By 2022, the global market size of medium voltage cables and accessories will exceed 56 billion US dollars
Release time:
2018-06-26 16:16
The world's second largest market research firm, MarketsandMarkets, recently released a research report on the world's medium voltage cable and accessory market (2017 version), stating that from 2017 to 2022, the annual compound growth rate of the global medium voltage cable and accessory market will reach 6.27%, slightly lower than the 6.5% estimated by Allied Market Research.
The report also states that by 2022, the global market size for medium voltage cables and accessories will increase to $56.18 billion. The increase in renewable energy, rapid development of industrialization and urbanization are the main factors promoting stable market growth.
From the perspective of cable installation types, medium voltage cables are divided into overhead cables, underground cables, and submarine cables. Among them, underground cables are expected to become the products with the fastest annual compound growth rate.
From the perspective of voltage level, 6-13 kV medium voltage cables will dominate the global medium voltage cable market demand. It is expected that by 2022, the global market size of 6-13 kV medium voltage cables and accessories will reach 14.25 billion US dollars, with a compound annual growth rate of 6.47% during this period.
From the perspective of the terminal application market, industry, renewable energy, and infrastructure are the three major application markets for medium voltage cables and accessories. In 2016, industry was the largest application market, and it is expected to continue this trend until 2022. The industrial sector specifically includes oil and gas, chemical industry, minerals and metals, cement and construction, and power industry. The active construction industry is expected to drive stable growth in demand for medium voltage cables and accessories in the industrial sector.
From a regional perspective, the Asia Pacific region will still become the world's largest market for medium voltage cables and accessories. The increase in electricity demand and the popularization of smart grid technology are the main reasons why the Asia Pacific region has become the world's largest regional market for medium voltage cables. Meanwhile, emerging economies such as the Middle East, Africa, and Latin America are emerging, which will further stimulate the growth of global demand for medium voltage cables.
It should be noted that fluctuations in raw material prices and the complexity of planning and approval processes will lead to project delays, thereby limiting the development of the medium voltage cable market and resulting in a decrease in profit margins for all parties.
From the perspective of enterprises, Prussian, Nike, General Cable, Anket, and LS Cable will become the world's leading suppliers of medium voltage cables and accessories. The main means to consolidate its market dominance are project general contracting, agreements, and new product development.
The report also states that by 2022, the global market size for medium voltage cables and accessories will increase to $56.18 billion. The increase in renewable energy, rapid development of industrialization and urbanization are the main factors promoting stable market growth.
From the perspective of cable installation types, medium voltage cables are divided into overhead cables, underground cables, and submarine cables. Among them, underground cables are expected to become the products with the fastest annual compound growth rate.
From the perspective of voltage level, 6-13 kV medium voltage cables will dominate the global medium voltage cable market demand. It is expected that by 2022, the global market size of 6-13 kV medium voltage cables and accessories will reach 14.25 billion US dollars, with a compound annual growth rate of 6.47% during this period.
From the perspective of the terminal application market, industry, renewable energy, and infrastructure are the three major application markets for medium voltage cables and accessories. In 2016, industry was the largest application market, and it is expected to continue this trend until 2022. The industrial sector specifically includes oil and gas, chemical industry, minerals and metals, cement and construction, and power industry. The active construction industry is expected to drive stable growth in demand for medium voltage cables and accessories in the industrial sector.
From a regional perspective, the Asia Pacific region will still become the world's largest market for medium voltage cables and accessories. The increase in electricity demand and the popularization of smart grid technology are the main reasons why the Asia Pacific region has become the world's largest regional market for medium voltage cables. Meanwhile, emerging economies such as the Middle East, Africa, and Latin America are emerging, which will further stimulate the growth of global demand for medium voltage cables.
It should be noted that fluctuations in raw material prices and the complexity of planning and approval processes will lead to project delays, thereby limiting the development of the medium voltage cable market and resulting in a decrease in profit margins for all parties.
From the perspective of enterprises, Prussian, Nike, General Cable, Anket, and LS Cable will become the world's leading suppliers of medium voltage cables and accessories. The main means to consolidate its market dominance are project general contracting, agreements, and new product development.
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