Europe Medium Voltage Cable and Accessories Market Forecast to 2030 - Regional Analysis - by Installation, Product, Voltage, and End User

The Europe medium voltage cable and accessories market was valued at US$9.27 billion in 2022 and is expected to reach US$13.28 billion by 2030; it is estimated to grow at a CAGR of 4.6% from 2022 to 20 30.

Growing Construction of Residential and Commercial Buildings Fuels the Europe Medium Voltage Cable and Accessories Market

Construction of various commercial and residential buildings is growing worldwide, majorly in developing countries. In July 2021, according to the TASS, a Russian news agency, the commissioning of housing in the country increased by 28.4% in the first 5 months of 2021 compared to 2020. The residential construction is attributed to the rising demand for houses due to record-low interest rates, rising sustained employment, and a surge in government programs.

Moreover, the growing industrialization is leading to the construction of new office complexes globally. For instance, in Q1 of 2022, the construction of Ostendstraße 1-14 Commercial Buildings started in Berlin, Germany, with an investment of ~US$1.29 billion. The project aims to meet the growing requirement for office, hotel, retail, and commercial facilities in the country. The project is expected to be completed by Q4 of 2027. Thus, the rise in residential and commercial construction projects globally is raising the demand for medium voltage cable and accessories to provide regular power supply to these properties, which drives the growth of the Europe medium voltage cable and accessories market.

Europe Medium Voltage Cable and Accessories Market Overview

In recent years, Europe have been deploying underground cables rather than overhead ones. Due to space restrictions above-ground, underground cables are preferred in urban areas. Hence, to overcome these issues, many countries in North America have deployed underground cables for the long term.

Overhead distribution lines are increasingly being replaced with underground cable in Europe, particularly in Germany and the Netherlands, as underground cabling is increasingly preferred for new projects. To provide the London Power Tunnels project with underground cables and accessories, Taihan Electric Wire made an agreement with the National Grid of the UK in 2020. Thus, the increase in underground cabling is driving the growth of the Europe medium voltage cable and accessories market. In Europe, most of the market growth is anticipated from the developing economies in Eastern Europe. Also, rising oil & gas discoveries in Russia propels the demand for medium voltage cables and accessories. The goal of the European Union to attain green energy targets has also compelled countries across the region to invest a considerable amount in green energy projects, which is expected to boost the development of voltage transmission lines, thus propelling the market growth. Also, investments in smart grids across the region have propelled the demand for medium voltage cables and accessories.

Europe Medium Voltage Cable and Accessories Market Segmentation

The Europe medium voltage cable and accessories market is segmented into installation, product, voltage, end user, and country.

Based on installation, the Europe medium voltage cable and accessories market is classified into overhead, underground, and submarine. The underground segment held the largest share in 2022.

In terms of product, the Europe medium voltage cable and accessories market is categorized into MI, terminations, joints, and XLPE Cables. The terminations segment held the largest share in 2022.

By voltage, the Europe medium voltage cable and accessories market is segmented into 1 to 5, 6 to 13, 23, 34, 45, and 69. The 6 to 13 segment held the largest share in 2022.

Based on end user, the Europe medium voltage cable and accessories market is segmented into industrial, infrastructure, and renewables. The industrial segment held the largest share in 2022.

Based on country, the Europe medium voltage cable and accessories market is segmented France, Germany, the UK, Italy, Russia, and the Rest of Europe. Germany dominated the Europe medium voltage cable and accessories market in 2022.

ABB Ltd, El Sewedy Electric Co, Eland Cables Ltd, Hellenic Cables SA, Nexans SA, NKT AS, Prysmian SpA, The Okonite Co, TPC Wire & Cable Corp, and Tratos Cavi SpA some of the leading companies operating in the Europe medium voltage cable and accessories market.