Surge in investments in the construction sector for infrastructural development and investments by governments to develop smart electricity grids that fulfill rise in demand for electricity drive the growth of the global medium voltage cable accessories market. Based on region, Asia-Pacific accounted for the highest share in 2020, holding nearly one-third of the total market share, and is projected to maintain its leadership status by 2030.
/EIN News/ — Portland, OR, May 16, 2022 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the global medium voltage cable accessories market generated $15.3 billion in 2020, and is expected to reach $25.5 billion by 2030, witnessing a CAGR of 5.3% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Surge in investments in the construction sector for infrastructural development and investments by governments to develop smart electricity grids that fulfill rise in demand for electricity drive the growth of the global medium voltage cable accessories market. However, high failure rate of medium voltage cable accessories restrains the market growth. On the other hand, surge in the installation of underground cables and rise in the number of data centers present new opportunities in the coming years.
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- Manufacturing activities in the electronics systems and devices sector stopped partially or completely due to lockdown measures implemented in various countries. Challenges such as raw material shortage and supply chain disruptions occurred during the Covid-19 pandemic.
- The demand for medium voltage cable accessories from the construction reduced considerably due to stoppage of ongoing construction activities and postponement of new construction activities. However, the demand is expected to rise steadily post-pandemic.
The report offers detailed segmentation of the global medium voltage cable accessories market based on product type, technology, installation, voltage range, industry vertical, and region.
Based on technology, the heat shrink segment held the highest share in 2020, accounting for nearly half of the total market share, and is projected to continue its lead position during the forecast period. Moreover, this segment is expected to manifest the highest CAGR of 5.8% from 2021 to 2030. The research also analyzes the segments such as cold shrink and pre-molded terminations.
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Based on industry vertical, the government utilities segment contributing to the largest share in 2020, accounting for nearly one-fifths of the global medium voltage cable accessories market, and is expected to continue its dominance in terms of revenue by 2030. However, the construction segment is estimated to witness the highest CAGR of 7.5% during the forecast period.
Based on region, Asia-Pacific accounted for the highest share in 2020, holding nearly one-third of the total market share, and is projected to maintain its leadership status by 2030. Moreover, this segment is projected to portray the fastest CAGR of 7.1% during the forecast period. The research also analyzes the regions such as North America, Europe, and LAMEA.
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Leading players of the global orthodontics market analyzed in the research include 3M, Nexans, Compaq International (P) Limited, Phoenix Technology Group Co., Ltd., NKT A/S, REPL International Limited, Raychem AG, Sumitomo Electric U.S.A., Inc., ABB Group, TE Connectivity, Prysmian, and Yamuna Infra & Technology Pvt. Ltd.
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