According to the latest report by IMARC Group, titled “Medium Voltage Cables Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global medium voltage cables market analysis .The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global medium voltage cablesmarket size reached US$ 55.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 76.3 Billion on by 2028, exhibiting a growth rate (CAGR) of 5.34% during 2023-2028.
Medium voltage cables refer to power cables comprising three layers, including the conductor, insulation screen, and insulation material. They are flexible as well as durable and offer protection against abrasion, tearing and wearing, environmental impacts, etc. Medium voltage cables are safer and cost-effective as they are laid underground with less operation and maintenance costs. These cables provide a reliable power source during unpredictable power outage situations by successfully distributing power to isolated areas. They are easy to install and enhance resistance to pulling, twisting, tension, etc. Consequently, medium voltage cables find wide-ranging applications in several sectors, such as oil and gas, chemical, electrical, etc., across the globe.
The escalating demand for efficient power generation, transmission, and distribution, owing to the increasing levels of industrialization, is primarily driving the medium voltage cables market. Furthermore, the inflating need for renewable energy sources to reduce greenhouse gas emissions is catalyzing the market growth. Besides this, the widespread adoption of medium voltage cables in the mining industry to supply power to drills, shovels, haulers, etc., and the growing focus of the leading manufacturers on various marketing strategies to expand the consumer base are acting as significant growth-inducing factors.
Moreover, the rising utilization of underground cables, on account of the lesser number of annual faults as compared to overhead wires, is positively influencing the global market. Apart from this, extensive investments in R&D activities to introduce high-performance insulating system technology (HPTE) are expected to fuel the medium voltage cables market in the coming years.
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The report has been segmented the market into following categories:
Breakup by Voltage:
- Up to 25kV
Breakup by Product:
- Termination Cables
- XLPE Cables
Breakup by Installation:
Breakup by End User:
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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