New York, Oct. 21, 2022 (GLOBE NEWSWIRE) -- According to The Insight Partners, “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 global medium voltage cable market size is fueled by rapid urbanization and industrialization, discovery of new oil & gas reserves and advancements in cable technology.
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Global Medium Voltage Cable Market Study, Size, Share, Segmentations and Regional Scope:
| Market Size Value in | USD 18.69 Billion in 2019 |
| Market Size Value by | USD 24.59 Billion by 2027 |
| Growth rate | CAGR of 4.7% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
| No. of Pages | 158 |
| No. of Tables | 56 |
| No. of Charts & Figures | 78 |
| Historical data available | Yes |
| Segments covered | Installation Type and End-Users |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Medium Voltage Cable Market: Competitive Landscape
The global medium voltage cable market is highly fragmented with presence of several well-recognized global players as well as local manufacturers. These players are focused on development of new composite materials to enhance the efficiency of their cables for expanding the integration potential. Some of the key players operating in the medium voltage cable market include Cleveland Cable Company, Alpha Wire, Prysmian S.P.A., Nexans S.A., Sumitomo Electric Industries, General Cable Corporation, Furukawa Electric Co. Ltd., LS Cable and System, Ltd., Leoni AG and Brugg Group AG among others.
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A few of the recent discoveries include the discovery of two oil & gas fields by Saudi Aramco in the northern parts of Saudi Arabia in August 2020. In September 2020, Equinor announced the discovery of new oil & gas fields at the Swisher prospect. The company also announced the discovery of two oil fields in the Flemish Pass basin offshore Newfoundland. Furthermore, in October 2020, Total and its partners announced to evaluate several development options for commercializing a new gas and condensate discovery in South Africa. Gazprom announced the discovery of a new gas deposit—Yamal shelf. Through October 2020, over 70 new oil & gas discoveries were announced. Such discoveries of new offshore oil & gas reserves are expected to boost the construction of new plants and electricity requirements for new offshore plants, thereby boosting the medium voltage cable market.
Rising need for electricity across the globe is expected to drive the global 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. This, in turn, is directly creating more 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 further resulted in development of new power grids as well as distribution lines. This, in turn, is bolstering the growth of the medium voltage cable market.
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Geographically, APAC is one of the key markets for medium voltage cables. Economic modernization, rising urbanization, and expanding manufacturing industry have created the demand for medium voltage cables among various end users, including energy & power, industrial, commercial, infrastructural, and residential. Furthermore, several countries in the region still lack basic electricity infrastructure. Hence, governments are taking initiatives by investing significantly in the development of transmission line network. Also, in China, the government is heavily investing in the development of renewable power, which is another key factor driving the demand for medium voltage cables.
Key Findings of Study:
- With growing popularity and applicability of underground cable systems, noteworthy technological advancements have been introduced to overcome the various limitations of these cables. Most of these innovations are focused on advancements of insulation and voltage grade. The progress in the area of material science has helped in the development of better-quality polymers capable of achieving required mechanical and electrical properties of the cable.
- Geographically, APAC is one of the key markets for medium voltage cables. Economic modernization, rising urbanization, and expanding manufacturing industry have created the demand for medium voltage cables among various end users, such as energy & power, industrial, commercial, infrastructural, and residential. Furthermore, several countries in the region still lack basic electricity infrastructure. Hence, governments are taking initiatives by investing significantly in the development of transmission line network. The government in China is heavily investing in the development of renewable power, which is another key factor driving the demand for medium voltage cables.
- The rise in energy demand associated with urbanization, economic modernization, and better living standards across the globe has resulted in the growth of sustainable power systems, which, in turn, increased the need for medium voltage cables across the world.
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According to Rystad Energy, in 2019, 12.2 billion barrels of oil equivalent were discovered across the globe. In 2019, the total recorded discoveries with over 100 million barrels of oil equivalent accounted for 26, with offshore regions leading the new oil & gas deposits. A few of the recent discoveries include the discovery of two oil & gas fields by Saudi Aramco in the northern parts of Saudi Arabia in August 2020. In September 2020, Equinor announced the discovery of new oil & gas fields at the Swisher prospect. The company also announced the discovery of two oil fields in the Flemish Pass basin offshore Newfoundland. Furthermore, in October 2020, Total and its partners announced to evaluate several development options for commercializing a new gas and condensate discovery in South Africa. Gazprom announced the discovery of a new gas deposit—Yamal shelf. Through October 2020, over 70 new oil & gas discoveries were announced. Such discoveries of new offshore oil & gas reserves are expected to boost the construction of new plants and electricity requirements for new offshore plants, thereby boosting the medium voltage cable market.
The global medium voltage cable market is segmented on the basis of installation type and end user. Based on installation type, the market is segmented into underground cable and accessories, overhead cable and accessories, and submarine cables and accessories. The market for overhead cable and accessories segment is expected to witness the highest growth during the forecast period. The overhead cables are less expensive, easy to deploy, and require less maintenance. Thus, their deployment in developing countries is high, wherein cost is a major factor for contractors is predominant. The market growth for submarine segment is propelled by the rising deployment of submarine cables in off-shore projects worldwide. By end-use, energy and power segment holds the largest market share owing to rising investments in electricity distribution and development of smart grids as well as renewable energy plants.
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The discoveries of new oil & gas reserves have been witnessing exponential growth worldwide. According to Rystad Energy, in 2019, 12.2 billion barrels of oil equivalent were discovered across the globe. In 2019, the total recorded discoveries with over 100 million barrels of oil equivalent accounted for 26, with offshore regions leading the new oil & gas deposits. A few of the recent discoveries include the discovery of two oil & gas fields by Saudi Aramco in the northern parts of Saudi Arabia in August 2020. In September 2020, Equinor announced the discovery of new oil & gas fields at the Swisher prospect. The company also announced the discovery of two oil fields in the Flemish Pass basin offshore Newfoundland. Furthermore, in October 2020, Total and its partners announced to evaluate several development options for commercializing a new gas and condensate discovery in South Africa. Gazprom announced the discovery of a new gas deposit—Yamal shelf. Through October 2020, over 70 new oil & gas discoveries were announced. Such discoveries of new offshore oil & gas reserves are expected to boost the construction of new plants and electricity requirements for new offshore plants, thereby boosting the medium voltage cable market.
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