- The underground installation medium voltage cable & accessories market is estimated to exceed $40 billion by 2022.
- The 6–13 kV voltage range segment is projected to lead the market during the forecast period.
- Asia Pacific is estimated to be the largest and the fastest-growing medium voltage cable & accessories market until 2022.
The medium voltage cables and accessories market is expected to grow at a CAGR of 6.27%, from 2017 to 2022, to reach a market size of $56.18 billion by 2022. Increase in renewable energy generation, rapid industrialization and urbanization, and government initiatives undertaken to expand or upgrade T&D systems are the major factors driving the market.
The medium voltage cables and accessories market is dominated by a few major players that are established brand names with a wide regional presence. The leading players in the medium voltage cables and accessories market include Prysmian S.p.A. (Italy), Nexans S.A. (France), General Cable Corporation (US), NKT Group A/S (Denmark), and LS Cable & System Ltd. (South Korea).
In the installation segment, the submarine market is estimated to grow at the second highest CAGR during the forecast period. Submarine cables and accessories are mainly used to connect offshore wind power generating facilities. Europe is the leading global market in terms of total installed capacity of offshore wind, followed by Asia Pacific. This is expected to lead to an increase in the installation of offshore wind and drive the market for submarine medium voltage cables.
The infrastructure segment of the medium voltage cables and accessories market, by end-user, is estimated to grow at the highest CAGR during the forecast period. Increasing investments in power transmission and distribution are driving the growth of the infrastructure segment of the medium voltage cables and accessories market.
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The 34 kV voltage segment is estimated to be the fastest growing medium voltage cables and accessories market, by voltage, from 2017 to 2022. This segment is expected to grow due to rapid industrialization and urbanization. Maturing power cables in existing grids and power plants that require upgradation and modification are also a key factor driving the growth of the 34 kV segment of the market.
The medium voltage cables and accessories market in Asia Pacific is projected to grow at the highest CAGR during the forecast period. Investments in power infrastructure in countries such as Japan, China, India, and Australia would drive the growth of the medium voltage cables and accessories market in the region during the forecast period.
Increasing power demand and the implementation of smart grid technologies provide opportunities for companies in the medium voltage cables and accessories market. The growing demand can be fulfilled by installing new transmission and distribution networks and introducing new technologies for distributed energy resources.