The global medium voltage cables market has the potential to grow by USD 7.19 billion during 2019-2023. The growth momentum will accelerate throughout the forecast period, and the market will grow at a CAGR of almost 5%.
The rise in global energy demand and the rising number of microgrid networks are some of the major factors driving market growth. The US, China, and Germany are currently significant markets for medium voltage cables.
Medium Voltage Cables Market Report - Key Insights
Scope of this Report
The report provides a detailed analysis of the market by installation and geography. Also, the medium voltage cables market analysis report analyzes the market’s competitive landscape and offers information on several market vendors.
Browse TOC and LoE with selected illustrations and example pages from medium voltage cables market report
Market Segmentation
Medium Voltage Cables Market by Installation
- Overhead
- Underground
- Submarine
Medium Voltage Cables Market by Region
- APAC
- Europe
- MEA
- North America
- South America
Market Competitive Analysis
The medium voltage cables market is fragmented, and the degree of fragmentation will decrease during the forecast period. EL Sewedy Electric Co., Fujikura Ltd., and Furukawa Electric Co. Ltd. are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, the slowdown in manufacturing outputs will challenge the growth of the market participants. To make the most of the possibilities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The medium voltage cables market forecast report provides information on the production, sustainability, and prospects of several companies, including:
- EL Sewedy Electric Co.
- Fujikura Ltd.
- Furukawa Electric Co. Ltd.
- LEONI AG
- LS Cable & System Ltd.
- Nexans SA
- NKT Group AS
- Prysmian Spa
- Southwire Co. LLC
- Sumitomo Electric Industries Ltd.
Medium Voltage Cables Market: Key Drivers and Trends
The rise in urban population and the increase in industrial operations have increased the demand for energy across the globe. Factors such as the electrification of the heat and transportation sectors, growth in the number of electronically connected devices, and the digitalization of modern economies have also increased energy demand. The increase in the demand for energy has led to a rise in number of power plants and transmission lines. This will, in turn, drive the demand for medium voltage cables, fueling market growth over the forecast period.
- Medium voltage cables market trends such as the rising number of microgrids will also influence market growth.
- Microgrids function autonomously by using distribution automation solutions and are integrated with conventional grids.
- The implementation of microgrids is growing because of the increase in demand for electricity in rural and suburb areas.
- To cater to the growing energy demand in remote locations, governments are offering incentives to promote renewable power generation and are also increasing microgrid facilities.
- Such factors will drive medium voltage cables market growth at a CAGR of almost 5% during 2019-2023.
Medium Voltage Cables Market: Segmentation by Region
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APAC is a major market for medium voltage cables. The rising demand for electric power because of the increase in industrialization and the rise in urbanization is driving market growth in the region. The rise in number of initiatives and smart grid implementation projects will also fuel the growth of the market.
During the forecast period, about 44% of the overall market growth will originate from APAC. Moreover, market growth in this region will be faster than the growth of the market in other regions.
Medium Voltage Cables Market: Segmentation by Installation
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The increase in long-distance transmission and the need to replace existing overhead lines because of the aging infrastructure are driving the adoption of overhead medium voltage cables. The insulated versions of overhead lines are used to reduce the space and the possibilities of earth faults by fallen trees or branches. Moreover, the land area covered by medium voltage overhead cables is higher than that covered by subsea and underground cables as they require high-voltage cables for power transmission.
As a result, the medium voltage cables market size will steadily increase in this segment during the forecast period. Moreover, market growth in this segment will be faster than the growth of the market in the medium voltage underground lines segment. The report provides an accurate prediction of the contribution of various segments to medium voltage cables market growth.
Medium Voltage Cables Market: Key Highlights of the Report
- CAGR of the market during the forecast period 2019-2023
- Detailed information on factors that will accelerate the medium voltage cables market growth during the next five years
- Precise estimation of the global medium voltage cables market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the whey protein ingredient industry across the APAC, Europe, MEA, North America, and South America
- A thorough analysis of the medium voltage cables market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of medium voltage cables vendors
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