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According to the latest report released by Technavio, an international market research institution, the global medium-voltage cable market is expected to grow by $7.
19 billion
from 2019 to 2023.
Growth momentum stabilizes throughout the forecast period and the market will grow
at a CAGR of nearly 5%.
Global energy demand and growing number of microgrids are the major factors
driving the steady growth of the medium voltage cable market.
The United States, China and Germany are currently important markets
for medium-voltage cables.
The global cable market is low and fragmented
.
From a global perspective, international cable manufacturers led by Prysmann and Nexans are still the main competitors in the market, including Japan's Sumitomo Electric Industries, Furukawa Electric, Fujikura Cable, LS Cable, and Actor Cable
.
In addition, regional manufacturers in important markets are also actively seizing the market, such as China's Far East Smart Energy, Egypt's EL Sewedy Electric, the United States Southern Cable, Germany's Leoney Cable, etc
.
The increase in urban populations and the increase in industrial operations have increased the global demand
for energy.
Factors such as the electrification of the heating and transportation sectors, the growth in the number of electronic connectivity devices, and the digitalization of the modern economy have also increased energy demand
.
The increase in energy demand has led to an increase
in the number of power plants and transmission lines.
This, in turn, will drive the demand for medium-voltage cables, driving the market growth
during the forecast period.
In terms of market area, the Asia-Pacific region is the largest regional market
for medium voltage cables.
Due to the accelerating industrialization and urbanization process, the demand for electricity in the region is growing, thereby stimulating the market growth
of medium voltage cables.
In addition, the increasing number of smart grid implementation projects is also stimulating the growth
of this market.
The overall market growth of approximately 44% is expected to come from Asia Pacific
during the forecast period.
Moreover, the market growth in Asia Pacific will be faster than that in other regions
.
According to the latest report released by Technavio, an international market research institution, the global medium-voltage cable market is expected to grow by $7.
19 billion
from 2019 to 2023.
Growth momentum stabilizes throughout the forecast period and the market will grow
at a CAGR of nearly 5%.
Global energy demand and growing number of microgrids are the major factors
driving the steady growth of the medium voltage cable market.
The United States, China and Germany are currently important markets
for medium-voltage cables.
The global cable market is low and fragmented
.
From a global perspective, international cable manufacturers led by Prysmann and Nexans are still the main competitors in the market, including Japan's Sumitomo Electric Industries, Furukawa Electric, Fujikura Cable, LS Cable, and Actor Cable
.
In addition, regional manufacturers in important markets are also actively seizing the market, such as China's Far East Smart Energy, Egypt's EL Sewedy Electric, the United States Southern Cable, Germany's Leoney Cable, etc
.
The increase in urban populations and the increase in industrial operations have increased the global demand
for energy.
Factors such as the electrification of the heating and transportation sectors, the growth in the number of electronic connectivity devices, and the digitalization of the modern economy have also increased energy demand
.
The increase in energy demand has led to an increase
in the number of power plants and transmission lines.
This, in turn, will drive the demand for medium-voltage cables, driving the market growth
during the forecast period.
In terms of market area, the Asia-Pacific region is the largest regional market
for medium voltage cables.
Due to the accelerating industrialization and urbanization process, the demand for electricity in the region is growing, thereby stimulating the market growth
of medium voltage cables.
In addition, the increasing number of smart grid implementation projects is also stimulating the growth
of this market.
The overall market growth of approximately 44% is expected to come from Asia Pacific
during the forecast period.
Moreover, the market growth in Asia Pacific will be faster than that in other regions
.
