According to the latest report released by international market research institute Technavio, the global medium voltage cable market is expected to grow by $7.19 billion between 2019 and 2023. During the entire forecast period, the growth momentum stabilized and the market will grow at a compound annual growth rate of nearly 5%.

The growing global energy demand and the number of microgrids are the main factors driving the steady growth of the medium voltage cable market. The United States, China and Germany are currently important markets for medium voltage cables.

The global cable market is low in concentration and scattered. Globally, international cable manufacturers, including Prysmian and Nexans, remain the main competitors in the market, including Sumitomo Electric, Furukawa Electric, Fujikura Cable, LS Cable, and Ankaite Cable. In addition, regional manufacturers in important markets are also actively occupying the market, such as China's Far East Smart Energy, Egypt's EL Sewedy Electric, US South Line Cable, and German Lenny Cable.

The increase in urban population and the increase in industrial operations have increased global demand for energy. Electrification in the heating and transportation sectors, the growth in the number of electronically connected devices and the digitization of the modern economy have also increased energy demand. The increase in energy demand has led to an increase in the number of power plants and transmission lines. This, in turn, will drive demand for medium voltage cables and drive market growth during the forecast period.

From the perspective of the market area, the Asia-Pacific region is the largest medium-voltage cable regional market. Due to the acceleration of industrialization and urbanization, the demand for electricity in the region is growing, stimulating the market growth of medium voltage cables. In addition, the increase in the number of smart grid implementation projects is also stimulating growth in this market.

It is estimated that about 44% of the overall market growth during the forecast period comes from the Asia Pacific region. Moreover, market growth in the Asia Pacific region will be faster than market growth in other regions.

(This article is the first cable network www.cableabc.com.)