The new report by Expert Market Research titled, ‘Global Medium Voltage Cables Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global medium voltage cables market, assessing the market based on its segments like installation, components, voltage, application and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020 ): USD 49 billion
- Forecast CAGR (2021-2026 ): 5.7%
- Forecast Market Size (2026 ): USD 70 billion
The market for medium voltage cables has seen substantial growth due to factors such as increasing urbanisation and industrialisation across the globe. Also, increased knowledge across different industries offers an enormous market opportunity for key players in the medium voltage cables market. In emerging economies, where demand for power generation, transmission and distribution has been the key driver of the medium-voltage cable industry, this is more real. In the forecast period, demand is expected to increase in these areas. Design developments and newer technologies have had a positive impact on the market, such as the launch of optical fibre and cross-linked insulated polyethylene cables. In the forecast era, the increasing global shift toward renewable energy sources is expected to drive this sector. Although demand for submarine lines in Europe has been very strong due to its extensive offshore wind power, in the coming years it is anticipated that developing countries will follow this path, thus moving the market forward.
Industry Definition and Major Segments
The cable segment identified by the International Electrotechnical Commission (IEC) as having a voltage rating above 1kV up to 100kV is the medium voltage cable or MV cable. Medium-voltage cables are used by various end-use industries, such as power, oil and gas, mining, chemicals, renewables, and infrastructure. Copper and aluminium are the primary metals used in their construction. A major factor influencing the prices of medium voltage cables is uncertainty in the cost of these cables.
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Based on the installation, the industry is divided into:
Based on the components, the industry is divided into:
- Termination Cables
- XLPE Cables
Based on the voltage, the industry is divided into:
- 1 kV – 15 kV
- 16 kV – 35 kV
- 36 kV – 70 kV
Based on the application, the industry is divided into:
On the basis of regional markets, the industry is divided into:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
Geographically, Asia Pacific is the largest contributor to medium voltage cables, and over the projected period it is predicted to be the fastest growing market. In developing economies, such as the Asia Pacific, Latin America, and the Middle East and African areas, overhead lines show greater penetration due to lower prices, whereas underground lines are used more in developed economies such as Europe. As the space for overhead lines becomes saturated, high urbanization rates in the Asia Pacific and Latin America and MEA regions are expected to increase the demand for underground lines in these areas. As is already the case with Europe due to its offshore wind capacity, the submarine segment is expected to experience more demand in the forecast period. Because of the growth in offshore wind installations and the resulting demand for submarine cables, developing countries are expected to follow this trend.
Key Market Players
The major players in the market are Nexans SA, Prysmian S.p.A., General Cable Technologies Corporation, Sumitomo Electric Industries Ltd, Ducab Group, TPC Wire and Cable Corporation, Hellenic Cables S.A., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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