Medium Voltage Cables Market is expected to garner $54.2 billion by 2022, registering a CAGR of 6.5% during the period 2016-2022.Asia-Pacific was the largest market of medium voltage cables, accounting for around 36% of the market revenue in 2015. Increasing requirement of electricity due to rapid urbanization and industrialization is fueling the demand for medium voltage cables in the region.
The overhead installation segment accounted for the largest market share of about 57% in 2015. Factors such as lower installation cost and easier maintenance in comparison to underground cables has led to its wider adoption, primarily in developing economies.
However, the submarine installation is expected to be the fastest growing segment owing to increasing investments in the offshore wind generation technology for power generation. The underground segment is expected to grow at a notable pace on account of longer life, lower transmission losses, and limited space availability for new overhead installations.
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