Press Release

Medium Voltage Cable Market 2021 With COVID-19 Impact Analysis | Upcoming Trends & Forecast Till 2028

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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Market Segmentation

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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Regional Insights

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.

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Industry Developments:

 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.)
  • Jiangnan Group Limited. (China)
  • Tratos (England)
  • Universal Cables Ltd. (India)
  • Schneider Electric (France)
  • Synergy Cables (Israel)

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Ruby Arterburn

Ruby is leading the team writing for artificial intelligence. She is a newcomer in the organization and has already made her base and reputation with her hard work and her efficiency towards her field. Being a student of computer science it has become easier for her to understand the objectives and the expected results of this column. She is also an excellent cook, and now and then, and we get the opportunity to taste her deliciously baked cookies.

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