At 4.6% CAGR, the Europe Medium Voltage Cable and Accessories Market is Projected to be Worth US$ 13,287.22 million by 2030, Says Business Market Insights

According to Business Market Insights research, the Europe medium voltage cable and accessories market was valued at US$ 9,275.88 million in 2022 and is expected to reach US$ 13,287.22 million by 2030, registering a CAGR of 4.6% from 2022 to 2030. Rising demand for renewable energy and growing construction of residential and commercial buildings are among the critical factors attributed to the Europe medium voltage cable and accessories market expansion.

The government initiatives to raise power generation through wind and solar power plants are proliferating. For instance, 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. 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 Europe medium voltage cable and accessories market growth during the period of 2022-2030.

On the contrary, widespread counterfeit cable market hampers the growth Europe medium voltage cable and accessories market.

Based on installation, the Europe medium voltage cable and accessories market is classified into overhead, underground, and submarine. The underground segment held 48.8% share of the Europe medium voltage cable and accessories market in 2022, amassing US$ 4,523.82 million. It is projected to garner US$ 6,827.36 million by 2030 to expand at 5.3% CAGR during 2022-2030.

Based product, the Europe medium voltage cable and accessories market is categorized into MI, terminations, joints, and XLPE Cables. The terminations segment held 45.6% share of the Europe medium voltage cable and accessories market in 2022, amassing US$ 4,228.33 million. It is projected to garner US$ 6,074.57 million by 2030 to expand at 4.6% CAGR during 2022-2030.

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 34.4% share of the Europe medium voltage cable and accessories market in 2022, amassing US$ 3,194.28 million. It is projected to garner US$ 4,297.48 million by 2030 to expand at 3.8% CAGR during 2022-2030.

Based on end user, the Europe medium voltage cable and accessories market is segmented into industrial, infrastructure, and renewables. The industrial segment held 50.6% share of the Europe medium voltage cable and accessories market in 2022, amassing US$ 4,695.11 million. It is projected to garner US$ 7,159.45 million by 2030 to expand at 5.4% CAGR during 2022-2030

Based on country, the Europe medium voltage cable and accessories market is categorized into France, Germany, the UK, Italy, Russia, and the Rest of Europe. Germany held 30.9% share of Europe medium voltage cable and accessories market in 2022, amassing US$ 2,864.44 million. It is projected to garner US$ 4,475.30 million by 2030 to expand at 5.7% CAGR during 2022-2030.

Key players operating in the Europe medium voltage cable and accessories market are 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, 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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