Pune, India, April 08, 2021 (GLOBE NEWSWIRE) — The global medium voltage cables market size is projected to reach USD 55.31 billion by 2028, exhibiting a CAGR of 7.4% during the forecast period. Fortune Business Insights™ shares this information in its report, titled “Medium Voltage Cables Market, 2021-2028”. As per the report, the value of the market stood at USD 31.47 billion in 2020.
Government Initiatives Promoting Renewable Energy to Enhance Demand
In the battle against global warming, governments across the world are launching initiatives to make renewable energy their primary resource for power-related requirements. For instance, Since February 2021, Singapore has initiated its project of building solar farms at Tengeh reservoir. These farms will be floating in the sea as the country lacks real estate. The project is handled by Public Utilities Board and Sembcorp, a leading urban development enterprise in Singapore. Such initiates are projected to strengthen the adoption of these type of voltage cables.
Medium Voltage Cables Market Observed -11% Growth Stoked by Reduced Energy Demand amid COVID-19
The lockdown enforced amid the COVID-19 pandemic had significantly reduced the energy and power consumption among nations globally. For instance, according to the International Energy Agency, the overall demand for electricity in China, the first nation to be affected by the pandemic, was -11% in February 2020 compared to the same month in 2019. This has significantly impacted the growth of the related markets including this market. According to our analysis, the market observed a -9.6% growth in 2020.
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We have categorized the market on the basis of installation, voltage, and geography. In terms of installation, the market is divided into overhead and underground. Based on application, it is fragmented into 1 kV – 15 kV, 16 kV – 35 kV, and 36 kV – 70 kV. On the basis of region, it is segmented into North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa.
What Does the Report Offer?
The report provides a detailed analysis of the key market aspects, namely, the dominant companies, end-users, and leading product types. Apart from this, the report contains tangible insights into the current & upcoming market trends and highlights prominent industry developments. In addition to these factors, the report supplies a holistic understanding of the main drivers, restraints, and segments that are contributing to the growth of the market.
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Increasing Infrastructure Development Backed by Rapid Urbanization to Drive Growth
The rapid increase in urbanization has significantly enhanced the rate of infrastructure development worldwide. For instance, according to a study published by the Population Division of the United Nations, the pace of urbanization has potentially enhanced. The study informs that in 1950 the urban population was 30%, however, the figures reached 55% in 2018 and are still growing. The increasing number of buildings during the process is projected to drive the medium voltage cables market growth. In addition, rapid industrialization in developing countries is further propelling the demand for medium voltage cables, expanding their market share.
Rising Energy Demand from China and India to Help Asia Pacific Lead the Market
Asia Pacific is set to lead the medium voltage cables market share owing to the rapidly growing demand for energy from China and India, stoked by the high population in these countries. In addition, the implementation of smart-city projects in the developing countries of the region is prompting advanced infrastructure in the region, encouraging the adoption of medium voltage cables. The regional market observed a total value of USD 11.14 billion in 2020.
Europe is estimated to showcase a significant market share during the forecast period. Stringent regulations from the European Commission for the member countries to reduce carbon emissions are anticipated to support market growth in the region.
On the other hand, the market in North America is predicted to flourish backed by increasing investments for the development of several industries including oil & gas, mining, and petrochemicals. In addition, rapid expansion in the usage of renewable energy in the U.S. and Canada is anticipated to bolster the market growth.
Key Manufacturers Are Focusing on Expanding Production Capacity to Meet Surging Demand
The market comprises manufacturers and distributors working toward the advancement of the cable industry. Key players operating in the market are focusing on expanding their production capacity in order to meet the high demand from end-user industries. For instance, in September 2020, Universal Cables Ltd. established its new manufacturing facility in Satna, India. The new facility will aid the company to expand its production capacity of power & control cables and other products.
November 2019 – Nexans, a leading cable manufacturer in France, bagged a supply contract from Vestas Wind Systems. Under the two-year contract, Nexans will provide Windlink medium voltage (MV) and low voltage (LV) cable kits to Vestas.
List of Key Companies Covered in the Market Report:
- Prysmian Group (Italy)
- Nexans (France)
- NKT A/S (Denmark)
- ABB (Switzerland)
- Brugg Cables (Switzerland)
- Riyadh Cables Group Company (Saudi Arabia)
- ZTT (China)
- General Cable Technologies Corporation (U.S.)
- FURUKAWA ELECTRIC CO., LTD. (Japan)
- Jiangnan Group Limited. (China)
- Tratos (England)
- Universal Cables Ltd. (India)
- Schneider Electric (France)
- DUCAB (UAE)
- Synergy Cables (Israel)
Quick Buy – Medium Voltage Cables Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100797
Detailed Table of Content
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Medium Voltage Cables Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Medium Voltage Cables Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Installation
- Market Analysis, Insights and Forecast – By Voltage
- 1 kV -15 kV
- 16 kV – 35 kV
- 36 kV – 70 kV
- Market Analysis, Insights and Forecast – By Application
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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