Research and Markets in its latest report forecasts the medium voltage cables and accessories market to reach USD 56.18 billion by 2022, from an estimated USD 41.45 billion in 2017, at a CAGR of 6.27%, from 2017 to 2022. Increase in renewable energy generation and rapid industrialization and urbanization is expected to drive the medium voltage cables and accessories market.
The research firm on the basis of installation segmented the medium voltage cables and accessories market into underground, overhead, and renewables. The underground cables segment is expected to hold the largest market share of the medium voltage cables and accessories market during the forecast period notes the firm. Underground cables are mainly used to transmit power to populated areas. (Read U.S. Solar Market Adds 10.6 GW of PV in 2017: Report)
Low transmission losses, absorption of emergency power loads, low maintenance costs, and less susceptibility to weather are some of the benefits of using underground cables.
The market in Asia Pacific is currently the largest for medium voltage cables and accessories followed by the European market. Increase in renewable power generation is a major factor driving the medium voltage cables and accessories market in Asia Pacific. (Read Hybrid Solar Wind Energy Storage Market Worth USD 1.5bn by 2024: Global Market Insights, Inc.)
For More Information click here