Global Medium Voltage Cables Market Poised for Robust Growth, Reaching US$ 89.3 Billion by 2032: Burgeoning Demand for Electricity, Infrastructural Expansions, Ascendancy of Renewable Energy Sources
Dublin, May 02, 2024 (GLOBE NEWSWIRE) -- The "Medium Voltage Cables Market Report by Voltage (Up to 25kV, 26kV-50kV, 51kV-75kV, 76kV-100kV), Product (Termination Cables, Joints, XLPE Cables, and Others), Installation (Underground, Submarine, Overhead), End User (Industrial, Commercial, Utility), and Region 2024-2032" report has been added to * ResearchAndMarkets.com's* offering.
The global medium voltage cables market has demonstrated a remarkable growth trajectory, with a forecasted Compound Annual Growth Rate (CAGR) of 4.9% from 2023 to 2032
The market, having achieved a valuation of US$ 58 billion in 2023, is projected to ascend to US$ 89.3 billion by the end of the forecast period. This substantial growth is underpinned by a confluence of factors, including the burgeoning demand for electricity, infrastructural expansions, and the ascendancy of renewable energy sources.
A surge in infrastructure development endeavors, coupled with a steadfast commitment to energy decentralization, has significantly bolstered the market for medium voltage cables. As the world leans towards renewable energy to mitigate climate change impacts, medium voltage cables are playing a pivotal role by ensuring effective integration of these clean energy sources into the power grid. Technological advancements in materials have further enhanced cable efficiency and durability, spurring investment prospects.
*Industrial Demand Uptick*
Electrical infrastructure upgrades, driven by urbanization and industrial automation, have necessitated the expansion of the medium voltage cables market. With hefty investment in smart cities and public utilities, the amplified need for reliable electrical distribution networks has become unmistakable. This need is particularly pronounced within the industrial sector, which commands the majority of market share. The segment's complex energy requirements are potent market drivers, urging continuous advancements of medium voltage cable solutions.
*Regional Market Insights*
The Asia Pacific market has clinched the predominant share in the global landscape, propelled by significant infrastructural projects and favorable renewable energy initiatives observed in countries across the region. Moreover, substantial government backing in the form of subsidies and regulations promoting renewables has been zealous in advancing the cause of medium voltage cables in the Asia Pacific zone, underscoring the region's dominance in the market.
*Competitive Arena*
Key industry players are immersed in a climate of innovation, with a strong emphasis on refining cable efficacy and sustainably aligning with a progressively electrified world. Strategic collaborations, mergers, and acquisitions are corroborating their stronghold in the market, as is an unwavering dedication to sustainability and relentless customer-centric product evolution.
*Market Projections*
As the economy inexorably embraces electrification, the medium voltage cables market is set to sustain its upward trend anchored by persistent demand across the industrial, commercial, and utility spheres. Innovations in cabling technology continue to underwrite market vitality, offering a promising outlook for the medium voltage cables market in the years ahead.
*Key Attributes:*
*Report Attribute* *Details*
No. of Pages 148
Forecast Period 2023 - 2032
Estimated Market Value (USD) in 2023 $58 Billion
Forecasted Market Value (USD) by 2032 $89.3 Billion
Compound Annual Growth Rate 4.9%
Regions Covered Global
*Companies Featured*
· ABB Ltd.
· Brugg Cables (Shanghai) Co. Ltd.
· Eland Cables
· Hellenic Cables SA
· LS Cable & System (LS Group)
· Nexans SA
· NKT A/S
· Prysmian S.p.A.
· Riyadh Cables
· Southwire Company LLC
· Sumitomo Electric Industries Ltd.
· Synergy Cables
· TPC Wire & Cable
For more information about this report visit https://www.researchandmarkets.com/r/k732pi
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*Attachment*
· Medium Voltage Cables Market
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