenic Cables SA
- El Sewedy Electric Co
- Prysmian SpA
- NKT AS
- The Okonite Co
- Eland Cables Ltd
- Tratos Cavi SpA
- Nexans SA
- TPC Wire & Cable Corp
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Trends and growth analysis reports related to Medium Voltage Cable and Accessories Market
Sep 2023
Robotic Crawler Camera System Market
Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component [Hardware (Cameras, Crawlers, Cable Drums, Control Units, and Others), Software, and Service], Application (Drain Inspection, Pipeline Inspection, and Tank Void Capacity or Conduit Inspection), and End User (Residential, Commercial, Municipal, and Industrial)
Sep 2023
Inertial Sensor for Land Defense Systems Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Technology (FOG, MEMS, and Others) and Application (Stabilization Missile Systems, Stabilization Turret-Cannon Systems, Land Navigation Including Land Survey, Missile GGM-SSM, Stabilization Active Protection System, Stabilization of Optronics System, and Others)
Sep 2023
Drone Lithium Battery Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis By Battery Type (Li-ion, Li-Po, and Li-S), Battery Capacity (Below 3,000 mAh; 3,000–5,000 mAh; and Above 5,000 mAh), Drone MTOW (Below 100 Kgs, 100–200 Kgs, and Above 200 Kgs), Wing Type (Fixed Wing and Rotary Wing), and End Use (Military and Commercial)
Sep 2023
ASRS for Garments on Hangers Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis By Type (Garment Rail System, Garment Conveyor, Garment Property Storage, and Others) and Application (Warehousing and Logistics, Retail 3PL, Hotels, Hospitals and Institutes, and Others)
Sep 2023
Analog to Digital Converter Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Integrating Analog to Digital Converters, Delta-Sigma Analog to Digital Converters, Successive Approximation Analog to Digital Converters, Ramp Analog to Digital Converters, and Others), Resolution (8-Bit, 10-Bit, 12-Bit, 14-Bit, 16-Bit, and Others), and Application (Industrial, Consumer Electronics, Automotive, Healthcare, Telecommunication, and Others)
Sep 2023
Laser Distance Sensor Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Distance (Between 2 and 10 Meters, Between 11 and 100 Meters, Between 101 and 200 Meters, and Between 201 and 500 Meters), Accuracy (1 mm at 2 Sigma, 3 mm with 2 Sigma, and 5 mm at 2 Sigma), and End User (Manufacturing, Construction, Automotive and Robotics, Aerospace and Defense, Geospatial Industry, and Others)
Sep 2023
Rugged Tablet Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis By Type (Fully Rugged Tablet, Semi Rugged Tablet, and Ultra Rugged Tablet); Operating System (Android, Windows, and iOS); and Application (Aerospace & Defense, Automotive, Construction, Energy & Utilities, Manufacturing, Oil & Gas, and Others)
Sep 2023
Rear Door Heat Exchanger Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Active and Passive) and End User (Data Center, IT and Telecommunication, Semiconductor, Education, Government, and Others)