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According to The Insight Partners’ research, the 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 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. The report highlights the key factors driving the market growth and prominent players with their developments in the market.

Rapid growth in industrialization, particularly in the developing economies, has created an ever increasing need for energy generation, transmission, and distribution, which is significantly propelling the demand for medium voltage cables. Further, industrialization has resulted in growth of urbanization in these countries as it created economic growth as well as job opportunities, which is driving people to relocate to cities.

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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 resulted in an 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.

Growth in Renewable Energy Generation

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 demand for medium voltage cables.

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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.

The List of Companies – Medium Voltage Cable Market

LS Cable & System Ltd.

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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