At 6.1% CAGR, the Asia Pacific Medium Voltage Cable and Accessories Market is Projected to be Worth US$ 42,123.30 million by 2030, Says Business Market Insights
According to Business Market Insights research, the Asia Pacific medium voltage cable and accessories market was valued at US$ 26,251.11 million in 2022 and is expected to reach US$ 42,123.30 million by 2030, registering a CAGR of 6.1% from 2022 to 2030. Growing construction of residential and commercial buildings and rising demand for uninterrupted power supply in various industries are among the critical factors attributed to the Asia Pacific medium voltage cable and accessories market expansion.
Construction of various commercial and residential buildings is growing worldwide, majorly in developing countries. In February 2021, according to the Yonhap News Agency website data, the South Korean government announced that they would ease building regulations and support redevelopment projects in South Korean urban areas by supporting the construction of 836,000 new houses nationwide. Also, the new housing policy by the government focuses on increasing the number of houses in the Seoul metropolitan area and other major cities. Moreover, according to the Ministry of Land, Infrastructure, and Transport of South Korea, the latest policy consists of constructing 323,000 and 293,000 new houses in Seoul and Gyeonggi Province, respectively. Moreover, the growing industrialization is leading to the construction of new office complexes globally. Similarly, the construction of the Commerz III Commercial Office Complex started in Q1 of 2022 in Mumbai, India. This 43-story commercial office complex construction is expected to require an investment of ~US$ 900 million and will 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 Asia Pacific medium voltage cable and accessories market.
On the contrary, widespread counterfeit cable market hampers the growth Asia Pacific medium voltage cable and accessories market.
Based on installation, the Asia Pacific medium voltage cable and accessories market is classified into overhead, underground, and submarine. The underground segment held 48.0% share of the Asia Pacific medium voltage cable and accessories market in 2022, amassing US$ 12,598.16 million. It is projected to garner US$ 21,325.35 million by 2030 to expand at 6.8% CAGR during 2022-2030.
Based product, the Asia Pacific medium voltage cable and accessories market is categorized into MI, terminations, joints, and XLPE Cables. The terminations segment held 46.6% share of the Asia Pacific medium voltage cable and accessories market in 2022, amassing US$ 12,225.25 million. It is projected to garner US$ 20,182.19 million by 2030 to expand at 6.5% CAGR during 2022-2030.
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 34.8% share of the Asia Pacific medium voltage cable and accessories market in 2022, amassing US$ 9,134.47 million. It is projected to garner US$ 13,024.79 million by 2030 to expand at 4.5% CAGR during 2022-2030.
Based on end user, the Asia Pacific medium voltage cable and accessories market is segmented into industrial, infrastructure, and renewables. The industrial segment held 52.1% share of the Asia Pacific medium voltage cable and accessories market in 2022, amassing US$ 13,683.04 million. It is projected to garner US$ 23,618.65 million by 2030 to expand at 7.1% CAGR during 2022-2030
Based on country, the Asia Pacific medium voltage cable and accessories market is categorized into China, South Korea, Japan, Australia, India, and the Rest of Asia Pacific. China held 39.3% share of Asia Pacific medium voltage cable and accessories market in 2022, amassing US$ 10,312.74 million. It is projected to garner US$ 17,545.09 million by 2030 to expand at 6.9% CAGR during 2022-2030.
Key players operating in the Asia Pacific medium voltage cable and accessories market are ABB Ltd, El Sewedy Electric Co, Nexans SA, NKT AS, Prysmian SpA, The Okonite Co, and Tratos Cavi SpA, among others.
In August 2023; Elsewedy Electric KSA provides low-voltage and medium-voltage cables for the 28km tunnels being built as part of 'The Line,' which will be the world's first zero-gravity vertical city.
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