What Has Been Medium Voltage Cable Market in Recent Years?
The medium voltage cable market has seen considerable growth due to a variety of factors.
• The market size for medium voltage cables has witnessed significant growth in the past few years. The market, which is valued at $33.46 billion in 2024, is predicted to escalate to $35.46 billion in 2025, marking a compound annual growth rate (CAGR) of 6.0%.
Factors such as the effect of industrialization, increase in energy demands, urbanization and infrastructure development, acceptance of renewable energy, and replacing doing away with old infrastructure have contributed to the growth during the historic time frame.
What Is The Projected Growth Of The Medium Voltage Cable Market?
The medium voltage cable market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, it is anticipated that the medium voltage cable market will undergo substantial expansion. Predictions state that by 2029, this market will have reached a value of $45.67 billion, growing at a compound annual growth rate (CAGR) of 6.5%.
The predicted growth over this forecast period can be accredited to elements such as changes in the supply chain, energy efficiency regulations, government funding, adoption of electric vehicles, and urbanization patterns. Key trends expected during this forecast period encompass safety and environmental standards, resilience and reliability requirements, electric vehicle charging infrastructure, digital transformation in the energy sector, and energy transition policies.
Which Key Drivers Are Propelling Th Medium Voltage Cable Market's Growth?
The upswing in electricity consumption in the historical period was a primary catalyst for the growth of the medium voltage cable market. Medium-voltage cables, which are responsible for supplying electrical power to a certain region within a power grid, have seen an increased demand. The surge was due to heightened usage of electronic devices like laptops and desktops during the pandemic, as the work-from-home trend took precedence. The International Energy Agency (IEA), an autonomous intergovernmental organization based in France, released a report suggesting a 2.6% increase in electricity consumption in the United States in 2022, compared to 2021. This surge in electricity usage bolstered the medium voltage cables market during this timeline.
What Are The Principal Market Segments In The Global Medium Voltage Cable Healthcare Industry?
The medium voltage cable market covered in this report is segmented –
1) By Product: Termination Cables, Joints, Cross-Linked Polyethylene (XLPE) Cables, Other Products
2) By Voltage: Up to 25kV, 26kV-50kV, 51kV-75kV, 76kV-100kV,
3) By Installation: Underground, Submarine, Overhead
4) By Application: Industrial, Commercial, Utility
5) By End Users: Oil And Gas, Energy And Power, Mining, Manufacturing, Transportation, Commercial, Residential
Subsegments:
1) By Termination Cables: Indoor Termination Cables, Outdoor Termination Cables
2) By Joints: Straight Joints, Branch Joints, Transition Joints
3) By Cross-Linked Polyethylene (XLPE) Cables: XLPE Power Cables, XLPE Control Cables
4) By Other Products: Armored Medium Voltage Cables, Unarmored Medium Voltage Cables, Composite Cables
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Which Emerging Market Trends Are Altering The Medium Voltage Cable
Technological advancements are significantly impacting the medium voltage cable market, with market players keen on producing environmentally friendly products. For instance, the US-based custom cable and wire producer, Philatron, recently launched their Philatron-EF Environmental Friendly Power Cables. These innovative cables are crafted using a unique, proprietary mix of thermoplastics that can be recycled, providing a more sustainable alternative to TR-XLPE (tree-retardant cross-linked polyethylene) and EPR (ethylene propylene rubber). These cables not only possess superior dielectric strength but are also devoid of toxic elements, making them incredibly suitable for recycling.
Who Are the Key Players in the Medium Voltage Cable Market?
Major companies operating in the medium voltage cable market include:
• Sumitomo Electric Industries Ltd.
• Hitachi Cable Ltd.
• Jiangsu Hengtong Cable Co Ltd.
• General Cable Technologies Corporation
• Prysmian Group S.p.A.
• Nexans France SAS
• Furukawa Electric Co Ltd.
• ZTT Cable Co Ltd.
• Guangdong Guangyi Electric Power Co Ltd.
• Pirelli S.p.A.
• LEONI AG
• KEI Industries Limited
• Shandong Hengsheng Cable Co Ltd.
• LS Cable & System Ltd.
• Ducab DWC LLC
• Riyadh Cables Group Company
• NKT Holding A/S
• Southwire Company LLC
• Sterlite Technologies Limited
• Brugg Kabel AG
• Taihan Electric Wire Co Ltd.
• Eland Cables Plc
• Tratos Cavi S.p.A.
• Synergy Cables Limited
• Chinese Cables & Conductors Co Ltd.
• Universal Cables Limited
• TPC Wire & Cable Corporation
• Hanwha Corporation
• Jiangsu Jiangnan Cable Group Co Ltd.
• Cablel S.A.
What are the Regional Insights into the Medium Voltage Cable Market?
Asia-Pacific was the largest region in the medium voltage cable market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medium voltage cable market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
