To 2022 global medium voltage cable and accessories market size will exceed 56 billion US dollars
The world's second largest market research firm MarketsandMarkets recently announced the world's medium voltage cable and accessories market research report (2017 version), said 2017-2022, the global medium voltage cable and accessories market compound annual growth rate will reach 6.27%, slightly lower than Allied Market Research Market research firm estimated 6.5%.
The report also said that by 2022, the global medium voltage cable and accessories market size will increase to 56.18 billion US dollars. Renewable energy, industrial and urbanization is the main factor to promote the steady growth of the market.
From the cable installation type, medium voltage cables are divided into overhead cables, underground cables and submarine cables. Among them, the underground cable is expected to become the annual compound rate of the fastest products.
From the voltage level, 6-13 kV medium voltage cable will dominate the global medium voltage cable market demand. It is estimated that by 2022, the global 6-13 kV medium voltage cable and accessories market will reach 14.25 billion US dollars, during the compound annual growth rate of 6.47%.
From the end application market, industry, renewable energy and infrastructure are medium voltage cables and accessories of the three major application markets. In 2016, industry was the largest application market, and it is expected that this trend will be maintained by 2022. Industrial areas include oil and gas, chemicals, minerals and metals, cement and construction and power industry. The active construction industry is expected to drive steady growth in demand for medium voltage cables and accessories in the industrial sector.
From the regional point of view, the Asia-Pacific region will continue to be the world's largest medium-voltage cable and accessories demand regional market. The increase in electricity demand and the popularity of smart grid technology is the Asia-Pacific region to become the world's largest medium-voltage cable regional market, the main reason. At the same time, the Middle East and Africa, Latin America as emerging economies are emerging, will further stimulate the global demand for medium voltage cable growth.
It should be noted that the complexity of raw material price fluctuations, planning and approval process will lead to delays in the project, thus limiting the development of medium voltage cable market, resulting in lower profit margins.
From the enterprise point of view, Prysmian, Nexans, Universal Cable, Ankate, LS cable will become the world's leading supplier of medium voltage cables and accessories. Project total package, agreement, new product development is the main means to consolidate market dominance.