Medium Voltage Cable and Accessories Market: Industry Expert View on Future Growth and Market Trends
The growing industrialization is leading to the construction of new office complexes globally. For instance, in Q1 of 2022, the construction of Ostendstraße 1–14 Commercial Buildings started in Berlin, Germany, with an investment of ~US$ 1,293 million. The project aims to meet the growing requirement for office, hotel, retail, and commercial facilities in the country. The project is expected to be completed by Q4 of 2027. 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 medium voltage cable and accessories market.
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. Similarly, in June 2023, the government of China announced its plan to double its capacity and produce 1,200 GW of energy through wind and solar power by 2025. Hence, governments of various countries are investing in wind and solar power plant construction.
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. Similarly, in June 2023, the government of China announced its plan to double its capacity and produce 1,200 GW of energy through wind and solar power by 2025. Hence, governments of various countries are investing in wind and solar power plant construction.
A few of the major renewable energy projects carried out worldwide are mentioned below:
• Sawtooth Energy Center Project: The project will be constructed in Nevada and will consist of a solar energy generating facility having a 1,000 MW capacity and ~1,000 MW energy storage facility. The construction has started in October 2023 and will be operational by December 2023.
• Pinnapuram Integrated Renewable Energy Project: The project involves the construction of a 5,230 MW integrated hybrid renewable energy development project in Andhra Pradesh, India, with an investment of ~US$ 2,000 million. The construction started in Q2 2022 and is expected to be completed by Q4 2025. The project is a combination of wind and solar and pumped storage facilities.
• Yudean Yangjiang Qingzhou I Offshore Wind Farm: The project involves the construction of a 400 MW offshore wind farm in Guangdong, China, which involves an investment of US$ 1,967 million. The construction work started in Q2 2022 and is expected to be finished by Q1 2026.
• Smoky Valley Solar Project: It will be constructed in Nevada with an investment of US$ 1 billion. A 1,000 AC MW solar generation facility will be linked to the battery energy storage system. Its construction is set to start in the third quarter of 2023, and it will be operational by the end of 2025.
• Ditat Deus Solar Project: It will be a 650 MW AC solar power generating facility with 350 MW of battery storage. The project will be constructed on 5,946 acres of land in Arizona. The construction is set to start in June 2023, and the plant is expected to operate commercially by December 2025.
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 medium voltage cable and accessories market growth during the forecast period. The top five companies in the market are ABB, Prysmian S.p.A, Nexans, NKT A/S, and Cable Hellenic Cables Group. The above listing of key players is derived by considering factors such as overall revenue, product portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities.
About Us:
The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, Chemicals and Materials.
• Sawtooth Energy Center Project: The project will be constructed in Nevada and will consist of a solar energy generating facility having a 1,000 MW capacity and ~1,000 MW energy storage facility. The construction has started in October 2023 and will be operational by December 2023.
• Pinnapuram Integrated Renewable Energy Project: The project involves the construction of a 5,230 MW integrated hybrid renewable energy development project in Andhra Pradesh, India, with an investment of ~US$ 2,000 million. The construction started in Q2 2022 and is expected to be completed by Q4 2025. The project is a combination of wind and solar and pumped storage facilities.
• Yudean Yangjiang Qingzhou I Offshore Wind Farm: The project involves the construction of a 400 MW offshore wind farm in Guangdong, China, which involves an investment of US$ 1,967 million. The construction work started in Q2 2022 and is expected to be finished by Q1 2026.
• Smoky Valley Solar Project: It will be constructed in Nevada with an investment of US$ 1 billion. A 1,000 AC MW solar generation facility will be linked to the battery energy storage system. Its construction is set to start in the third quarter of 2023, and it will be operational by the end of 2025.
• Ditat Deus Solar Project: It will be a 650 MW AC solar power generating facility with 350 MW of battery storage. The project will be constructed on 5,946 acres of land in Arizona. The construction is set to start in June 2023, and the plant is expected to operate commercially by December 2025.
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 medium voltage cable and accessories market growth during the forecast period. The top five companies in the market are ABB, Prysmian S.p.A, Nexans, NKT A/S, and Cable Hellenic Cables Group. The above listing of key players is derived by considering factors such as overall revenue, product portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities.
About Us:
The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, Chemicals and Materials.
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