(MENAFN- GlobeNewsWire - Nasdaq)
New York, March 14, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Medium Voltage Cable Global Market Report 2023' -
and Synergy Cables.
The global medium voltage cable market grew from $33.35 billion in 2022 to $40.98 billion in 2023 at a compound annual growth rate (CAGR) of 22.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The medium voltage cable market is expected to grow to $109.58 billion in 2027 at a CAGR of 27.9%.
The medium voltage cable market consists of sales of single-core cables, triple-core cables, single-core triplex, ethylene propylene rubber (EPR) cables, low or medium-density polyethylene cables, polyvinyl chloride (PVC), and low smoke zero halogens (LSZH) cables.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Medium voltage cable is an electric cable composed of an aluminum or copper conductor and a conductor shield, a composed semiconductor material with a voltage rating between 1000V to 30KV and used in mobile substation equipment, distributing power in industrial settings, supplying power to trains and metro lines and others.
Asia-Pacific was the largest region in the medium voltage cable market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of medium voltage cables are termination cables, joints, Cross-Linked Polyethylene (XLPE) cables, and other products.Termination cables refer to the connection of the fiber or a wire to a device such as panels or equipment to connect the cable with other devices.
The voltage of medium voltage cables is up to 25kv, 26kv-50kv, 51kv-75kv, 76kv-100kv that can be installed underground, submarine, overhead across industrial, commercial, utility applications. There are various users of the medium voltage cables such as oil and gas, energy and power, mining, manufacturing, transportation, commercial, residential.
The rising electricity demand drove the market for medium voltage cables in the historic period.Within a power grid, medium-voltage cables serve to supply a region with electrical energy.
During the pandemic, the demand for electronic items such as laptops and desktops has increased due to the increase in work-from-home culture, which in turn increases the demand for medium-voltage cables. According to India Brand Equity Foundation (IBEF), an Indian Government export promotion agency, in June 2021, the power consumption grew by 12.6% which is 25.36 billion units due to the electricity demand. Also, according to the International Energy Agency (IEA), a Paris-based autonomous intergovernmental organization, power demand in India is expected to grow at an annual rate of 6.5% between 2022 and 2024 backed by rising consumption from residential and industrial segments. The rising electricity demand drove the market for medium voltage cables during the period.
Technological Innovations are shaping the medium voltage cable market.Companies in the medium voltage cables market are focusing on the development of eco-friendly products.
For instance, a US-based custom cable and wire manufacturer, Philatron's new Philatron-EF Environmental Friendly Power Cables are made using a special proprietary blend of recyclable thermoplastics which outperforms TR-XLPE (tree-retardant cross-linked polyethylene) and EPR (ethylene propylene rubber). These cables also have a higher dielectric strength value and are toxic-free and are well suited for recyclability.
In April 2022, Ravin Group, an India-based manufacturer of wires and cable acquired Cable Corporation of India Limited for an undisclosed amount.This acquisition helps in enhancing its manufacturing capabilities of voltage cables of capacity from 250 v to 400 kv and gain a strong position in cable manufacturing markets.
Cable Corporation of India Limited is an India-based manufacturer of electric cables.
The countries covered in the medium voltage cable market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The medium voltage cable market research report is one of a series of new reports that provides medium voltage cable market statistics, including medium voltage cable industry global market size, regional shares, competitors with a medium voltage cable market share, detailed medium voltage cable market segments, market trends and opportunities, and any further data you may need to thrive in the medium voltage cable industry. This medium voltage cable market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report:
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.