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The Medium Voltage Cables & Accessories Market is Fragmented and Involves Regional as well as International Players
The global medium voltage cables & accessories market is estimated to grow at a CAGR of 6.4% from 2016 to 2021. This growth could be attributed to increasing renewable energy generation and industrial expansion in developing economies of Asia-Pacific and the Middle East & Africa. Increasing commercial and residential growth in emerging regions is expected to drive the demand for the medium voltage cables & accessories market by 2021.
The medium voltage cables & accessories market is fragmented and involves regional as well as international players. Few of the market leaders include Prysmian S.p.A (Italy), General Cable Technologies Corporation (U.S.), Nexans (France), NKT Cables (Germany), and ABB Ltd. (Switzerland).
Contracts & agreements and new product development were the most common strategies followed by market players to increase their revenue and market share. These strategies were adopted by the key industry players with an aim to win more contracts globally. Most players also adopted expansion as a growth strategy, which would further help them to get entry into regional markets.
Prysmian S.p.A is one of the leading companies in the energy and telecom cables & systems industry. The group is involved in the development, design, production, supply, and installation of a wide range of cables for many different applications in the energy and telecom industries. The company has focused on contracts and agreements as one of its key growth strategies. In 2014, Prysmian S.p.A entered into a contract with Emirates Holding Inc. (Panama) on behalf of major oil & gas producer ADMA-OPCO (Abu Dhabi Marine Operating Company) (UAE) for the design and manufacture of submarine cable links for the replacement of power feeding systems in an offshore oilfield in Abu Dhabi. This contract helped the company to enhance its technological know-how for application in submarine power transmission & distribution in the oil & gas industry in the Middle East.
ABB Ltd. (Switzerland) is one of the leading power and automation technology companies, offering a wide range of products, services, and systems. It signed a contract with Aibel (Norway) to install DolWin beta, significantly powerful offshore convertor station in the North Sea. The scope of the project also includes land cable systems and onshore converter station. Advanced HVDC technology of the company is well-suited for the integration of remotely located renewable energy sources such as offshore wind. This is one of the key focus areas in ABB’s next level strategy.
Medium Voltage Cables & Accessories Market by Overhead (Conductors, Fittings & Fixtures), Underground & Submarine (MI Cables, XLPE Cables, Cable Terminations, Cable Joints), End-User (Infrastructure, Industrial, Renewables), & by Region - Forecast to 2021
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