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Medium Voltage Wire and Cable Market Trends

Report ID: GMI9000
Published Date: Apr 2024
Report Format: PDF

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Medium Voltage Wire and Cable Market Trends

The medium voltage wire and cable industry is witnessing steady growth driven by increasing urbanization and industrialization, particularly in emerging economies. Demand is fueled by infrastructure development, renewable energy integration, and grid modernization initiatives. In 2023, global renewable capacity surged by 50%, as reported by the World Economic Forum. This growth is anticipated to drive increased demand for medium voltage wire and cable products, as industries and economies pivot towards renewable energy sources. Technological advancements like HVDC and XLPE cables are enhancing efficiency and reliability. Sustainability concerns are pushing for eco-friendly materials and practices. Market players are focusing on product innovation and strategic collaborations to capitalize on emerging opportunities.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of medium voltage wire and cable was reached USD 57.9 billion in 2023 and is projected to grow at 8.2% CAGR up to 2032, due to the increasing urbanization and industrialization along with boosting demand for reliable electrical infrastructure in urban and industrial areas.

Medium voltage wire and cable market size from the utilities application segment is projected to strike over 7.5% CAGR from 2024 to 2032, due to growing reliance on distribution, transmission, and infrastructure development.

Asia Pacific medium voltage wire and cable market size will exceed USD 82.5 billion by 2032, owing to the presence of a thriving industrial sector, notably in electronics and automotive industries.

Some of the key medium voltage wire and cable providers include alfanar Group, Bahra Cables, Brugg Kabel AG, Ducab, Elsewedy Electric, Fujikura Ltd., Jeddah Cables, KEI Industries Limited, Nexans, Power Plus Cables Co. L.L.C., Prysmian Group, and Riyadh Cables