Market Leader - Medium Voltage Cables & Accessories Market
The global medium voltage cables and accessories market is projected to grow at a CAGR of 6.27%, from 2017 to 2022. The market in Asia Pacific was the largest in 2016 and is projected to hold the largest share by 2022, followed by the markets in Europe and North America. The growth of the medium voltage cables and accessories market is driven by increasing renewable energy generation, rapid industrialization and urbanization, and government initiatives undertaken to expand or upgrade T&D systems.
The medium voltage cables and accessories market is dominated by a few global players. The key players in this market include Prysmian S.p.A. (Italy), Nexans S.A. (France), General Cable Corporation (US), NKT Group A/S (Denmark), and LS Cable & System Ltd. (South Korea).
The major strategies adopted by the players in the medium voltage cables and accessories market between January 2014 and July 2017 included contracts & agreements, new product launches, expansions, and partnerships, of which contracts & agreements was the most widely adopted strategy. The second most preferred growth strategy was expansions and investments.
Prysmian S.p.A (Italy) is one of the leading providers of energy and telecom cables and systems to the oil & gas, telecom, and automotive industries. The company operates through four segments, namely, energy products, energy projects, telecom, and oil & gas. More than half its revenue comes from its energy products segment. The group is involved in the development, design, production, supply, and installation of cables for different applications in the energy and telecom industries. The major competitors of the company are Nexans S.A. (France), Southwire Company LLC (US), General Cable Corporation (US), Sumitomo Electric Industries, Ltd. (Japan), LS Cable & System Ltd. (South Korea), Leoni AG (Germany), and NKT Cables Group A/S (Denmark). The company focused on contracts & agreements as one of its key growth strategies. In 2017, Prysmian signed a technology cooperation agreement with Nanocomp Technologies Inc. (US) to improve the use of technologies in power transmission, power distribution, telecom networks, and control and instrumentation applications.
Nexans S.A. (France) is a global provider of cable products and services. The company mainly focuses on four segments, namely, electricity transmission and distribution (submarine networks and land-based networks), energy resources (oil & gas and mining and renewables), transport (rail, road, air, and sea), building (community facilities, housing, and datacenters). It operates sales offices in 40 countries including Australia, Belgium, Brazil, India, Russia, the Netherlands, and the UK. In October 2016, the company launched EDRMAX to enable grid connection and installation of renewable energy resources such as solar panels and wind turbines which would drive the medium voltage cables and accessories market.
Related Reports:
Medium Voltage Cables & Accessories Market by Installation (Overhead, Underground, Submarine), Products (MI, XLPE Cables, Terminations, Joints), Voltage (1-5, 6-13, 23, 34, 45, 69kV), End-User (Industrial, Infrastructure, Renewables) - Forecast to 2022
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