Rapid industrialization and urbanization has been the key driving factor sustaining the growth of the medium voltage cables market.
PORTLAND, OREGON, UNITED STATES, August 25, 2021 /EINPresswire.com/ — Global medium voltage cables market is expected to reach at $54.2 billion by 2022, registering a CAGR of 6.5% during forecast period. Asia-Pacific is the largest contributor of medium voltage cables and it is anticipated to be the fastest growing market during the forecast period. Medium voltage cable is a necessary component for power transmission and distribution in the voltage range of 1000 V to 35 kV. It is used across power, oil & gas, mining, chemicals (industrial), renewables, and infrastructure sector.
Rapid industrialization and urbanization has been the key driving factor sustaining the growth of the medium voltage cables market. Industrialization and urbanization has been increasing at a much faster pace in the developing economies, resulting in more requirement for power generation, transmission, and distribution and thus is expected to boost the requirement of medium voltage cables. This factor is likely to increase the growth of medium voltage cables industry.
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However, Copper and aluminium are metals which are used as conductors to manufacture cables. Volatility in the cost of these metals being traded on the exchange markets cause their prices to go up or down responding to the market forces. Fluctuations in these metal prices is expected to restrain the market of the medium voltage cables to a certain extent because of uncertainties of the market forces. Conversely, increasing demand for power has led to an increase in the requirement of medium voltage cables. There is increasing reliability on the renewable sources such as solar and wind energies for power generation over coal and significant investments are made in this sector which ensure the attractiveness of this segment. Continuous investments in this sector and the inclination towards renewable sources of power generation is expected to drive the market in the near future.
Medium voltage cables market share is anticipated to increase in Asia-Pacific region, owing to rapid industrialization and urbanization. The China is anticipated to lead the market and witness high demand for medium voltage cables.
The medium voltage cables market analysis covers in depth information of major industry participants. The major companies profiled in the report include, Prysmian SpA, General Cable Corporation, Nexans, NKT Cables, Sumitomo Electric Industries Ltd., Brugg Cables, Dubai Cable Company Private Limited, Leoni AG, Southwire Company LLC, TPC Wires and General Cables Corporation.
Other market players (not profiled in report) in the value chain include, ABB LTD., Tele Fonika Cable Ltd., Kabelwerke Brugg AG, LS Cable & System Ltd., EL Sewedy Electric Company, Hebei New Baofeng Wire & Cable Co., Ltd.
Key Findings of Medium Voltage Cable Market:
• Medium voltage cables market size is provided in terms of revenue.
• In Asia-Pacific and LAMEA, high urbanization rate is estimated to accelerate the growth of underground cables on account of limited space availability for new and existing substations
• In North America, offshore wind capacity addition is expected to increase in the coming years due to the vast wind energy potential available on the U.S. Coasts.
• The submarine segment is expected to witness robust growth rates during the forecast period
• Key market players are profiled and their strategies are analysed thoroughly to provide a competitive outlook of the medium voltage cables market.
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