A report on the global medium voltage cables market 2020 has hit stands after a sudden strike of novel coronavirus globally. This study by Market Research Future is based on different aspects of growth rate, revenue, leading players, regions, and forecast. The study reveals that the overall market would inflate rapidly at a pace of 6%, which is growth rate post the pandemic owing to the invention of the new dynamism, which is making rapid progress in the market’s growth, mainly from the years 2017-2023.
Global Medium Voltage Cables Market – Notable Developments
The global Medium Voltage Cables Market expects to achieve massive growth after the long term impact of the COVID 19 outbreak. The medium voltage cables market expansion is predominantly attributable to the mounting electricity demand around the world. The rising demand in diverse countries owing to the increasing population and urbanization in recent years is likely to create extensive growth opportunities for the medium voltage cables market in the coming years.
Technological advancements in grid infrastructures have obligated energy providers to change the transmission outlook in the developing countries. Also, intensifying penetration of renewables such as wind and solar energy, require setting up of new grids with new distribution networks. Thus, these factors have been working in favor of the global medium voltage cables market’s growth in the time of the COVID-19 crisis.
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MRFR, in its study, also reveals that the rising necessity to curb carbon emissions will fling countries to glance for other alternatives for power generation. Deployment of renewable has, therefore, surged in recent years and has resulted in installations of renewable to rise at an exponential rate. This has resulted in setting up of new grids, and new distribution along with power lines are being set up at a rapid pace. These have helped the market to bring in new opportunities for future timeframe.
The study further reveals that in the coming years with countries having a plan to curb carbon emissions will undoubtedly augment their renewable installations, which will be boosting the medium voltage cables market revenue at the same time at a high pace.
The global market is highly split with the incidence of numerous players such as Nexans S.A. (France), ABB Ltd. (Switzerland), NKT Cables Group A/S (Denmark), Sumitomo Electric Industries, Ltd. (Japan), Kabelwerke Brugg AG (Switzerland), Southwire Company, LLC (U.S) LS Cable & System Ltd. (South Korea) and EL Sewedy Electric Company (Egypt).
MRFR’s report offers a comprehensive evaluation of the global medium voltage cables market with the help of segmental analysis. The segments covered are installation, voltage rating, and end-user.
- By Installation Analysis:The market has included overhead, underground, and submarine.
- By Voltage Rating Analysis:The market has included 1-25 kV, 26-20 kV, 51-75 kV, and 76-100 kV.
- By End-User Analysis: The market has included utilities, industries, and commercial.
Geographically, the global medium voltage cables market is analyzed among five major regions, such as Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa.
Among these, currently, North America holds a small market share in the medium voltage cables market. With the escalating utilization of renewable and up gradation of technology for grid infrastructure, the demand for medium voltage cables is likely to expand in the North America region. In the U.S., underground cables seize a little incidence owing to the high installation cost. But with their mounting penetration, the market share of underground cables is probable to ascend at a slow rate over the assessment period.
The Asia Pacific is the top region owing to the highest power consumption and the incidence of a massive population. The major countries are India, China, Japan, South Korea, and Australia. Among these, China is the global leader in power consumption, acquires the ceiling share in the market. Urbanization taking place in the region and mounting share of renewables such as wind and solar have acted as a catalyst for the rising utility grids being constructed in the region.
Europe positions itself as the second-largest market for medium voltage cables as it is the maximum consumer of energy from renewable. The region has witnessed the maximum penetration of new smart grids and underground cabling around the globe. Green energy targets set up to achieve by the years 2020, 2024,2030, and 2040. This has compelled countries to have more and greener energy, and therefore, more and more voltage lines are being lined up in the region to ensure energy transmission and distribution. This factor will generate rewarding business opportunities for the market in the coming years. The foremost countries contributing to the medium voltage cables market are Spain, Italy, Germany, UK, Russia, France, Ukraine, and Poland.
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