DUBLIN--(BUSINESS WIRE)--The "Medium Voltage Cable Accessories Market by Product Type, Technology, Installation and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2019-2027" report has been added to ResearchAndMarkets.com's offering.
The Global medium voltage cable accessories market was valued at $16.82 billion in 2019, and is projected to reach $22.15 billion by 2027, registering a CAGR of 5.40% from 2020 to 2027.
Medium voltage (MV) is a range of electricity distribution system voltages from 3.3kV to 33kV. Cable accessories for medium voltage have similar design and performance requirements as that of cables of same voltage range.
A substantial investment in the construction sector majorly drives the growth of the global medium voltage cable accessories market, as growth of the construction sector directly increases the demand for medium voltage cable accessories for new constructions. Moreover, surge in use of underground cables with rise in urbanization and industrialization, increase investments for infrastructure development both by private and public sector, and rise in focus on sustainable ways of generating electricity are expected to boost market growth. Furthermore, growth in adoption of e-mobility, surge in governmental initiatives to provide electricity for all, and surge in number of data centers are expected to provide lucrative growth opportunities for the market. However, high rate of failure of heat shrink medium voltage cable accessories are expected to hinder the growth of the global medium voltage cable accessories market.
The global medium voltage cable accessories market is analyzed by product type, technology, industry vertical, and region. By product type, it is fragmented into cable joints & splice, connectors, terminations, and other product types. By technology, the market is segregated into heat shrink, cold shrink, and pre-molded terminations. By installation, the market is analyzed across overhead, underground, and submarine. By industry vertical, the market is divided into railways, construction, private utilities, cement, marine, government utilities, oil & gas, healthcare, fertilizer, steel, and others. Based on region, the global medium voltage cable accessories market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Market Dynamics
Drivers
- Increase Investments by Governments to Improve Power Grid
- Increase in Use of Underground Cables
- Growth Investments in Construction Sector
Restraint
- High Failure Rate of Medium Voltage Cable Accessories
Opportunities
- Rise in Use of E-Mobility
- Surge in Number of Data Centers
Key Players
- 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
- Yamuna Infra & Technology Pvt. Ltd
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