Global Medium Voltage Cables Market to Reach USD 90.3 Billion by 2033
Market Overview
The global medium voltage cables market is expected to reach USD 90.3 billion by 2033, according to a new report by Grand View Research, Inc. The increasing demand for electricity, coupled with the growing need for reliable and efficient power transmission, is driving the growth of the market.
Medium voltage cables are used to transmit electricity at voltages between 1 kV and 33 kV. They are widely used in various applications, including power distribution, industrial plants, and commercial buildings.
Key Market Trends
- Increasing demand for electricity
- Growing need for reliable and efficient power transmission
- Increasing investment in renewable energy projects
- Growing demand for underground cabling
Regional Analysis
Asia Pacific is expected to be the largest market for medium voltage cables, followed by North America and Europe. The growing demand for electricity in developing countries in Asia Pacific is driving the growth of the market in the region.
North America is also a major market for medium voltage cables. The increasing investment in renewable energy projects in the region is driving the demand for medium voltage cables.
Europe is a mature market for medium voltage cables. The demand for medium voltage cables in the region is expected to remain stable in the coming years.
Competitive Landscape
The global medium voltage cables market is fragmented, with a number of major players. Some of the key players in the market include:
- Prysmian Group
- Nexans
- NKT
- LEONI
- Sumitomo Electric Industries
