The global medium voltage cables & accessories market is expected to reach USD 51.24 Billion by 2021, at a CAGR of 6.4% from 2016 to 2021. Increase in renewable energy generation, rapid industrialization & urbanization, and government initiatives undertaken to expand T&D systems would drive the market for medium voltage cables & accessories.
The report segments the medium voltage cables & accessories market on the basis of installation into underground, overhead, and submarine. The underground sector is projected to grow at the fastest pace during the forecast period. Low transmission losses, absorption of emergency power loads, low maintenance costs, and less susceptibility to the impacts of severe weather are some of the benefits of this cabling system. These benefits are likely to boost the demand for medium voltage cables & accessories being used in underground cabling system.
The global medium voltage cables & accessories market is witnessing high growth on account of an increase in electricity demand from developing economies as well as rapid industrial expansion in these economies. Utilities, oil & gas, and renewable energy are key end-user industries that drive the demand for medium voltage cables & accessories market.
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“Utility sector to dominate the medium voltage cables & accessories market within the Industrial end-user during the forecast period”
The utility sector represents the electrical infrastructure of a country, and includes the generation, transmission, and distribution of electric power. Developed countries are expected to focus their utility investments towards the refurbishment and up gradation of grid infrastructure. The emerging economies, on the other hand, are expected spend their utility investments primarily towards expansion of utility infrastructure. Increasing investments in the utility sector is expected to increase the requirement for equipment used in grid infrastructure, such as power cables, transformers, and insulators. Furthermore, inclusion of progressive technologies, such as co-generation and combined generation in this sector, is further expected to boost the growth of the medium voltage cables & accessories market.
“Wind sector within renewables end-user to hold the major share of the medium voltage cables & accessories market during the forecast period”
Globally, the capacity of wind energy is expected to reach around 792.1 GW by 2020. This capacity is further expected to reach nearly 2,000 GW by 2030, contributing approximately 19% to the global electricity generation. The global investments in wind energy are expected to reach USD 414.85 million by 2030. These investments will lead to the installation of nearly 76,000 grid-connected turbines worldwide by 2030. This is expected to boost the demand for medium voltage cables used to connect the generated wind power to the grid.
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Medium voltage cables & accessories have been categorized, on the basis of installation, into industrial, infrastructure, and renewables. The industrial sector held around half of the medium voltage cables & accessories market share in 2015. It includes oil & gas, chemicals & petrochemicals, mining & metals, cement & manufacturing, and utilities, among others. Growth in construction activities would eventually increase the number of medium voltage cables & accessories being used in the construction process. This drives the market for medium voltage cables & accessories in the industrial sector. Meanwhile, maximum industrialization is taking place in China, India, and Japan within the Asia-Pacific region; thus the demand for medium voltage cables & accessories will be high in these countries.
Major leading players of this industry have been profiled with their recent developments and other strategic activities. The most active companies in the market include Prysmian S.p.A (Italy), General Cable Technologies Corporation (U.S.), Nexans (France), NKT Cables (Germany), and ABB Ltd. (Switzerland),among others.