The global medium voltage cables market size is likely to reach USD 56.39 billion by 2026, exhibiting a CAGR of 6.9% during the forecast period. The rising technological advancement in grid infrastructures will impel energy providers to increase energy production by deploying distribution lines, which in turn will bolster healthy growth of the market in the forthcoming years. For instance, in 2002, there was a construction of the Cross-Sound Cable, which consisted of a pair of high-voltage DC transmission lines through Long Island sound that connects the electricity grids of New York and New England. Furthermore, the focus of countries towards the expansion of grid systems for maximum power supply will uplift the medium voltage cables market share in the forthcoming years. For instance, in 2015, the development of 2,383 kilometre-long ultra-high-voltage transmission line connecting Jiuquan city, in northwest China’s Gansu Province with central China’s Hunan Province. Deng Qinghong, deputy director of the construction department of State Grid Hunan Electric Power Company, said in a statement, “This ultra-high-voltage transmission line can transfer 40 billion kilowatt-hours of power to Hunan each year, meeting one-fourth of the total power demand in the province. This power can also benefit other central China provinces through the central China power grid.”
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List of the Major Companies Operating in Medium Voltage Cables Market Include:
- Prysmian Group
- General Cable
- Furukawa Electric Co., Ltd.
- Dubai Cable Company – Ducab
- Jiangnan Group Limited
- Schneider Electric
- Universal Cables Ltd
- Brugg Cables
- Riyadh Cables Group Company
- Synergy Cables
High Utilization of Renewables to Propel Market in North America
The market in North America is expected to rise significantly during the forecast period owing to the surge in renewable energy and exploration activities. The market in Asia Pacific stood at USD 11.89 billion in 2018 and is likely to dominate during the forecast period. The growth in the region is attributable to the rising inclination towards renewables such as wind and solar in countries such as China, India, Japan, South Korea, and Australia. Europe is predicted to witness high demand during the forecast period owing to the Green energy targets in the region.
Asia Pacific to Show Significant Growth on Account of High Demand of Equal Power Distribution in Developing Nations
Geographically, the global medium voltage cables market is anticipated to generate large revenue from North America. This is owing to the high investments for the development of infrastructure for renewable power generation such as wind, solar, and others. On the other hand, the governments in Europe region are emphasizing on underground power cable establishment for protection from power outrage in extreme cases of storm or snowfall. This will bode well for the medium voltage cables market revenue in Europe.
Furthermore, Asia Pacific is likely to show significant growth during the forecast period on account of high demand for medium voltage cables to suffice to the needs of inadequate distribution and transmission network for electricity. Countries such as China, Indonesia, and India are the primarily attracting more medium voltage cables market revenue due to the factor listed above, thus helping Asia Pacific emerge as the region with the fastest-growing potential in future.
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