September 29, 2023 09:14 ET | Source: The Insight Partners The Insight Partners
Pune, India, Sept. 29, 2023 (GLOBE NEWSWIRE) -- In the energy & power sector, medium voltage cables and accessories have applications in solar power generation, transmission, and distribution. The region is highly focused on the expansion of its wind and solar energy capacity. The growing installation of wind and solar energy capacity in the region is expected to raise the demand for medium voltage cables and accessories as it is essential to supply the electricity from the plant to the power grid. Thus, the growth of construction and energy & power industries drives the medium voltage cable and accessories market growth in Europe. Cable Lug
Medium Voltage Cable and Accessories Market in terms of revenue was estimated to be worth $45.82 billion in 2022 and is poised to reach $70.67 billion by 2030, growing at a CAGR of 5.6% from 2022 to 2030 according to a new report published by The Insight Partners.
The increasing number of construction projects in the region is expected to raise the demand for medium voltage cables and accessories to provide uninterrupted power supply to the buildings, fueling the market growth during the forecast period.
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Global Medium Voltage Cable and Accessories Market Scope:
The medium voltage cable and accessories market in Europe is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. Construction, renewable energy, and oil & gas are the major sectors contributing to the growth of the medium voltage cable and accessories market in Europe. The construction industry in Europe plays an important role in the economy, contributing to 9% of the total GDP of the European Union. European countries are continuously investing in various major construction projects, which is raising the demand for medium voltage cables and accessories in the region. For instance, the construction of the Krampnitz housing complex in Potsdam, Brandenburg, started in Q1 of 2022, which will provide living space for 10,000 people. The investment of ~US$ 1,831 million will be done in the project and is expected to be completed in Q4 2038. Similarly, the construction of the Vauxhall Cross Island mixed-use complex in London, the UK, started in Q2 of 2023, with an aim to enhance residential facilities, civic space, and amenities. The project is expected to be completed in Q4 2025. Also, the construction work of the Towarowa 22 mixed-use complex started in Q2 2023 in Poland and is expected to be completed in Q3 2027. The project aims to provide better residential, hospitality, office, and retail facilities in the country.
According to Eurostat and Solar Power Europe, the combined capacity of solar and wind in 2022 was 56 GW, out of which 41 GW was solar energy capacity. Further, to increase this capacity, the European Union (EU) announced that it would add 69 GW of solar and wind capacity in 2023, representing an annual increase of 17% in the capacity. Various European countries are also working on expanding their renewable energy capacity. For instance, according to the Data and Statistical Studies Department (SDES) of France, the country has installed a solar PV capacity of 601 MW in Q1 2023, up from 596 MW in Q1 2022. Also, Germany installed a renewable energy capacity of ~9.8 GW in 2022, bringing the total to 148 GW, up from 138 GW in 2021.
Product Segment Dominated by Terminations in Medium Voltage Cable and Accessories Market: Cable terminations are essential for cables to operate. The desired direction of the flow of electricity is facilitated by cable terminations, which create physical and electrical connections between the cable and the terminal of the equipment, junction, or another cable. The industry employs different kinds of cable terminations, including pre-molded push-on and heat- and cold-shrink types. Due to such huge applications, several players are launching cable termination systems; for instance, in July 2021, NKT A/S announced the introduction of the new offshore wind farm, Array Cable Termination System (ACTS). The system enables easy installation with minimal disruption. Such developments are driving the medium voltage cable and accessories market growth for the segment terminations.
Medium Voltage Cable and Accessories Market: Segmental Overview Based on installation, the medium voltage cable and accessories market is segmented into overhead, underground, and submarine. The underground segment recorded the largest medium voltage cable and accessories market share in 2022 and is anticipated to register the highest CAGR during the forecast period. Based on product, the market is segmented into MI, terminations, joints, and XLPE Cables. The termination segment registered the largest share of the medium voltage cable and accessories market in 2022, whereas the joints segment is anticipated to record the highest CAGR during the forecast period. Based on Voltage, the market is segmented into 1 to 5, 6 to 13, 23, 34, 45, and 69. The 6 to 13 segments recorded the largest medium voltage cable and accessories market share in 2022, whereas the 23 segment is anticipated to record the highest CAGR during the forecast period. Based on end user, the medium voltage cable and accessories market is segmented into industrial, infrastructure, and renewables. The industrial segment registered the largest share of the medium voltage cable and accessories market in 2022 and is expected to record the highest CAGR during the forecast period.
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Medium Voltage Cable and Accessories Market Analysis: Competitive Landscape and Key Developments ABB ltd, Hellenic Cables SA, El Sewedy Electric Co., Prysmian SpA, NKT AS, The Okonite Co., Eland Cables Ltd., Tratos Cavi SpA, Nexans SA, TPC Wire & Cable Corp, are among the key medium voltage cable and accessories market players that are profiled in the report. Several other essential medium voltage cable and accessories market players were analyzed for a holistic view of the market and its ecosystem. The market report provides detailed market insights to help major players strategize their growth.
Global Medium Voltage Cable and Accessories Market - Key Industry Dynamics:
Recent Developments: In August 2023, Elsewedy Electric KSA provided low-voltage and medium-voltage cables for the 28 km tunnels being built as part of “The Line,” which will be the world’s first zero-gravity vertical city.
In February 2023, Prysmian Group, the world leader in the energy and telecom cable systems industry, confirmed its support for the upgrading process of the UK’s electricity grid and announced it has been awarded, through its subsidiary in the UK, a Medium Voltage cable framework agreement with National Grid Electricity Distribution for a minimum of 3 years.
Go through further research published by The Insight Partners: Medium Voltage Cable Market - Global Analysis and Forecast to 2027. High Voltage Cable Market - Global Analysis and Forecast to 2027. Submarine Power Cable Market - Global Analysis and Forecast to 2028.
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