IMARC Group, a leading market research company, has recently releases report titled “Medium Voltage Cables Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global medium voltage cables market growth, share, size, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big Is the Medium Voltage Cables Market?
The global medium voltage cables market size reached US$ 55.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 76.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.34% during 2023-2028.
Industry Overview of Medium Voltage Cables Market
Medium voltage cables are insulated with materials that can withstand higher voltages, prevent electrical leakage, and ensure safe transmission. They are equipped with shielding layers to minimize electromagnetic interference and prevent external influences. They enable the transmission of electricity over longer distances with less power loss compared to low-voltage cables. They provide power to commercial complexes, office buildings, and retail spaces, ensuring uninterrupted electricity supply. They aid in connecting renewable energy sources, such as wind and solar farms, to the main grid. They are widely used across various industries to power machinery, lighting, and different equipment, supporting efficient operations. Besides this, they are employed in infrastructure projects like airports, railway systems, and tunnels to maintain reliable power supply.
Global Industry Trends and Drivers:
Rapid urbanization and ongoing infrastructure projects worldwide represent one of the key factors catalyzing the demand for medium voltage cables to support expanding power distribution networks. Apart from this, the shift towards renewable energy sources, including wind and solar power, is driving the need for efficient medium voltage cables to connect renewable energy installations to the grid. Furthermore, many countries are investing in upgrading their aging power distribution infrastructure, which is driving the replacement of outdated cables with newer and more efficient medium voltage cables. Moreover, ongoing advancements in cable design, insulation materials, and manufacturing techniques are enhancing the performance and durability of medium voltage cables.
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Voltage:
- Up to 25kV
- 26kV-50kV
- 51kV-75kV
- 76kV-100kV
Breakup by Product:
- Termination Cables
- Joints
- XLPE Cables
- Others
Breakup by Installation:
- Underground
- Submarine
- Overhead
Breakup by End User:
- Industrial
- Commercial
- Utility
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Who Are The Key Players Operating In The Industry?
- 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.