The Asia Pacific medium voltage cable and accessories market was valued at US$26.25 billion in 2022 and is expected to reach US$42.12 billion by 2030; it is estimated to grow at a CAGR of 6.1% from 2022 to 2030.
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 Asia Pacific medium voltage cable and accessories market growth during the forecast period.
Based on installation, the Asia Pacific 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 Asia Pacific 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 Asia Pacific 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 Asia Pacific 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 Asia Pacific medium voltage cable and accessories market is segmented China, South Korea, Japan, Australia, India, and the Rest of Asia Pacific. China dominated the Asia Pacific medium voltage cable and accessories market in 2022.
ABB Ltd, El Sewedy Electric Co, Nexans SA, NKT AS, Prysmian SpA, The Okonite Co, and Tratos Cavi SpA some of the leading companies operating in the Asia Pacific medium voltage cable and accessories market.
Rising Demand for Renewable Energy Fuels the Asia Pacific Medium Voltage Cable and Accessories Market
The government initiatives to raise power generation through wind and solar power plants are proliferating. For instance, 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, governments of various countries are investing in wind and solar power plant construction. A few of the major renewable energy projects carried out worldwide are mentioned below:- 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$2.00 billion. 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$1.96 billion. The construction work started in Q2 2022 and is expected to be finished by Q1 2026.
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 Asia Pacific medium voltage cable and accessories market growth during the forecast period.
Asia Pacific Medium Voltage Cable and Accessories Market Overview
In recent years, Asia Pacific have been deploying underground cables rather than overhead ones. Due to space restrictions above-ground, underground cables are preferred in urban areas. Additionally, Due to fewer annual defects than overhead cables, underground cables are also more reliable. Despite the increased cost of underground cables, utilities are currently increasing their investment in them because of encouragement from authorities in developing regions such as Asia Pacific. The electrical cables in Ho Chi Minh City and Hanoi, two of Vietnam's biggest cities, are also being replaced from above-ground to underground. In addition to installing underground cables on busy routes, the exercise has been expanded to include city passageways. The market is projected to be driven by replacing overhead cables between 2020 and 2025. Moreover, India is observing an increase in the use of underground wires. Several of the 100 smart city projects being undertaken across the country involve underground wires. The government's housing initiatives such as Pradhan Mantri Awas Yojana (PMAY) will likely encourage a considerable increase in residential building construction in India. By the end of 2022, the government planned to construct 60 million residences (40 million rural and 20 million urban areas). Thus, residential building construction is expected to propel the growth of the Asia Pacific medium voltage cable and accessories market in the coming years.Asia Pacific Medium Voltage Cable and Accessories Market Segmentation
The Asia Pacific medium voltage cable and accessories market is segmented into installation, product, voltage, end user, and country.Based on installation, the Asia Pacific 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 Asia Pacific 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 Asia Pacific 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 Asia Pacific 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 Asia Pacific medium voltage cable and accessories market is segmented China, South Korea, Japan, Australia, India, and the Rest of Asia Pacific. China dominated the Asia Pacific medium voltage cable and accessories market in 2022.
ABB Ltd, El Sewedy Electric Co, Nexans SA, NKT AS, Prysmian SpA, The Okonite Co, and Tratos Cavi SpA some of the leading companies operating in the Asia Pacific medium voltage cable and accessories market.
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. Asia Pacific Medium Voltage Cable and Accessories Market Landscape
5. Asia Pacific Medium Voltage Cable and Accessories Market - Key Industry Dynamics
6. Medium Voltage Cable and Accessories Market - Asia Pacific Market Analysis
7. Asia Pacific Medium Voltage Cable and Accessories Market Analysis - Installation
8. Asia Pacific Medium Voltage Cable and Accessories Market Analysis - Product
9. Asia Pacific Medium Voltage Cable and Accessories Market Analysis - Voltage
10. Asia Pacific Medium Voltage Cable and Accessories Market Analysis - End User
11. Asia Pacific Medium Voltage Cable and Accessories Market - Country Analysis
12. Competitive Landscape
13. Industry Landscape
14. Company Profiles
15. Appendix
List of Tables
List of Figures
Companies Mentioned
- ABB Ltd
- El Sewedy Electric Co
- Nexans SA
- NKT AS
- Prysmian SpA
- The Okonite Co
- Tratos Cavi SpA
