Medium Voltage Cable Market is expected to reach US$ 24,591.1 Mn by 2027

Asia Pacific to Hold Largest Share in Medium Voltage Cable Market during 2020–2027

According to our latest market study on “Medium Voltage Cable Market Forecast to 2027 – COVID -19 Impact and Global Analysis – by Installation Type (Overhead Cables and Accessories, Underground Cables and Assemblies, and Submarine Cables and Accessories) and End-Users (Oil and Gas, Energy and Power, Mining, Manufacturing, Transportation, Commercial, and Residential),” the market was valued at US$ 18,694.1 million in 2019 and is projected to reach US$ 24,591.1 million by 2027; it is expected to grow at a CAGR of 4.7% from 2020 to 2027. The report highlights the key factors driving the market growth and prominent players with their developments in the market.

Rapid growth in industrialization, particularly in the developing economies, has created an ever increasing need for energy generation, transmission, and distribution, which is significantly propelling the demand for medium voltage cables. Further, industrialization has resulted in growth of urbanization in these countries as it created economic growth as well as job opportunities, which is driving people to relocate to cities.

With the growth in urban population, there is an increase in investments to meet the challenges concerning need for housing, energy distribution, transportation, and other infrastructure. Moreover, urbanization and industrialization have resulted in an increased demand for basic facilities, such as education and healthcare. To meet these challenges, several governments worldwide have laid down initiatives to meet shortages in the basic infrastructure and housing sector. Since medium voltage cables are vital component of electricity transmission and distribution, the above mentioned factors are anticipated to significantly boost the growth of the market.

Growth in Renewable Energy Generation

Various governments across the world are prioritizing the generation of renewable energy owing to increasing energy demand and rising environment concerns. For instance, over 250 mayors in the US have pledged to procure 100% renewable energy for their respective cities by 2035. Furthermore, China has an objective to become carbon neutral by 2060, which would further boost the investments in renewable power projects during the forecast period. The Indian government is also targeting to attain 225 GW of renewable energy capacity by 2022, and is planning to generate 500 GW of renewable energy capacity by 2030. The European Union has a target to attain a renewable energy share of 30% in energy consumption by 2030. The African Renewable Energy Initiative has plans to generate at least 300 GW of renewable electricity for Africa by 2030. Such initiatives are resulting in increased investments in new renewable power plants, which is boosting the demand for medium voltage cables.  

Medium Voltage Cable Market: Regional Growth, 2020–2027

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Medium Voltage Cable Market Size, Share and Growth Analysis 2027

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Medium Voltage Cable Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Installation Type (Overhead Cables and Accessories, Underground Cables and Assemblies, and Submarine Cables and Accessories) and End-Users (Oil and Gas, Energy and Power, Mining, Manufacturing, Transportation, Commercial, and Residential)

The report segments the global medium voltage cable market as follows:

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

By Geography

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific (APAC)
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Rest of APAC
• Middle East and Africa (MEA)
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA
• South America (SAM)
  • Brazil
  • Argentina
  • Rest of SAM