$4550
The medium voltage cable market was valued at US$ 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.
Rising need for electricity across the globe is driving the medium voltage cable market. Growth in urban population, particularly in developing economies, has resulted in increased construction activities in commercial, residential, industrial, and infrastructure sectors. Growing urbanization is increasing demand for electricity generation and distribution, which is boosting the deployment of medium voltage cables. Furthermore, rising focus on power generation through renewable energy sources has resulted in the development of new power grids as well as distribution lines, which is also bolstering the growth of the medium voltage cable market. 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 also resulted in 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 medium voltage cable market during the forecast period.
Impact of COVID-19 Pandemic on Medium Voltage Cable Market
The COVID-19 pandemic is adversely affecting several industries such as energy & power, oil & gas, construction, and manufacturing. Though the complete impact of the pandemic is still unidentified, the impact across the electronics and semiconductor value chain will probably be far-reaching—and strongly affecting parties involved with cable manufacturing. The COVID-19 crisis is underlining the possible risks and vulnerability of the present electronics and semiconductor value chain model and challenging the cable industry to consider altering its global supply chain model. Several cable manufacturers were dependent on Chinese suppliers for raw materials; however, the outbreak shifted their focus to alternate suppliers. Copper is one of the primary raw materials used in cable manufacturing, and there was a drop in its prices. However, at the industry level, the demand for cables was impacted significantly. Reduced fixed investment, private consumption, and industrial activity due to the COVID-19 pandemic have slightly lowered the demand for medium voltage cables globally, particularly in Q1 and Q2 of 2020. The containment measures taken by various governments worldwide are hampering the total demand for every component across the world. In addition, the drop in exports and capital investments is restraining the growth of the medium voltage cable market.
Lucrative Regions for Medium Voltage Cable Providers
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Medium Voltage Cable Market Insights
Growth in Renewable Energy Generation Fuels Growth of Medium Voltage Cable Market
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 growth of the medium voltage cables market.
Installation Type-Based Market Insights
There are three systems through which electric power can be distributed or transmitted—submarine power cables, overhead power cables, and underground cables. A power cable system is an assembly of individually insulated electrical conductors, generally held alongside an overall covering. These cables are installed as permanent wirings. Based on installation type, the medium voltage cable market is segmented into overhead cables and accessories, underground cables and accessories, and submarine cables and accessories.
Medium Voltage Cable Market, by End Users – 2019 and 2027
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Medium Voltage Cable Market: Strategic Insights
Market Size Value in US$ 18,694.1 Million in 2019 Market Size Value by US$ 24,591.1 Million by 2027 Growth rate CAGR of 4.7% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Medium Voltage Cable Market: Strategic Insights
| Market Size Value in | US$ 18,694.1 Million in 2019 |
| Market Size Value by | US$ 24,591.1 Million by 2027 |
| Growth rate | CAGR of 4.7% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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The players operating in the medium voltage cable market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
In November 2020, Nexans will play a key role in the UK’s energy transition with a contract worth around €20 million to supply specialized nuclear cables for the Hinkley Point C new nuclear power station. Over a six-year contract, Nexans will design and manufacture a total of 3,000 km of cables developed to ensure safety, reliability, and long life.
In September 2020, Nexans signed a €2.1 million contract with Coptech to deliver 206 km of fire retardant power cables for the new flue gas desulfurization unit at Serbia’s 1,560 megawatt (MW) Nikola Tesla A coal-fired power plant. The project is part of the Serbian government’s pledge to invest €14 billion in boosting the country’s economy, including the development of its power generation sector.
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
Company Profiles
- CLEVELAND CABLE COMPANY
- ALPHA WIRE
- PRYSMIAN GROUP
- NEXANS
- SUMITOMO ELECTRIC INDUSTRIES, LTD.
- GENERAL CABLE TECHNOLOGIES CORPORATION
- FURUKAWA ELECTRIC CO. LTD.
- LS CABLE & SYSTEM LTD.
- LEONI AG
- BRUGG GROUP AG
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Installation Type and End-Users
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
In 2019, APAC led the medium voltage cable market. The oil & gas sector in APAC is likely to witness a rise in mergers and acquisitions in the coming years. The growth in the sector would compel the upstream and downstream activities. The region is also witnessing surge in government investments in the energy & power projects, thus encouraging the proper installation of cables. For instance, Power Transmission and Distribution Efficiency Enhancement Project, Nepal, is anticipated to optimize the reliability and quality of electricity supply in Kathmandu Valley by lowering distribution system overloads, and technical and commercial losses. Besides, mounting power demand in other developing countries in APAC, coupled with the rising investment in the R&D activities, is also likely to boost the medium voltage cable market growth in the region.
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 also resulted in 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.
The overhead cable and accessories is the leading type in the market. Overhead wires are continuously exposed to open atmosphere. Thus, there are many concerns associated with their safety and reliability. Adverse environmental conditions, such as heavy rain, snow, wind, and humidity as well as salt contents in the atmosphere can deteriorate the lifecycle of these cable systems and raise concerns regarding electrical safety. Yet, these cable systems are less expensive as compared to underground cables and are also easy to maintain owing to clear visibility. Further, the cost of installation is less. These advantages of overhead cable systems coupled with other advantages, such as higher lifespan and smaller size of conductors, are boosting their deployment.
The List of Companies - Medium Voltage Cable Market
- Alpha Wire
- BRUGG Group AG
- Cleveland Cable Company
- Furukawa Electric Co. Ltd.
- General Cable Technologies Corporation
- LEONI AG
- LS Cable & System Ltd.
- Nexans
- Prysmian Group
- Sumitomo Electric Industries, Ltd.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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