Medium Voltage Cable and Accessories Market is expected to reach US$ 70.67 billion by 2030

Rising Demand for Renewable Energy Provide Opportunities for Medium Voltage Cable and Accessories Market During 2022–2030

According to our latest market study on "Medium Voltage Cable and Accessories Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Installation, Product, Voltage, and End User," the market was valued at US$ 45.82 billion in 2022 and is expected to reach US$ 70.67 billion by 2030; it is estimated to record a CAGR of 5.6% from 2022 to 2030.

There is an increase in government initiatives to raise power generation through wind and solar power plants. This rising demand for power generation will boost the need for cables and accessories for power supply and fuel the medium voltage cable and accessories market growth. In April 2022, the German government announced its plan to deploy offshore wind targets to more than 10 GW per year from 2025. Through these initiatives, renewable energy sources are expected to cover 80% of the country’s electricity demand by 2030. Similarly, in June 2023, the government of China announced its plan to double its capacity and produce 1,200 GW of energy through wind and solar power by 2025. Hence, to achieve such goals, governments of various countries are investing in wind and solar power plant construction, propelling the growth of the medium voltage cable and accessories market. A few of the major renewable energy projects carried out worldwide are mentioned below:

Medium Voltage Cable and Accessories Market – by Geography, 2022

Source: The Insight Partners Analysis

• Pinnapuram Integrated Renewable Energy Project: The project involves the construction of a 5,230 MW integrated hybrid renewable energy development project in Andhra Pradesh, India, with an investment of ~US$ 2,000 million. The construction started in Q2 2022 and is expected to be completed by Q4 2025. The project is a combination of wind and solar and pumped storage facilities.
• Yudean Yangjiang Qingzhou I Offshore Wind Farm: The project involves the construction of a 400 MW offshore wind farm in Guangdong, China, which involves an investment of US$ 1,967 million. The construction work started in Q2 2022 and is expected to be finished by Q1 2026.
• Smoky Valley Solar Project: It will be constructed in Nevada with an investment of US$ 1 billion. A 1,000 AC MW solar generation facility will be linked to the battery energy storage system. Its construction is set to start in the third quarter of 2023, and it will be operational by the end of 2025.
• Ditat Deus Solar Project: It will be a 650 MW AC solar power generating facility with 350 MW of battery storage. The project will be constructed on 5,946 acres of land in Arizona. The construction is set to start in June 2023, and the plant is expected to operate commercially by December 2025.

Hence, the growing number of renewable energy projects is likely to fuel the demand for medium voltage cable and accessories for efficient supply of power for residential, commercial, and industrial purposes, which is expected to create an opportunity for the medium voltage cable and accessories market growth during the forecast period.

ABB ltd, Hellenic Cables SA, El Sewedy Electric Co., Prysmian SpA, NKT AS, The Okonite Co., Eland Cables Ltd., Tratos Cavi SpA, Nexans SA, TPC Wire & Cable Corp. are among the key medium voltage cable and accessories market players profiled in the report. Several other major medium voltage cable and accessories market players were also studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The medium voltage cable and accessories market report provides detailed market insights, which help the key players strategize their growth.

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