Medium Voltage Cable Accessories Market Research, 2030
The global medium voltage cable accessories market size was valued at $15.3 billion in 2020 and is projected to reach $25.5 billion by 2030, growing at a CAGR of 5.3% from 2021 to 2030. Medium voltage cable accessories range from 3.3KV to 33kV. These cable accessories are specially designed for stress control mechanisms for enhanced product performance and to maintain high network reliability. Medium voltage power cables are an integral part of any electricity distribution network, performing similar basic functions as that of medium voltage cables for which they are installed. Some of the critical factors considered for designing medium voltage cable accessories are insulation material, control of electric stress, protection from the environment, and cable connection.
The medium voltage cable accessories market is expected to witness growth during the forecast period, owing to extensive investments in the construction sector for infrastructural development. The global medium voltage cable accessories market opportunity is expected to be driven by increasing investments by governments to develop smart electricity girds that fulfill the exponentially increasing demand for electricity. Moreover, the surge in the installation of underground cables boosts the demand for medium voltage cable connectors. Considering these factors, the global medium voltage cable accessories market is estimated to experience steady growth in the future.
The surge in focus on harnessing renewable sources of energy and the rise in industrialization are some of the other drivers of the global medium voltage cable accessories market growth. However, the high failure rate of medium voltage cable accessories acts as a major restraint for the market growth. Furthermore, the rise in the use of e-mobility and the surge in the number of data centers provide lucrative opportunities for the global medium voltage cable accessories industry.
COVID-19 IMPACT ANALYSIS
The emergence of COVID-19 has declined the growth rate of the market in 2020, and the market is estimated to witness slow growth by the end of 2022. The market was primarily hit by several obstacles created amid the COVID-19 pandemic for the construction industry including the availability of resources, health and safety measures, deliverables, contractual obligations, and project delays or cancellations. In contrast, a rise in penetration of digital solutions across industrial and private sectors is expected to drive the growth of the medium voltage cable accessories market forecast during the forecast period
The Medium Voltage Cable Accessories Market Outlook is segmented into By Product Type, By Technology, Installation, Voltage Range, and Industry Vertical. The medium voltage cable accessories market is analyzed by product type, technology, installation, voltage range, and industry vertical. On the basis of product type, it is fragmented into cable joints & splices, connectors, terminations, and other product types. The cable joints & splice segment dominated the market, in terms of revenue in 2020, and is expected to follow the same trend during the forecast period.
By Product Type
Cable Joints and Splice segment influence the market in 2020, and expected to follow the same in future.
On the basis of technology, the market is segregated into heat shrink, cold shrink, and pre-molded terminations. The heat shrink segment dominated the market, in terms of revenue in 2020, and is expected to follow the same trend during the forecast period.
By Technology
Heat Shrink Segment witnessed the highest growth during 2020
By installation, the market is analyzed overhead, underground, and submarine. The overhead segment dominated the market in terms of revenue in 2020, however, the submarine segment is estimated to witness a high growth rate during the forecast period.
By voltage range, the market is briefly divided into 3KV to 10KV, 10KV to 20KV, 20KV to 30KV, 30KV to 50KV, and 50KV to 100KV. The 20KV to 30KV segment dominated the medium voltage cable accessories market share in 2020 and is expected to follow the same trend during the forecast period.
By industry vertical, the market is divided into railways, construction, private utilities, cement, marine, government utilities, oil & gas, healthcare, fertilizer, steel, and others. The government utility segment accounted for the highest market share in 2020, and the construction segment is expected to grow at a high CAGR from 2021 to 2030.
Region-wise, the medium voltage cable accessories market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, and the rest of Europe), Asia-Pacific (China, Japan, India, and the rest of the Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific, specifically China, remains a significant participant in the global medium voltage cable accessories industry. Major organizations and government institutions in the country are intensely putting resources into the technology.
COMPETITIVE ANALYSIS
Competitive analysis and profiles of the major global medium voltage cable accessories market players such as 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. are provided in this report.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the medium voltage cable accessories market analysis from 2020 to 2030 to identify the prevailing medium voltage cable accessories market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- An in-depth analysis of the medium voltage cable accessories market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global medium voltage cable accessories market trends, key players, market segments, application areas, and market growth strategies.
Medium Voltage Cable Accessories Market Report Highlights
| Aspects | Details |
 By Product Type |
|
 By TECHNOLOGY |
|
 By Installation |
|
 By Voltage Range |
|
 By Industry Vertical |
|
 By Region |
|
 Key Market Players | NKT A/S, Prysmian, ABB, Sumitomo Electric U.S.A., TE Connectivity, BEHR BIRCHER CELLPACK BBC AG, Phoenix Technology Group Co. Ltd, Yamuna Infra & Technology Pvt. Ltd., Nexans, REPL International, Compaq International (P) Ltd., 3M |
Analyst Review
The global medium voltage cable accessories market is anticipated to gain momentum during the forecast period, owing to various favorable conditions in different industry verticals. For instance, the global trends of industrialization and urbanization have a considerable impact on various countries, especially developing countries. Subsequently, it resulted in extensive growth in the construction sector. It has generated lucrative opportunities for both public infrastructure and the real estate sector. Besides, there is a growth in harnessing renewable sources of energy and developing robust and reliable transmission and distribution networks of electricity for the substantially growing population.
Moreover, several governments are keenly implementing initiatives along with the private sector market players to attain overall economic growth sustainably. For instance, the Power Ministry of India issued new norms to promote green transmission cables, which enhances the up-gradation of networks that eventually fuels the demand for medium voltage cable accessories. Furthermore, market players are meticulously working for technological advancement of medium voltage cable accessories resulting in low failure rates of cable accessories.
Various leading manufacturers such as 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. occupy a prominent revenue share in the global medium voltage cable accessories market.
The rise in urbanization and industrialization across Asia-Pacific and the LAMEA region is significantly boosting the growth of the medium voltage cable accessories market.
Government utilities are the largest application of the Medium Voltage Cable Accessories Market.
Asia-Pacific is the largest regional market for Medium Voltage Cable Accessories Market
The medium voltage cable accessories market is expected to reach 25,25 billion by the end of 2030 with a CAGR of 5.3%.
TE Connectivity, ABB Group, 3M, BBC Cellpack, and Nexans hold the market share in Medium Voltage Cable Accessories Market.
The medium voltage cable accessories market is expected to grow at a CARG of 5.,3 %.
The surge in the number of data centers and the rise in the use of e-mobility are some of the prime factors driving the market growth,
The medium voltage cable accessories market is analyzed by product type, technology, installation, voltage range, and industry vertical.
Product Launch and Acquisitions are the key growth strategies of Medium Voltage Cable Accessories Market players.
By Technology Heat shrink segment grows at a high CAGR.
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