The global medium voltage cables & accessories market was valued at USD 39.31 Billion in 2016 and is projected to grow at a CAGR of 6.27%, from 2017 to 2022. Increase in renewable energy generation and rapid industrialization and urbanization are the major drivers for growth in the medium voltage cables & accessories market.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the medium voltage cables and accessories market. These 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). The leading players are trying to understand the markets in developing economies and are adopting various strategies to increase their market shares.
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The underground medium voltage cables and accessories segment of the installation market is expected to hold the largest share during the forecast period.
On the basis of installation, the medium voltage cables and accessories market has been segmented into underground, overhead, and renewables. The underground sector accounted for the largest market share. Several benefits of using underground cables are lower transmission loss and maintenance costs, they release no electric fields, and can easily absorb power loads; these factors are expected to drive the medium voltage cables and accessories market. Thus, the underground segment of the medium voltage cables and accessories market is expected to grow at the highest CAGR during the forecast period.
The industrial segment is expected to lead the medium voltage cables and accessories market during the forecast period.
On the basis of end-user, the medium voltage cables and accessories market has been categorized into three segments, namely, industrial, infrastructure, and renewables. The industrial segment is expected to account for half of the medium voltage cables and accessories market in 2017. The industrial segment includes utilities, oil & gas, mining and metals, chemicals and petrochemicals, cement and manufacturing, and other industries. Investments in power transmission and distribution would drive the industrial segment of the medium voltage cables and accessories market.
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Asia-Pacific is currently the largest market for medium voltage cables & accessories as majority of urbanization activities are concentrated in countries such as China, India, and Japan. In China, the infrastructure development remains the top priority, due to increasing opportunities in railways and water infrastructure. In the next 5 years, countries such as China, South Korea, and India would become potential markets for medium voltage cables & accessories systems. China, which is 100% electrified, plans to upgrade its rural distribution grid from 2016 to 2020.
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