The Medium Voltage Cable Market size is estimated at USD 48.71 billion in 2024, and is expected to reach USD 63.36 billion by 2029, growing at a CAGR of 5.40% during the forecast period (2024-2029).
Increasing urbanization and industrialization, as well as aging power infrastructure in power transmission and distribution networks, are likely to drive the medium-voltage cable market.
On the downside, the dearth of investments to revamp the transmission and distribution lines is likely to hinder market growth in the near future.
With rising electrification projects in regions such as 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 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.
The medium voltage cable market is moderately fragmented. The key players in the market include (in no particular order) Cablel Hellenic Cables Group, Nexans SA, Eland Cables Ltd, NKT AS, and Prysmian SpA.
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