Medium Voltage Cable Accessories Market Outlook
According to a new report published by Allied Market Research, titled, “Medium Voltage Cable Accessories Market by Product Type, Technology, Installation, and Industry Vertical: Country Opportunity Analysis and Industry Forecast, 2019–2027,” the global medium voltage cable accessories market size was valued at $16.82 billion in 2019, and is projected to reach at $22.15 billion by 2027, growing at a CAGR of 5.40% from 2019 to 2027.
Medium voltage cable accessories range from 3.3.kV to 33kV. Medium voltage cable accessories are primarily used to connect and secure different sized cables. Besides, it provides complete protection to internal as well as external equipment. It enhances the efficiency and reliability of a network or gird. According to applications of medium voltage cable accessories, i.e., indoor or outdoor, different kinds of accessories are available in the market and its selection primarily depends on operating parameters, site conditions, and cable types.
A substantial investment in the construction sector majorly drives the growth of the global medium voltage cable accessories industry, 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, surge in investments for infrastructure development both by private and public sector, and increase in focus on sustainable ways of generating electricity are expected to boost the market growth. Furthermore, growth in adoption of e-mobility, rise 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 overhead segment was the highest contributor to the market in 2019. The overhead and underground segments collectively accounted for around 75% market share in 2019. The industrialization of developing countries fuels the growth of the overhead segment, thereby enhancing the global medium voltage cable accessories market growth.
Emergence of COVID-19 has significantly impacted the global medium voltage cable accessories market growth. End-user industries of global medium voltage cable accessories were adversely during the COVID-19 pandemic. Further, there has been an increase in the demand for these cables from the healthcare sector.
Region wise, the medium voltage cable accessories market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for a major share of the global market in 2019, and is expected to dominate the market in terms of revenue during the forecast period, owing to increase in use of electric transportation and demand for electric products throughout India, China, and South Korea.
Key Findings Of The Study
- In 2019, the cable joints and splice segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 6.10% during the forecast period.
- The heat shrink and cold shrink technology segment together accounted for around 85.0 % of the global medium voltage cable accessories market share in 2019.
- The submarine segment of the global medium voltage cable accessories market is projected to growth at a CAGR of 7.10% during the forecast period.
- The government utilities segment contributed major share in global medium voltage cable accessories market, accounting for more than 15.0% share in 2019.
The key players profiled in the report include 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, and Yamuna Infra & Technology Pvt. Ltd. Market players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the India medium voltage cable accessories market.