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, applications, and major regions. 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 analyzing 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 Share (2026): USD 70 billion
Rapid urbanisation in developing regions has been the major driver for the market for medium voltage cables. Due to low costs, these areas have had more demand for overhead lines while underground lines have been more utilised in developed areas such as Europe. It is expected that the demand for overhead lines would increase in developing regions as well due to saturation of space and rising incomes. The rise of renewable energy sources is expected to drive the market further during the forecast period. Furthermore, regular advancements in technology are expected to drive the market growth further in the coming years.
Industry Definition and Major Segments
Medium voltage cables, or MV cables, is the segment of cabling as defined by the International Electrotechnical Commission (IEC) as having a voltage rating of above 1kV up to 100kV. Various industries such as power, oil and gas, mining, chemicals, renewables, and infrastructure sector utilise medium voltage cables.
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In terms of installation, the market is segmented into:
On the basis of components, the market is divided into:
- Termination Cables
- XLPE Cables
The market is segregated on the basis of voltage into:
- 1 kV - 15 kV
- 16 kV - 35 kV
- 36 kV - 70 kV
By application, the market is divided into:
- Commercial and Residential
- Renewable Energy
The regional markets for the product include:
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
Increasing urbanisation and industrialisation across the globe has been the main driver of the market for medium voltage cables, especially in the case of developing countries in Asia Pacific, which lead the market and are expected to do so in the forecast period. Innovations in design and newer technologies have positively impacted the market. The worldwide shift towards renewable energy sources is expected to drive this market in the forecast period. While the demand for submarine lines has been quite high in Europe due to its extensive offshore wind capacity, developing countries are expected to follow this route in the coming years, thereby driving the market forward.
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, and 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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