(MENAFN- EIN Presswire) Asia-Pacific accounted for the highest share, holding nearly one-third of the total market share, and is projected to maintain its leadership status by 2030
Surge in investments in the construction sector for infrastructural development and investments by governments to develop smart electricity grids, drive the growth of the global market.” - Allied Market Research
WILMINGTON, DELAWARE , UNITED STATES, March 26, 2024 /EINPresswire / -- According to a new report published by Allied Market Research, The medium voltage cable accessories industry was valued at $15.3 billion in 2020, and is estimated to reach $25.5 billion by 2030, growing at a CAGR of 5.3% from 2021 to 2030. The rising need for electricity supply worldwide is expected to drive the medium voltage cable accessories market. The demand for electricity is increasing due to the growing population and industrialization in developing economies. In addition, the growing urban population has resulted in increased construction activities in various sectors, including commercial, residential, industrial, and infrastructure.
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Medium voltage power cable from 3 to 33kV. Medium voltage cable connectors are primarily used to connect and secure different sized cables. Besides, it provides complete protection to internal as well as external equipment. It enhances the efficiency and reliability of a network or grid. According to applications of medium voltage cable accessories, i.e., indoor or outdoor, different kinds of accessories are available in the market and their selection primarily depends on operating parameters, site conditions, and cable types.
A substantial investment in the construction sector majorly drives the growth of the global medium voltage cable accessories market, as the growth of the construction sector directly increases the demand for medium voltage cable accessories for new constructions. Moreover, the surge in the use of underground cables with rising urbanization and industrialization, a surge in investments for infrastructure development both by the private and public sectors, and an increase in focus on sustainable ways of generating electricity are expected to boost the market growth.
Furthermore, growth in the adoption of e-mobility, a rise in government initiatives to provide electricity for all, and a surge in the number of data centers are expected to provide lucrative growth opportunities for the market. However, the high rate of failure of heat shrink medium voltage cable accessories is expected to hinder the growth of the global medium voltage cable accessories market analysis .
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In recent years, the need for reliable power grid infrastructure, emergency power backup solutions, and a steady power supply is increasing tremendously in various industries. The demand for an uninterrupted power supply has surged in the mining industry. Various types of heavy-duty equipment are used in mining operations, such as excavating machinery, conveyor belts, drillers, and cranes, which require a continuous power supply even in harsh environments. Similarly, in oil & gas and petrochemical industries, highly reliable electrical power is needed to protect people, assets, the environment, and the continuity of sensitive operations. Also, various activities are carried out in the oil & gas fields, including drilling, pumping, and loading, which require an uninterrupted power supply for continuous operation and safety purposes. Moreover, on oil rigs, an uninterruptible power supply is mandatory to ensure that signal lighting is always operational. Thus, the rising demand for an uninterruptible power supply in mining, oil & gas, and petrochemical industries is raising the demand for medium voltage cables and accessories, as they help provide a regular power supply in the field.
The concept of using renewable energy for power generation is increasing rapidly. It reduces the threat of climate change, and make air safer and healthy. A large number of countries across the world are increasing the expansion of renewable energy generation capacity by using different technologies, investments in electricity system, and making smart policy decisions.
The global medium voltage cable accessories market segmented on product type, technology, installation, voltage range, industry vertical, and region.
Based on technology, the heat shrink segment held the highest share in 2020, accounting for nearly half of the total market share, and is projected to continue its lead position during the forecast period. Moreover, this segment is expected to manifest the highest CAGR of 5.8% from 2021 to 2030. The research also analyzes the segments such as cold shrink and pre-molded terminations.
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Based on industry vertical, the government utilities segment contributing to the largest share in 2020, accounting for nearly one-fifths of the global medium voltage cable accessories market, and is expected to continue its dominance in terms of revenue by 2030. However, the construction segment is estimated to witness the highest CAGR of 7.5% during the forecast period.
Based on region, Asia-Pacific accounted for the highest share in 2020, holding nearly one-third of the total market share, and is projected to maintain its leadership status by 2030. Moreover, this segment is projected to portray the fastest CAGR of 7.1% during the forecast period. The research also analyzes the regions such as North America, Europe, and LAMEA.
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The key players profiled in the report include 3M, Compaq International (P) Limited, Nexans, NKT A/S, Phoenix Technology Group Co., Ltd., Raychem AG, REPL International Limited, Sumitomo Electric U.S.A., Inc., TE Connectivity, ABB Group, Prysmian, and Yamuna Infra & Technology Pvt. Ltd. Market players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the medium voltage cable accessories market share.
David Correa
Allied Market Research
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