Medium Voltage Cable Market Growth-2030
The global medium voltage cable market size was valued at $28.5 billion in 2020, and is projected to reach $49.1 billion by 2030, growing at a CAGR of 5.6% from 2020 to 2030. Medium Voltage cable, or MV cable, is a category defined by the International Electrotechnical Commission (IEC) as having a voltage rating of above 1kV up to 100kV. Medium Voltage Cable is a power cable most often used in commercial, industrial, and electrical utility industries. The standard voltage rating for MV (medium voltage) cable falls between 5 kV and 35 kV; however this range can vary for different manufacturers and standards. Medium Voltage cables are mostly used for power supply in inclement weather, primary power supply from mobile substation in natural disaster or unpredictable power outages, power supply for construction of substation, power distribution to isolated areas & applications ranging from 5kv up to 35kv that are used in substations, transformers, and medium voltage generator sets.
Rapid industrialization and urbanization have been the key driving factors that sustain the growth of the medium voltage cables market. Industrialization and urbanization have increased at a much faster pace in the developing economies, which requires power generation, transmission, and distribution, and thus is expected to boost the requirement of medium voltage cables. This factor is likely to increase the growth of medium voltage cables industry.
Innovations in the design of medium voltage cables have positively impacted the medium voltage cables market. Several players have taken steps and introduced improvements. Prysmian, a leading player in the cables market, introduced P-laser, which has high-performance insulating system technology (HPTE) that can replace the commonly used medium voltage cross-linked polyethylene insulated XLPE cables. These technological advancements may act as the restraining factor for the market.
The medium voltage cable market is segmented on the basis of voltage, product, installation, end-user, and region. By product, the market is categorized into Up to 25kV, 26kV-50kV, 51kV-75kV and 76kV-100kV. On the basis of installation, it is divided into underground, submarine and overhead. On the basis of end-user, it is classified into Industrial, commercial, and utility. Region wise, it analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global medium voltage cable industry analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include Brugg Cables, Eland Cables Ltd., Hellenic Cable Industry S.A., Leoni, Nexans, NKT Cables, Prysmian SpA, Southwire, Sumitomo Electric Industries, and TPC Wire & Cable Corporation.
By Voltage
26Kv-50Kv segment is projected as the most lucrative segment.
Global Medium Voltage Cable Market, by Voltage
By Voltage, the 26kV-50kV segment dominated the global medium voltage cable market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to its compatible nature and easy availability. In addition, it is highly used in substations, transformers, and medium voltage generator sets.
By Product
Termination Cables is projected as the most lucrative segment.
Global Medium Voltage Cable Market, By Product
By product, the termination cable segment dominated the global medium voltage cable market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed due rise in telecom, datacom, and fiber optic industries.
By Installation
Underground is projected as the most lucrative segment.
Global Medium Voltage Cable Market, by Installation
By installation, the underground segment dominated the global medium voltage cable market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to rise in urbanization and industrialization.
By End-user
Industrial is projected as the most lucrative segment.
Global Medium Voltage Cable Market, by End User
By end user, the industrial segment dominated the global medium voltage cable market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to rise in telecom, electric vehicle, and other industries. In addition, electric charger requires medium voltage cables, which tend to act as the major driving factor for the growth of the market.
By Region
Asia-Pacific holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
Global Medium Voltage Cable Market, by Region
By region, Asia Pacific dominated the global medium voltage cable market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to high population and rapid urbanization in developing countries.
Key Benefits For Stakeholders
- The report provides an in-depth analysis of the global medium voltage cable market trends along with the current and future market forecast.
- This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period.
- Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the global medium voltage cable market for strategy building.
- A comprehensive global medium voltage cable market analysis covers factors that drive and restrain the market growth.
- The qualitative data in this report aims on market dynamics, trends, and developments.
Impact Of Covid-19 On The Global Medium Voltage Cable Market
- Sale of medium voltage cable is directly proportional to sales of mobiles, tablets and other gadgets. Global companies such as Philips, Panasonic, Sony, Canon, Nikon, Casio, Pioneer and others, has a significant share in the manufacturing of mobiles, camera, smart watches and others. The gadget (mobile, tablets, except laptop) industry has been negatively impacted amid the lockdown imposed due to the COVID-19 outbreak and recorded a huge decline in sale of mobiles & tablets in 2020, which also led to decline in sale of medium voltage cable.
- The spread of the coronavirus had a severe impact on global economy through declines in exports, output, demand from overseas tourists and private use. The major exporter of electronic items and decrease in demand for electronics led to decline in demand for medium voltage cable and shows a huge decline in the market.
- Electric cars charging system is the major market for medium voltage cable market, but due to the heavy cost of electric cars, the sales of electric car were decline in covid-19 situation, which also led to decline the sales of medium voltage cable market.
- COVID-19 impacted almost all industries by hindering various industrial operations and disrupting the supply chain. Maximum companies halted their operation due to fewer workforces. However, there is a sluggish decline in the global medium voltage cable market due to impact of COVID-19.
- The electronic industry acquired a significant share in terms of consumption of medium voltage cable in global. Attributed to the outbreak of COVID-19 pandemic, the demand for electronic item such as laptops has increased due to increase in work from home culture, which in turn increases the demand for medium voltage cable also.
- Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using medium voltage cable and thereby affecting the global medium voltage cable market.
- According to the UNIDO, 30.0%–70.0% of pre-COVID-19 workforce of various industries, such as electrical and other third-party vendors migrated to their hometowns, due to uncertainties and loss of income during the lockdown. This unavailability or less availability of workforce is expected to directly affect the production and manufacturing activities, thereby resulting in decline in demand for raw materials used in medium voltage cable. This is expected to decline the growth of the market during the forecast period.
- The automotive production garners a major share in terms of usage of medium voltage cable. The automotive industry has been negatively impacted amid the lockdown imposed due to the COVID-19 outbreak and recorded decline in vehicles on road (passenger & commercial) in 2020. This has further declined the medium voltage cable demand due to disrupted supply chain, which, in turn, hampered the global market.
- After the reopening of lockdown, people are avoiding use of public transport, and a significant share of people purchased their own car to travel, which led to increase in demand for car and car battery terminal wiring also plays a wide role in medium voltage cable market. However, after lockdown it shows positive impact on sales on medium voltage cable.
Medium Voltage Cable Market Report Highlights
| Aspects | Details |
 By Voltage |
|
 By Product |
|
 By Installation |
|
 By End User |
|
 By Region |
|
Analyst Review
The global medium voltage cable market has registered a dynamic growth over the past few years, owing to drastic growth in substations and transformers. In addition, huge investment plans of governments of every nation with respect to urbanization have boosted the demand for transformers, which in turn fosters the demand for medium voltage cable market across the globe. Medium Voltage cable, or MV cable, is a category defined by the International Electrotechnical Commission (IEC) as having a voltage rating of above 1kV up to 100kV. Medium Voltage cable has variety of applications in power circuits in open air, conduit, or duct - a variety of constructions. Furthermore, types of medium voltage cables are available based on industrial application needs from chemical plants, refineries, steel mills, and industrial plants to commercial buildings, utility substations, and generating stations. Moreover, constructions such as substations, rail networks, and industrial parks require an efficient and reliable source of power. Medium voltage (MV) cables are manufactured to support construction at this level, with the use of standards of electrical equipment. The insulation in MV cables varies from paper to EPR, PVC, and XLPE. The core can be used with solid or stranded copper or aluminum in both singles and triplex, and cables can be armored or unarmored.
Industrialisation & urbanization, digitalisation and rising demand of electricity are the major driving factors for the Global Medium voltage cables Market. In addition, rapid expansion of 5G network and adoption of optical fibre may create ample of opportunities for the medium voltage cables Market.
Agreement, business expansion and product launch are the key growth strategy of Global Medium voltage cables Market players.
The report sample for global medium voltage cables Market report can be obtained on demand from the website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.
Asia-Pacific will provide more business opportunities for Global Medium voltage cables in future
Brugg Cables, Eland Cables Ltd., Hellenic Cable Industry S.A., Leoni, Nexans, NKT Cables, Prysmian SpA, Southwire, Sumitomo Electric Industries and TPC Wire and Cable Corporation are the leading market players active in the medium voltage cables Market.
The top ten market players are selected based on two key attributes - competitive strength and market positioning.
Underground segment holds the maximum share of the Global Medium voltage cables Market
Mobile substation, transformers, medium voltage generator and mining industry are the major customers of global medium voltage cables market.
Industrialization and urbanization, rising digitalisation and increasing demand of transformers are expected to drive the adoption of medium voltage cables
Technological evolution of medium voltage cables, increasing demand of mobile substation and rise in demand of optical fibre are the current trend expected to influence the Global Medium voltage cables Market in the next few years.
Loading Table Of Content...
