Global Medium Voltage Cables Market research
It’s reported that global Medium Voltage Cables Market is expected to garner $54.2 billion by 2022, registering a CAGR of 6.5% during the forecast period 2016-2022. Medium voltage cable is a necessary component for power transmission and distribution in the voltage range of 1000 V to 35 kV. It is used across power, oil & gas, mining, chemicals (industrial), renewables, and infrastructure sector. Asia-Pacific is the largest contributor of medium voltage cables and it is anticipated to be the fastest growing market during the forecast period. Overhead lines show greater penetration in developing economies, such as Asia-Pacific and LAMEA, owing to lower costs. Underground cables have increased adoption in developed economies such as Europe.
Rapid industrialization and urbanization has been the key driving factor sustaining the growth of the medium voltage cables market. Industrialization and urbanization has been increasing at a much faster pace in the developing economies, resulting in more requirement for 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 has 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 ensure the attractiveness of this market and is expected to drive further innovations and the growth of medium voltage cables market.
Global Medium Voltage Cables Market classification
By End User Industries
Oil & Gas
Mining & Metals
Chemicals & Petrochemicals
Cement & manufacturing
Others (Paper & Pulp, Wastewater Treatment, & Pharmaceutical)
Among these, overhead accounts for the largest market size by value due to its increased usage in developing economies such as Asia-Pacific and LAMEA, on account of lower costs and easier maintenance. Underground cable installation is more prevalent in developed economies, such as Europe, owing to the high population density. In Asia-Pacific and LAMEA, high urbanization rate is estimated to accelerate the growth of underground cables on account of limited space availability for new and existing substations. The submarine segment is expected to witness robust growth rates during the forecast period. Submarine medium voltage cables are being increasingly used in Europe on account of the largest offshore wind-installed capacity. Asia-Pacific follows Europe in terms of the net offshore wind capacity addition, thus driving the requirement of submarine cables. In North America, offshore wind capacity addition is expected to increase in the coming years due to the vast wind energy potential available on the U.S. Coasts.