Global Medium Voltage Cables Market is predicted to grow at more than 6% by 2023
A medium-voltage cable is a cable with a voltage rating of above 1kV up to 100 kV. The growing areas of application of the medium voltage cables, is due to its low cost, high operational efficiency, improved system stability, proper load distribution between circuits, easy and quick installation and convenient virtual deployment of medium voltage cables, anywhere in the power network. The Global Medium Voltage Cables Market is driven by the increasing need for reliable electric supply & subsequent investment in transmission & distribution network, grid expansion, and developing safe electrical infrastructure.
Medium-voltage cables are widely accepted across the world in the industrial & commercial sectors as a reliable & safe method to supply electricity. Medium-voltage cables increases transmission capacity, improves system stability, controls voltage regulation and ensures proper load division among supply lines. The constant need for electricity and the worldwide growth in grid infrastructure, will aid in the growth of global medium voltage cables market over the forecast period. However, fluctuating material costs may restrain the global medium voltage cables market.
Growing electricity demand coupled with growing concern for safe transmission & distribution of electricity and the increasing grid infrastructure, will boost the global medium voltage cables market size over the forecast timeline. The global medium voltage cables market has witnessed a noteworthy growth due to growing electricity demand worldwide, mainly from Asia-Pacific region such as China and India, where rapid industrialization and urbanization have boosted the demand for medium voltage cables in commercial, industrial and utilities sector.
The key players of the global medium voltage cables market are General Cable Corporation (U.S), Nexans S.A. (France), NKT Cables Group A/S (Denmark), ABB Ltd. (Switzerland), Prysmian S.P.A. (Italy), Sumitomo Electric Industries, Ltd. (Japan), Southwire Company, LLC (U.S) Kabelwerke Brugg AG (Switzerland), Hebei New Baofeng Wire & Cable Co., Ltd. (China), LS Cable & System Ltd. (South Korea) and EL Sewedy Electric Company (Egypt).
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Asia-Pacific region is expected to dominate the market
The medium voltage cables market in the Asia-Pacific region currently holds a large share of the total volume of medium voltage cables and is expected to dominate the market during forecast period, whereas, North America holds the largest share of the global medium voltage cables market. Rapid urbanization & industrialization in countries such as China, India, Indonesia and Australia demand continuous electricity supply for operation of industries, data centers, emergency services, and commercial & household purposes. This is creating a lucrative market for medium voltage cables in this region. Ageing conventional transmission & distribution network in the region, often hinder the supply for continuous power.
Utilities segment is expected to dominate the global medium voltage cables market
The utilities segment holds the largest share of medium voltage cables market, currently and is expected to retain that in the forecast period. Utilities use medium voltage cables for primary supply of electricity to all major and small equipment. The increasing electricity usage across the world, would result in an increase in the number of substations, which would raise the demand for medium voltage cables. Thus, it has been forecast that the utilities segment is expected to dominate the global medium voltage cables market.
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Table of content
1… Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.2 Research Objective
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3… Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
4… Global Medium Voltage Cables Market, By Installation
5… Global Medium Voltage Cables Market, By Voltage Rating
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