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.
Click here to get the short-term and long-term impact of COVID-19 on this market.
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.
Request To Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/medium-voltage-cable-market-100797
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.
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
Other Exclusive Reports:
Smart Transformer Market Size, Share, Demand, Key Players Profiles, Future Prospects and Forecasts to 2026
Cloud Gaming Market 2021 Is Booming Across the Globe by Share, Size, Growth, Segments and Forecast to 2027
Mobile Advertising Market Growing Business Factors 2021: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2026
ERP Software Market Growing Business Factors 2021: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2026
Natural Gas Generator Market 2021 | Trends, Growth Demand, Opportunities & Forecast To 2026
Portable Generator Market 2021 | Trends, Growth Demand, Opportunities & Forecast To 2026
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune – 411045, Maharashtra, India.
US :+1 424 253 0390
UK : +44 2071 939123ac
APAC : +91 744 740 1245
Email: [email protected]