Portland, OR, May 16, 2022 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the global medium voltage cable accessories market generated $15.3 billion in 2020, and is expected to reach $25.5 billion by 2030, witnessing a CAGR of 5.3% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Surge in investments in the construction sector for infrastructural development and investments by governments to develop smart electricity grids that fulfill rise in demand for electricity drive the growth of the global medium voltage cable accessories market. However, high failure rate of medium voltage cable accessories restrains the market growth. On the other hand, surge in the installation of underground cables and rise in the number of data centers present new opportunities in the coming years.
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Covid-19 Scenario:
- Manufacturing activities in the electronics systems and devices sector stopped partially or completely due to lockdown measures implemented in various countries. Challenges such as raw material shortage and supply chain disruptions occurred during the Covid-19 pandemic.
- The demand for medium voltage cable accessories from the construction reduced considerably due to stoppage of…
