Global Medium-voltage Cable Market Outlook, 2028

Global Medium-voltage Cable Market Outlook, 2028

The main drivers behind the market expansion for medium-voltage cables have been rapid industrialization and urbanisation. In developing nations, industrialization and urbanisation have accelerated at a considerably faster rate. This has raised the need for power generation, transmission, and distribution and is anticipated to increase the need for medium-voltage cables. This aspect is probably going to accelerate the market expansion for medium-voltage cables. The idea of generating power from renewable sources is gaining popularity quickly. It lessens the threat of climate change and improves the safety and quality of the air. Through the use of various technologies, investments in the electrical infrastructure, and wise policy choices, a significant number of nations worldwide are expanding their potential to produce renewable energy. Furthermore, governments all over the world are moving towards clean energy sources due to the growing issues with global warming, carbon emissions, and pollution. Governments all throughout the world are putting these environmental challenges into action. Governments all over the world are taking a variety of actions to encourage energy production projects that do not release CO2 into the environment. The global need for medium-voltage cable is being further fueled by the use of renewable energy. Energy is required for both small houses and massive industrial complexes to function properly on a regular basis. Electricity is commonly transported inside and outside of buildings using various types of cable assemblies. The bulk of medium-voltage cables, which are composed of a range of materials, including copper and aluminium, are used in distribution networks. The great efficiency and safety of power distribution in a number of application verticals are significantly aided by these components. Both wealthy and developing countries have seen large increases in energy consumption over time, which has been good for the global economy.

According to the research report, Global Medium Voltage Cable Market Outlook, 2028, published by Bonafide Research the market is expected to reach USD more than 61 Billion by 2028 with a significant CAGR of 7.10 % from USD 40.80 Billion in 2022. Energy is required for both small houses and massive industrial complexes to function properly on a regular basis. Electricity is commonly transported inside and outside of buildings using various types of cable assemblies. The bulk of medium-voltage cables, which are composed of a range of materials, including copper and aluminium, are used in distribution networks. The great efficiency and safety of power distribution in a number of application verticals are significantly aided by these components. Both wealthy and developing countries have seen large increases in energy consumption over time, which has been good for the global economy. Furthermore, the need for medium-voltage cables has increased as a result of the integration of smart grid technologies such as advanced metering infrastructure (AMI), distribution automation, and grid monitoring systems. Within smart grid networks, these cables are used for data transfer, communication, and power distribution. The use of high-voltage direct current (HVDC) technology for integrating renewable energy installations and long-distance power transmission is growing. Medium-voltage cables are needed for HVDC systems' DC transmission infrastructure, which raises the price of these cables. The market for medium-voltage cables is changing due to the incorporation of digital technologies like IoT (Internet of Things) sensors and data analytics. In order to optimise cable performance, decrease downtime, and increase overall system efficiency, real-time monitoring and predictive maintenance technologies are being introduced. In order to transmit power from offshore turbines to onshore networks, medium-voltage cables must be installed in the various regions where offshore wind farms are being established. The demand for medium-voltage cables is boosted by rising investments in offshore wind energy.

The Asia Pacific region contributes the most medium voltage cables and is expected to be the fastest expanding market throughout the forecast period. Significant industrialization has occurred in the region, with countries such as China, India, and Southeast Asian states seeing tremendous economic expansion. This industrialization results in the construction of manufacturing plants, commercial buildings, and infrastructure projects, all of which necessitate the use of medium-voltage cables for electricity transmission. Many Asian countries have been aggressively investing in renewable energy sources such as solar, wind, and hydropower. These clean energy initiatives necessitate the use of medium voltage cables to connect renewable energy generation sites to the grid or distribution networks. Transportation systems, such as railways, metros, and high-speed rail networks, have expanded and modernised significantly across the Asia-Pacific area. These projects will necessitate the use of medium voltage cables to power transportation infrastructure such as train stations, signalling systems, and electrified tracks. Smart grid technology usage is gaining traction i- the Asia-Pacific area. To support communication, data transfer, and power distribution inside the grid infrastructure, smart grids require improved medium-voltage cables.

Based on installation type, the market is segmented into overhead, underground and submarine. Underground installation is holding the highest market share of the medium voltage cable market globally. As cities become more densely populated, there is less room for overhead electrical lines. Underground installation of medium-voltage cables provides a way to overcome space constraints, particularly in urban areas where land is precious and rare. Furthermore, underground medium-voltage cables are less vulnerable to disturbances induced by inclement weather, such as strong winds, ice, or lightning. They are also less vulnerable to damage from fallen trees, wildlife, or unintentional touch, leading in a more dependable power source. This dependability is especially important in vital infrastructure areas like hospitals, data centres, and transportation networks. While underground medium-voltage cable installation often requires a larger initial investment and installation expenses than overhead lines, it delivers long-term cost savings. Underground cables require less maintenance, last longer, and have fewer outages, resulting in lower operational and repair costs over time. During the projection period, the submarine segment is expected to see increased demand. Because of the increase in offshore wind installations and the resulting demand for undersea cables, developing countries are projected to follow this trend.

Recent Developments:
• Prysmian Group announced in February 2023 that it had signed a contract with a leading global energy company to supply medium voltage cables for a new offshore wind farm in Europe. The contract is worth over €100 million and is expected to be completed in 2024.
• Nexans announced in January 2023 that it had opened a new manufacturing facility for medium voltage cables in China. The facility is expected to have an annual production capacity of 100,000 kilometers of cable and will create over 1,000 jobs.
• General Cable announced in December 2022 that it had acquired a leading manufacturer of medium voltage cables in India. The acquisition is expected to strengthen General Cable's position in the Indian market and expand its global reach.
• NKT announced in November 2022 that it had developed a new type of medium voltage cable that is more resistant to fire and heat. The new cable is expected to be used in a variety of applications, including offshore wind farms, data centers, and industrial plants.
• Furukawa Electric announced in October 2022 that it had developed a new type of medium voltage cable that is more efficient and easier to install. The new cable is expected to save energy and reduce installation costs.

Companies mentioned in the report:
Nexans S.A, Prysmian S.p.A, Elsewedy Electric Co S.A.E. , Amphenol Corporation , Leoni AG, Fujikura Ltd., Hengtong Group, ABB Ltd., Sumitomo Electric Industries, Ltd., TPC Wire & Cable Corp., KEI Industries Ltd., Tele-Fonika Kable Spółka Akcyjna, LS Cable & System Ltd., NKT A/S, Riyadh Cables Group, Southwire Company, LLC, Polycab India Limited, Caledonian Cables Ltd, Belden Incorporated, Te Connectivity.

Considered in this report
• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Global Medium Voltage Cable market with its value and forecast along with its segments
• Region-wise Medium Voltage Cable market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions & Countries covered in the report:
• North America (United States, Canada, Mexico)
• Europe (Germany, United Kingdom, France, Spain, Italy, Russia)
• Asia-Pacific (China, Japan, India, Australia, South Korea)
• South America (Brazil, Argentina, Colombia)
• Middle East & Africa (UAE, Saudi Arabia, South Africa)

By Installation Type:
• Overhead
• Underground
• Submarine

By End-User:
• Power Infrastructure (Energy, Power Transmission and Distribution)
• IT & Telecommunication
• Building & Construction (Commercial and Residential)
• Aerospace & Defence
• Consumer Electronics
• Automotive (Passenger, Commercial and Utility Vehicles)
• Others (Oil & Gas Industry, Industrial Machinery and Manufacturing, Medical Equipment, Logistics, etc.)

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Medium Voltage Cable industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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