According to the latest research report titled “Medium Voltage Cable Market Forecast to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 24,591.1 million by 2027, registering a CAGR of 4.7% during 2020–2027.
Rising need for electricity across the globe is expected to drive the medium voltage cable market. Growth in urban population, particularly in developing economies, has resulted in increased construction activities in commercial, residential, industrial, and infrastructure sectors.
The medium voltage cable market is segmented based on installation type and end user. The installation type segment is further categorized into underground cable and accessories, overhead cable and accessories, and submarine cables and accessories. The overhead cable and accessories segment is expected to witness the highest growth during the forecast period. The overhead cables are less expensive, easy to deploy, and require less maintenance. Thus, their deployment in developing countries is high, wherein cost is a major factor for contractors is predominant. Growth of submarine segment is propelled by the rising deployment of submarine cables in off-shore projects worldwide. By end-use, energy and power segment holds the largest market share owing to rising investments in electricity distribution and development of smart grids as well as renewable energy plants.
Geographically, APAC is one of the key markets for medium voltage cables. Economic modernization, rising urbanization, and expanding manufacturing industry have created the demand for medium voltage cables among various end users, including energy & power, industrial, commercial, infrastructural, and residential. Furthermore, several countries in the region still lack basic electricity infrastructure
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Rapid Urbanization and Industrialization
Rising need for electricity across the globe is driving the medium voltage cable market. Growth in urban population, particularly in developing economies, has resulted in increased construction activities in commercial, residential, industrial, and infrastructure sectors. Growing urbanization is increasing demand for electricity generation and distribution, which is boosting the deployment of medium voltage cables. Furthermore, rising focus on power generation through renewable energy sources has resulted in the development of new power grids as well as distribution lines, which is also bolstering the growth of the medium voltage cable market.
The discoveries of new oil & gas reserves have been witnessing exponential growth worldwide. According to Rystad Energy, in 2019, 12.2 billion barrels of oil equivalent were discovered across the globe. In 2019, the total recorded discoveries with over 100 million barrels of oil equivalent accounted for 26, with offshore regions leading the new oil & gas deposits. A few of the recent discoveries include the discovery of two oil & gas fields by Saudi Aramco in the northern parts of Saudi Arabia in August 2020. In September 2020, Equinor announced the discovery of new oil & gas fields at the Swisher prospect. The company also announced the discovery of two oil fields in the Flemish Pass basin offshore Newfoundland. Furthermore, in October 2020, Total and its partners announced to evaluate several development options for commercializing a new gas and condensate discovery in South Africa. Gazprom announced the discovery of a new gas deposit—Yamal shelf. Through October 2020, over 70 new oil & gas discoveries were announced. Such discoveries of new offshore oil & gas reserves are expected to boost the construction of new plants and electricity requirements for new offshore plants, thereby boosting the medium voltage cable market.
Segmentation
By Installation Type
- Overhead Cables and Accessories
- Underground Cables and Accessories
- Submarine Cables and Accessories
By End Users
- Oil and Gas
- Energy and Power
- Mining
- Manufacturing
- Transportation
- Commercial
- Residential
Key Findings of Study:
- With growing popularity and applicability of underground cable systems, noteworthy technological advancements have been introduced to overcome the various limitations of these cables. Most of these innovations are focused on advancements of insulation and voltage grade. The progress in the area of material science has helped in the development of better-quality polymers capable of achieving required mechanical and electrical properties of the cable.
- Geographically, APAC is one of the key markets for medium voltage cables. Economic modernization, rising urbanization, and expanding manufacturing industry have created the demand for medium voltage cables among various end users, such as energy & power, industrial, commercial, infrastructural, and residential. Furthermore, several countries in the region still lack basic electricity infrastructure. Hence, governments are taking initiatives by investing significantly in the development of transmission line network. The government in China is heavily investing in the development of renewable power, which is another key factor driving the demand for medium voltage cables.
- The rise in energy demand associated with urbanization, economic modernization, and better living standards across the globe has resulted in the growth of sustainable power systems, which, in turn, increased the need for medium voltage cables across the world.
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Industry News
In 2020 – Europe
Nexans will play a key role in the UK’s energy transition with a contract worth around €20 million to supply specialized nuclear cables for the Hinkley Point C new nuclear power station. Over a six-year contract, Nexans will design and manufacture a total of 3,000 kilometers of cables developed to ensure safety, reliability and long life.
In 2020 – Europe
Nexans has signed a €2.1 million contract with Coptech to deliver 206 km of fire-retardant power cables for the new flue gas desulfurization unit at Serbia’s 1,560 megawatt (MW) Nikola Tesla A coal-fired power plant. The project is part of the Serbian government’s pledge to invest €14 billion in boosting the country’s economy, including the development of its power generation sector.
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