Rise in investments by governments to improve power grid technology and increase in use of underground cables drive the growth of the global medium voltage cable accessories market. Based on technology, the heat shrink segment held the major share in 2019. Based on region, on the other hand, the market across Asia-Pacific would remain lucrative by 2027.
Portland, OR, March 03, 2021 (GLOBE NEWSWIRE) --
According to the report published by Allied Market Research, the global medium voltage cable accessories market was pegged at $16.82 billion in 2019, and is anticipated to reach $22.15 billion by 2027, registering a CAGR of 5.4% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Rise in investments by governments to improve power grid technology and increase in use of underground cables drive the growth of the global medium voltage cable accessories market. On the other hand, high failure rate of medium voltage cable accessories restrains the growth to some extent. Nevertheless, upsurge in use of e-mobility and emergence of data centers are projected to create a number of opportunities in the industry.
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Lack of resources and project delays & cancellations affected the construction industry badly, thereby impacting the global medium voltage cable accessories market negatively.
However, certain relaxations are now being imposed by several government bodies on the existing regulations and it is anticipated that the global market would recoup the loss soon.
The global medium voltage cable accessories market is analyzed across product type, technology, installation, industry vertical, and region.
Based on product type, the cable joints and splice segment accounted for more than two-fifths of the total market share in 2019, and is expected to lead the trail by 2027. The same segment would also register the fastest CAGR of 6.1% from 2020 to 2027.
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Based on technology, the heat shrink segment contributed to nearly half of the total market revenue in 2019, and is anticipated to rule the roost by 2027. The same segment would also portray the fastest CAGR of 5.9% from 2020 to 2027.
Based on region, the market across Asia-Pacific held the major share in 2019, garnering more than one-third of the global market. The same region would also portray the fastest CAGR of 5.9% throughout the forecast period. The other provinces studied in the report include North America, Europe and LAMEA.
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The key market players analyzed in the global medium voltage cable accessories market report include Compaq International (P) Limited, Nexans, NKT A/S, Sumitomo Electric U.S.A., Inc., Phoenix Technology Group Co., Ltd., Yamuna Infra & Technology Pvt. Ltd., Raychem AG, 3M, REPL International Limited, and TE Connectivity. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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