Medium Voltage Cable and Accessories Market Report: Size, Share and Outlook by 2031

The medium voltage cable and accessories sector was valued at approximately US$ 45.82 billion in 2022 and is projected to grow to US$ 70.67 billion by 2030, reflecting an anticipated compound annual growth rate (CAGR) of 5.6% from 2022 through 2030.

The global construction of various commercial and residential structures is on the rise, particularly in developing nations, which is expected to increase the demand for cables and accessories necessary for power distribution. For instance, a report from TASS, a Russian news agency, indicated that the commissioning of new housing in Russia surged by 28.4% during the first five months of 2021 compared to the previous year. Additionally, data from Ridgewater Homes revealed that Australia experienced a 10% increase in residential building construction in 2021.

Furthermore, the ongoing industrialization is driving the development of new office complexes around the world. A notable example is the commencement of the Ostendstra?e 1?14 Commercial Buildings project in Berlin, Germany, in the first quarter of 2022, which involves an investment of approximately US$ 1,293 million. This initiative aims to address the increasing demand for office, hotel, retail, and commercial spaces in the country, with completion expected by the fourth quarter of 2027. Consequently, the expansion of both residential and commercial construction projects globally is significantly boosting the need for medium voltage cables and accessories to ensure a consistent power supply, thereby propelling the growth of the medium voltage cable and accessories market.

The medium voltage cable and accessories market in the Asia-Pacific (APAC) region is further divided into several countries, including Australia, India, China, Japan, South Korea, and other APAC nations. The large population in this region has resulted in heightened demand for industrial, commercial, and residential construction activities. For example, the construction of the Sydney Metro to Western Sydney Airport rail line commenced in the second quarter of 2023 in New South Wales, Australia, aiming to provide a fast, safe, and reliable metro service, with an expected completion date in the second quarter of 2026. Similarly, in Mumbai, India, the Wadala GST office building project began in the same quarter of 2023, with a completion target also set for the second quarter of 2026, aimed at enhancing administrative facilities for the city's residents. Thus, the significant emphasis on construction projects in the APAC region is anticipated to drive growth in the medium voltage cable and accessories market during the forecast period.

In addition, the increasing production of renewable energy in the region is expected to further stimulate the medium voltage cable and accessories market in APAC. According to projections from Wood Mackenzie, the Asia-Pacific region aims to add around 122 GW of new wind capacity by 2030, surpassing the anticipated new capacity in Europe and the United States. The same report highlights that Taiwan, South Korea, Japan, Vietnam, and India are expected to rank among the top 20 largest offshore wind markets globally, collectively achieving a capacity of 29 GW from 2021 to 2030. Moreover, the National Energy Administration (NEA) of China reported that the country's renewable energy sector added 109 GW from January to June 2023, which accounted for 77% of all new installations nationwide. This figure includes 5.36 GW of hydropower, 22.99 GW of wind power, 78.42 GW of solar power, and 1.76 GW of biomass power. Therefore, the increasing capacity of solar and wind energy production in APAC is a key driver for the medium voltage cable and accessories market in the region.

Key players in the medium voltage cable and accessories market include ABB Ltd, Hellenic Cables SA, El Sewedy Electric Co, Prysmian SpA, NKT AS, The Okonite Co, Eland Cables Ltd, Tratos Cavi SpA, Nexans SA, and TPC Wire & Cable Corp. The report also examines several other significant players in the medium voltage cable and accessories market to provide a comprehensive overview of the market and its ecosystem. Insights from the medium voltage cable and accessories market report offer valuable information that assists key players in formulating effective growth strategies.