Global Medium Voltage Cables & Accessories Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Medium Voltage Cables & Accessories Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Medium Voltage cables, or MV cables, is a category defined by the International Electro technical Commission (IEC) as having a voltage rating of above 1kV up to 100kV. But not everyone uses this specific range to classify MV cables. The voltage range of MV cables depends on the country and the particular system that is being used. Some common medium voltages are 5,000v, 8,000v, 15,000v, 25,000v, 35,000v. Cable accessories for medium voltage have similar design and performance requirements as that of cables of same voltage range.

Market Overview:

The latest research study on the global Medium Voltage Cables & Accessories market finds that the global Medium Voltage Cables & Accessories market reached a value of USD 47716.75 million in 2022. It’s expected that the market will achieve USD 61127.83 million by 2028, exhibiting a CAGR of 4.21% during the forecast period.

Rapid industrialization and urbanization

Rapid industrialization and urbanization has been the key driving factor sustaining the growth of the medium voltage cables market. Industrialization and urbanization has been increasing at a much faster pace in the developing economies, resulting in more requirement for power generation, transmission, and distribution and thus is expected to boost the requirement of medium voltage cables. This factor is likely to increase the growth of medium voltage cables industry. Innovations in the design of medium voltage cables has positively impacted the medium voltage cables market. Several players have taken steps and introduced improvements. Prysmian, a leading player in the cables market, introduced P-laser, which has high-performance insulating system technology (HPTE) that can replace the commonly used medium voltage cross-linked polyethylene insulated XLPE cables. These technological advancements ensure the attractiveness of this market and is expected to drive further innovations and the growth of medium voltage cables market.

Stiff competition

With major manufacturers and suppliers in the Medium Voltage Cables & Accessories industry competing at globally, the intensity of competition within the Medium Voltage Cables & Accessories industry has increased. The vendors adopt strategies like price premiums to stay competitive in the market. Meanwhile, the local vendors in developing nations are providing tough competition to the global players based on product pricing. The fierce competition is not conducive to the sustainable development of the industry. At the same time, small companies or small retailers enter the business consequently as venturing into a Medium Voltage Cables & Accessories business does not require immense capital or investment. However, this leads to the proliferation of sub-standard or duplicate products which then hampers the competitive scenario in the market as established Medium Voltage Cables & Accessories manufacturers are compelled to lower the price of their products, which ultimately impacts their profit margins and sales volumes. The fierce competition is not conducive to the sustainable development of the industry.

Region Overview:

In 2022, the share of the Medium Voltage Cables & Accessories market in Asia-Pacific stood at 44%.

Company Overview:

Prysmian is one of the major players operating in the Medium Voltage Cables & Accessories market, holding a share of 3.71% in 2023.

Prysmian

Prysmian S.p.A. is an Italian company with headquarters in Milan, specialising in the production of electrical cable for use in the energy and telecom sectors and for optical fibres.

Nexans

Nexans S.A. is a global company in the cable and optical fiber industry headquartered in Paris, France.

Segmentation Overview:

As for product types, the Underground segment held the largest market share in 2022.

Application Overview:

The market's largest segment by application is the segment Utility, with a market share of 46.86% in 2022.

Key Companies in the global Medium Voltage Cables & Accessories market covered in Chapter 3:

Southwire Company, LLC
Caledonian Cables
Kabelwerk Eupen AG
Sumitomo Electric
Ducab
Okonite Company
Cleveland Cable
Tratos
Prysmian
NKT Group A/S
LS Cable & System
Elsewedy Electric
Nexans

In Chapter 4 and Chapter 14.2, on the basis of types, the Medium Voltage Cables & Accessories market from 2018 to 2029 is primarily split into:

Underground
Overhead
Submarine

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Medium Voltage Cables & Accessories market from 2018 to 2029 covers:

Utility
Industrial Plants
Rail Transit
Mining
Petroleum And Natural Gas
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)