This report reveals a comprehensive study of the collected information, with key players, sellers, market dealers, and key aspects influencing the market. The XLPE MV Onshore Cables Market research study examines the international and regional breakdown of the industry and its uniqueness, market shares, trends, outlines, industry classifications, and the constantly transforming global market ecosystem. The XLPE MV Onshore Cables Market research report provides profits predictions and geographic regions of the organization. The study aims to present product development in North America, China, Europe, South East Asia, Japan, and the rest of the world.
XLPE MV Onshore Cables Market Overview
The global XLPE MV Onshore Cables Market size is expected to reach USD 49.1 million and is projected to reach a CAGR of 6.8% from 2023-2030.
The manufacturing, distribution, and retail of medium voltage power cables with XLPE insulation particularly created for onshore purposes are referred to as the XLPE MV (medium voltage) onshore cables market. In medium voltage power networks, which generally range from 1 kV (kilovolt) to 35 kV, these cables are used to transfer energy.
A common choice for medium voltage cables is XLPE insulation because of its superior electrical characteristics, thermal resistance, and mechanical robustness. Power distribution networks, renewable energy projects, industrial installations, infrastructure projects, and other onshore applications are just a few examples of the many onshore uses that it is appropriate for since it offers dependable and effective power transmission. In recent years, the need for XLPE MV onshore cables has grown significantly, propelled by reasons such as rising power consumption, infrastructure expansion, integration of renewable energy sources, and industrialization. The market's rise has also been aided by the increased emphasis on energy efficiency and the move towards greener energy sources.
Cable producers, suppliers, distributors, and contractors are important market participants in the XLPE MV onshore cables sector. To satisfy the needs of varied projects, these businesses provide a wide range of cable products, including single-core and multi-core cables, armored and unarmoured cables, and various voltage ratings and conductor diameters. The XLPE MV onshore cables market is affected by market characteristics, including pricing trends, technical developments, regulatory frameworks, and competitive environment. Additionally, elements like raw material accessibility, production procedures, and quality standards are crucial in defining the general market dynamics.
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The XLPE MV Onshore Cables market size has grown significantly in recent years. However, due to the outbreak of the COVID-19 pandemic, Due to lockdown procedures, travel restrictions, and decreased manufacturing capacity, the pandemic caused disruptions in international supply networks. These setbacks delayed production and delivery because they reduced the supply of raw materials and other components needed for the manufacture of cables. Due to limitations and economic uncertainty, several infrastructure and building projects were postponed or delayed during the epidemic. Reduced demand for XLPE MV onshore cables was the result of the fall in construction activities, notably in industries like industrial facilities, residential complexes, and commercial structures. Energy demand patterns were significantly disrupted by the COVID-19 epidemic. There was a reduction in total energy usage in several industries, such as transportation and tourism, as a result of lockdowns and travel restrictions. The demand for the XLPE MV onshore cables used in power transmission and distribution systems was indirectly impacted by this change in energy consumption.
Delvens Industry Expert's Standpoint
The market for XLPE MV onshore cables is expected to expand due to the rising use of renewable energy sources, grid modernization programs, infrastructure developments, and technical improvements. Significant prospects will exist in the market across continents like North America, Europe, and Asia Pacific. The market's major players are probably going to concentrate on increasing their production capabilities, spending money on R&D, and bolstering their market presence through strategic alliances and acquisitions. The future market development will also be significantly influenced by sustainability and environmental concerns, with an increasing focus on environmentally friendly cable options. Stakeholders must keep up with market trends, track legislative changes, and modify their strategy to match shifting consumer needs if they are to effectively traverse the market's dynamic environment. Businesses may put themselves in a successful position in the competitive XLPE MV onshore cables market by using market possibilities and adopting technology improvements.
Key Findings
• The product type segment is further segmented into Single-Core Cables and Multi-Core Cables. Both single-core and multi-core XLPE MV onshore cables are widely used in different applications. The market for single-core cables is driven by their ease of installation, while multi-core cables are preferred when multiple circuits need to be installed. The growth of each segment depends on the specific project requirements and industry preferences.
• The voltage rating segment is further fragmented into 1 kV to 15 kV and 15 kV to 35 kV. The market growth varies based on the voltage rating of XLPE MV onshore cables. The demand for cables in the 1 kV to 15 kV range is driven by power distribution networks and commercial/residential applications. The 15 kV to 35 kV segment experiences growth due to renewable energy projects, industrial installations, and infrastructure development.
• The application segment is further segmented into Power Distribution Networks, Renewable Energy Projects, Industrial Installations, Infrastructure, and Others. Power distribution networks represent a significant application segment for XLPE MV onshore cables, supported by the need for efficient and reliable electricity transmission. The growing focus on renewable energy integration also drives the demand for cables in renewable energy projects. Industrial installations and infrastructure development further contribute to market growth.
• The end-user segment is further fragmented into Utilities, Commercial & Residential, Industrial, and Others. Utilities, including power generation and distribution companies, are major consumers of XLPE MV onshore cables. Commercial and residential sectors require cables for building electrification. The industrial sector demands cables for various applications in sectors such as oil and gas, manufacturing, and mining. Other end-users, such as infrastructure projects, contribute to the overall market growth.
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America has a well-established power infrastructure and is witnessing increasing investments in renewable energy projects. The demand for XLPE MV onshore cables in this region is driven by power grid upgrades, grid modernization initiatives, and the integration of renewable energy sources. The United States and Canada are the major contributors to market growth in this region.
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XLPE MV Onshore Cables Market Regional Analysis
North America to Dominate the Market
• The North American region is expected to be the largest region in the XLPE MV Onshore Cables market during the forecast period.
• Due to its concentration on the production of renewable energy, grid connection, and the availability of well-established power transmission and distribution networks, Europe has also been an important market for XLPE MV onshore cables.
XLPE MV Onshore Cables Market Competitive Landscape
• Prysmian Group
• Nexans S.A.
• NKT A/S
• General Cable Corporation
• Sumitomo Electric Industries, Ltd.
• LS Cable & System Ltd.
• Furukawa Electric Co., Ltd.
• Southwire Company, LLC
• Hengtong Group
• Riyadh Cables Group of Companies
XLPE MV Onshore Cables Market Recent Developments
• Prysmian Group developed the P-Laser 525 kV cable system, an innovative high-voltage cable technology that offers increased transmission capacity and efficiency.
• Nexans S.A. collaborated with Eversource Energy to develop a new generation of XLPE cables for high-voltage direct current (HVDC) transmission projects, enabling efficient power transmission over long distances.
Reasons to Acquire in the XLPE MV Onshore Cables Market
• Increase your understanding of the market for identifying the best and most suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
• Gain authentic and granular data access for XLPE MV Onshore Cables Market so as to understand the trends and the factors involved in changing market situations.
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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