Market Size of Medium Voltage Cable Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.80 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Medium Voltage Cable Market Analysis
The medium voltage cable market is expected to register a CAGR of more than 4.8% during the forecast period, 2022-2027. The COVID-19 outbreak in Q1 of 2020 had led to a decline in energy demand in major economies and further delayed planned energy projects along with investments all over the world. Factors such as growing demand for electricity generation and consumption, expansion of transmission and distribution networks, and the growing penetration of renewable energy sources are expected to drive the market during the forecast period. However, intricate project planning and delay in approval procedures for power projects in different countries globally are expected to hinder the growth of the medium voltage cable market.
- The underground cable segment is expected to witness significant growth during the forecast period, owing to the increasing adoption of underground cable deployment by several developing countries.
- With rising electrification projects in Africa, medium voltage cables are used for power distribution from substations to the customer. The increasing rural electrification in African and Asian countries is expected to offer tremendous opportunities for medium voltage cable market players in the near future.
- Asia-Pacific is expected to be the largest and the fastest-growing region during the forecast period, supported by a high urbanization growth rate and growing electricity demand, mainly from China and India.
