The global medium voltage cable & accessories market is projected to reach USD 56.2 billion by 2022 from an estimated USD 41.5 billion in 2017, at a CAGR of 6.3% from 2017 to 2022. This growth can be attributed to the changing trends in the energy sector vis-à-vis increasing renewable energy-based power generation, investment plans for expansion of T&D networks in developing economies, revamp of the existing aging infrastructure, growing global power generation capacity, and increasing demand for smart grid technology. Additionally, the rapidly growing infrastructure industry in the emerging regions; and the rapid pace of industrialization and urbanization are anticipated to drive market growth.
The underground installation medium voltage cable & accessories market is estimated to exceed USD 40 billion by 2022
The underground installation segment was the largest medium voltage cable and accessories market in 2016 and is anticipated to continue the momentum during the forecast period. Underground cables are safer and have longer lift than overhead cables. Underground cables are capable of absorbing emergency power loads and have better power loss characteristics. These cables have the advantage of being installed in populated areas where the land is unavailable. Rapid industrialization is one of the major factors driving this market. Some of the benefits of installing power cables underground include low transmission losses, absorption of emergency power loads, low maintenance costs, and less susceptibility to the impact of severe weather.
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The 6–13 kV voltage range segment is projected to lead the market during the forecast period
The 6–13 kV segment is estimated to dominate the market until 2022. The growth of this segment can be attributed to its extensive use in the utilities sector. This voltage range is used usually in indoor and outdoor static installation and the renewable energy sector. Growth of the renewables sector is expected to drive the growth of the segment over the forecast period.
The research report categorizes the medium voltage cable & accessories market to forecast the revenues and analyze the trends in each of the following sub-segments:
Medium Voltage Cable & Accessories Market By installation Type
Medium Voltage Cable & Accessories Market By Voltage Range
- 1–5 kV: 17.3
- 6–13 kV: 25.6
- 23 kV: 17.4
- 34 kV: 23.6
- 45 kV: 5.4
- 69 kV: 10.6
Medium Voltage Cable & Accessories Market By Region
- Asia Pacific
- North America
- Middle East
- South America
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Asia Pacific is estimated to be the largest and the fastest-growing medium voltage cable & accessories market until 2022
Asia Pacific led the medium voltage cable & accessories market in 2016. It is predicted to be the largest and the fastest-growing market till 2022. Europe is projected to be the second-largest market by 2022. The primary reasons for the growth of both these markets include the government initiatives for the improvement of T&D systems, an increase in power demand, and favorable renewable energy policies in the key countries of this market.
Some of the prominent competitors in the medium voltage cable & accessories market are Nexans (France), General Cable Corporation (US), Prysmian (Italy), NKT Group (Denmark), and LS Cable & System (South Korea). These leading players have a competitive edge in terms of high-end technology and a broad global sales and distribution network. Contracts & agreements and expansions & investments were the most followed growth strategies by the industry players.