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Medium Voltage Cable Market Is Expected to Reach $49.1 billion by 2030: Says AMR

Jun 27, 2022

Remarkable use of medium voltage cable for power supply in inclement weather, primary power supply from mobile substation in natural disaster or unpredictable power outages, significant surge in urbanization, increase in population across the globe, and rapid industrialization in various countries are expected to drive the growth of the global medium voltage cable market. Based on installation, the underground segment held the largest market share in 2020. Based on region, the North America region is expected to cite the fastest CAGR by 2030.

/EIN News/ — Portland, OR, June 22, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global medium voltage cable market generated $28.5 billion in 2020, and is projected to reach $49.1 billion by 2030, growing at a CAGR of 5.6% from 2020 to 2030.The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.

Remarkable use of medium voltage cable for power supply in inclement weather, primary power supply from mobile substation in natural disaster or unpredictable power outages, significant surge in urbanization, increase in population across the globe, and rapid industrialization in various countries are expected to drive the growth of the global medium voltage cable market. On the other hand, high capital costs are predicted to hinder the growth to some extent. However, persistent innovations in the designs of medium voltage cables are expected to create tremendous opportunities for the growth of the industry.

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COVID-19 Scenario

  • The outbreak of COVID-19 has had a negative impact on the growth of the global medium voltage cable, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in closure of all manufacturing units, including those of medium voltage cables due to the stringent social distancing restrictions imposed by the government so as to limit the spread of the virus during the pandemic.
  • In addition, strict regulations on the import and export electronic items during the pandemic further aggravated the impact on the market.
  • However, the market is expected to recoup soon.

The report offers a detailed segmentation on the global medium voltage cables market based on voltage, product, installation, end-user and region.

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Based on installation, the underground segment held the largest market share in 2020, garnering more than two-fifths of the total market. In addition, the same segment is expected to cite the fastest CAGR of 5.7% during the forecast period. Other segments analyzed in the report include submarine and overhead.

Based on end-user, the industrial segment held the majority share in 2020, holding more than two-fifths of the total market. In addition, the same segment is anticipated to exhibit the fastest CAGR of 5.8% during the forecast period.

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Based on region, the market across Asia-Pacific held the lion’s share in 2020, garnering nearly two-fifths of the total market. The North America region, on the other hand, is predicted to cite the fastest CAGR of 6.0% during the forecast period.

The key players analyzed in the medium voltage cable market report include Brugg Cables, Eland Cables Ltd., Hellenic Cable Industry S.A., Leoni, Nexans, NKT Cables, Prysmian SpA, Southwire, Sumitomo Electric Industries, and TPC Wire & Cable Corporation.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Article originally published at https://www.einpresswire.com/article/577947076/medium-voltage-cable-market-is-expected-to-reach-49-1-billion-by-2030-says-amr

This news story originally appeared at Books - Reality Syndicate Viewers on 27 June 2022