South Korea Medium Voltage Cable Market Overview, 2028

South Korea Medium Voltage Cable Market Overview, 2028

South Korea's medium voltage cable market is an important area of the country's electrical industry. South Korea has a well-developed infrastructure and a strong emphasis on innovative technology, resulting in a considerable need for medium-voltage cables. Factors such as increasing urbanisation, industrialization, and infrastructure development projects are driving the industry. South Korea's rapid economic growth has resulted in city expansion, commercial and residential building construction, and the development of industrial parks, all of which contribute to the demand for medium-voltage cables. The medium voltage cable industry includes the manufacture, distribution, and installation of cables used to transfer electrical power at medium voltage levels (1 kV to 36 kV). It is fuelled by reasons such as rising electricity demand, infrastructural expansion, and the incorporation of renewable energy sources. Medium voltage cables are comprised of materials such as copper or aluminium conductors and come in a variety of installation options. The market serves end customers in the utilities, construction, renewable energy, manufacturing, and infrastructure sectors. Compliance with standards and certifications ensures quality and safety. The government's measures to promote renewable energy and the integration of smart grid technology are also important drivers of the medium voltage cable market's growth. South Korea has made significant investments in renewable energy sources such as solar and wind power, both of which require medium voltage cables for electricity transmission.

According to the research report ""South Korea Medium Voltage Cable Market Overview, 2028,"" published by Bonafide Research, The South Korea medium voltage cable market is expected to grow at above 8.67% CAGR from 2023 to 2028. Various groups and firms in South Korea promote the medium voltage cable market. The Korea Electrical Manufacturers' Cooperative (KEMCO) is one significant organization. KEMCO represents South Korean electrical producers, especially those involved in the production of medium-voltage cables. The association's mission is to increase the competitiveness of the electrical sector while also promoting the interests of its members. They have a significant domestic and worldwide presence and offer a diverse assortment of medium-voltage cables for various applications. Taihan Electric Wire Co., Ltd. is another prominent company that specializes in the manufacture of power cables, notably medium voltage cables. LS-VINA Cable & System is a collaboration between LS Cable & System and the Ministry of Industry and Trade of Vietnam. To meet the expanding demand in domestic and foreign markets, they manufacture a variety of cables, including medium voltage cables.

In South Korea, The consumption of medium voltage cables in the construction sector is substantial due to continuing infrastructure development projects such as commercial buildings, residential complexes, and industrial facilities. In these projects, the demand for dependable power transmission and distribution infrastructure leads to the utilisation of medium voltage cables. The energy sector is also a large consumer of medium-voltage cables. Because of South Korea's emphasis on renewable energy sources such as solar and wind power, medium voltage cables are being installed to connect renewable energy-producing systems to the grid. Manufacturing industries such as automotive, electronics, and heavy machinery all contribute to the demand for medium-voltage cables. These industries necessitate a dependable power supply and distribution infrastructure, which necessitates the employment of medium-voltage cables.

In South Korea, the government's emphasis on infrastructure development, such as smart cities, transportation networks, and power transmission systems, increases demand for medium-voltage cables. South Korea is actively pushing renewable energy sources, with the goal of increasing the share of renewable energy in its power generation. For efficient power transmission, the proliferation of renewable energy projects such as solar and wind farms necessitates the installation of medium voltage cables. South Korea's industrial sectors are increasing, including manufacturing and petrochemicals. As a result of this expansion, there is a greater demand for medium-voltage cables to support power distribution and control systems in factories and industrial complexes. Economic fluctuations or recessions can have an impact on infrastructure investments and industrial activity, potentially resulting in a drop in demand for medium-voltage cables. Advances in power transmission technologies, such as wireless energy transfer and energy storage systems, have the potential to challenge the traditional medium voltage cable industry. Regulations governing energy policy, building codes, or safety standards may have an impact on the medium voltage cable industry. These changes may result in the introduction of new specifications or standards, which may provide difficulties for existing cable manufacturers and suppliers.
The South Korean government has unveiled the Green New Deal, a comprehensive economic recovery plan that includes substantial expenditures in renewable energy and sustainable infrastructure. This effort is projected to boost demand for medium voltage cables used in renewable energy projects and smart grid infrastructure. South Korea has grand plans to increase its offshore wind power capacity. This includes the construction of large-scale offshore wind farms off the country's coasts. For these projects, the installation of medium voltage cables is critical for delivering generated electricity to the onshore system. South Korea is a global pioneer in the deployment of electric vehicles (EVs). The government has been investing in the construction of EV charging infrastructure, which necessitates the installation of medium-voltage lines. South Korean medium voltage cable manufacturers have been actively collaborating with international companies and organizations to expand their market reach and technological capabilities. This includes partnerships for joint research and development, knowledge exchange, and joint project ventures. The COVID-19 pandemic had significant effects on the medium voltage cable market in South Korea. Disruptions in the global supply chain resulted in delays in the manufacturing and delivery of medium-voltage cables. Construction activities faced restrictions and delays, impacting the demand for cables in new projects. Renewable energy projects also experienced delays and reduced investments.

Considered in this report:
• Geography: South Korea
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report:
• South Korea medium voltage cable with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Installation Type:
• Overhead
• Underground
• Submarine

By End Users:
• Power Infrastructure (Energy, Power Transmission, and Distribution)
• IT & Telecommunication
• Building & Construction (Commercial and Residential)
• Aerospace & Defence
• Consumer Electronics
• Automotive (Passenger, Commercial, and Utility Vehicles)
• Others (Oil & Gas Industry, Industrial Machinery and Manufacturing, Medical Equipment, Logistics, etc.)

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual reports of companies, and analysing government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age groups, and gender. Once we have primary data with us. we have started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Medium Voltage Cable market, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry