PUBLISHER: The Business Research Company | PRODUCT CODE: 1436478
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436478
Medium voltage cables are electrical cables with a voltage rating between 1000V and 30KV, typically made of aluminum or copper conductors and used in various applications such as mobile substations, industrial power distribution, and transportation systems.
Medium voltage cables consist of termination cables, joints, Cross-Linked Polyethylene (XLPE) cables, and other products. Termination cables connect fibers or wires to devices such as panels or equipment. These cables have voltages up to 25kv, 26kv-50kv, 51kv-75kv, and 76kv-100kv, and can be installed underground, underwater, or overhead in industrial, commercial, and utility applications. Users of medium voltage cables include industries such as oil and gas, energy and power, mining, manufacturing, transportation, as well as commercial and residential sectors.
The medium voltage cable market research report is one of a series of new reports from The Business Research Company that provides medium voltage cable market statistics, including medium voltage cable industry global market size, regional shares, competitors with a medium voltage cable market share, detailed medium voltage cable market segments, market trends and opportunities, and any further data you may need to thrive in the medium voltage cable industry. This medium voltage cable market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The medium voltage cable market size has grown strongly in recent years. It will grow from $31.86 billion in 2023 to $34.03 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth during the historical period can be attributed to the impact of industrialization, the increasing demand for energy, urbanization and infrastructure development, the adoption of renewable energy sources, and the replacement of aging infrastructure.
The medium voltage cable market size is expected to see strong growth in the next few years. It will grow to $43.93 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The anticipated growth in the forecast period is influenced by various factors: the dynamics within supply chains, evolving energy efficiency regulations, government investments in the energy sector, the increasing adoption of electric vehicles, and prevailing urbanization trends. Key trends expected during this period encompass the establishment of safety and environmental standards, the focus on resilience and reliability requirements in energy systems, the development of electric vehicle charging infrastructure, the integration of digitalization in the energy sector, and the formulation of policies facilitating the transition towards cleaner energy sources.
Increasing electricity demand has been a driving force behind the growth of the medium voltage cable market in recent years. Medium-voltage cables play a crucial role in supplying electrical energy to specific regions within a power grid. The surge in demand for electronic devices such as laptops and desktops during the pandemic, due to the widespread adoption of remote work, has further contributed to the increased need for medium-voltage cables. According to the India Brand Equity Foundation (IBEF), an Indian Government export promotion agency, power consumption in India grew by 12.6% to 25.36 billion units in June 2021, driven by rising electricity demand. Additionally, the International Energy Agency (IEA), a Paris-based autonomous intergovernmental organization, forecasts that power demand in India will continue to grow at an annual rate of 6.5% between 2022 and 2024, fueled by increased consumption in residential and industrial sectors. Consequently, the growing demand for electricity has been a key factor propelling the growth of the medium voltage cable market during this period.
The growing adoption of electric vehicles (EVs) is expected to drive the expansion of the medium voltage cable market in the years ahead. EVs are vehicles that operate on electricity obtained from batteries or supplied from external power sources. Medium voltage cables are used in EVs for efficient power distribution, reducing energy losses during charging processes, and supporting higher charging capacities. For example, in July 2023, the Electric Vehicle Council, a national trade association for the electric car sector based in Australia, reported that by the end of June 2023, 46,624 EVs had been sold in Australia, marking a 269% increase compared to the same period in 2022. Therefore, the increasing adoption of electric vehicles is a key driver of the medium voltage cable market.
Technological advancements are significantly influencing the medium voltage cable market. Companies within this sector are directing their efforts toward creating environmentally friendly products. Take, for example, Philatron, a US-based custom cable and wire manufacturer, whose latest offering, the Philatron-EF Environmental Friendly Power Cables, stands out. These cables are crafted using a unique proprietary blend of recyclable thermoplastics, surpassing the performance of TR-XLPE (tree-retardant cross-linked polyethylene) and EPR (ethylene propylene rubber). Notably, they boast a higher dielectric strength value, are free from toxic elements, and are excellently suited for recyclability purposes.
Major players in the medium voltage cable market are embracing a strategic partnership approach concerning framework agreements for medium voltage cables. This approach involves companies leveraging each other's strengths and resources to achieve mutual benefits and success. For instance, in June 2023, Prysmian Group S.p.A., an Italy-based manufacturer specializing in electrical cables for the energy and telecommunications sectors, along with optical fiber production, announced a partnership with National Grid PLC, a UK-based utility company for electricity and gas. The collaboration aims to modernize the UK's power grid, enabling it to accommodate increased power distribution in the future, crucial for the ongoing energy transition. Prysmian's manufacturing facility in Wrexham, North Wales, will predominantly supply medium voltage cables to aid National Grid in expanding and modernizing its network to meet rising demands.
In April 2022, Ravin Group, an India-based manufacturer of wires and cable acquired Cable Corporation of India Limited for an undisclosed amount. This strategic move aims to bolster Ravin Group's manufacturing capacities specifically in the production of voltage cables ranging from 250v to 400kv. Furthermore, it positions Ravin Group strongly within the cable manufacturing markets. Cable Corporation of India Limited, also based in India, specializes in manufacturing electric cables.
Major companies operating in the medium voltage cable market report are Sumitomo Electric Industries Ltd., Hitachi Cable Ltd., Jiangsu Hengtong Cable Co. Ltd., General Cable Technologies Corporation, Prysmian Group S.p.A., Nexans France SAS, Furukawa Electric Co. Ltd., ZTT Cable Co. Ltd., Guangdong Guangyi Electric Power Co. Ltd., Pirelli S.p.A., LEONI AG, KEI Industries Limited, Shandong Hengsheng Cable Co. Ltd., LS Cable & System Ltd., Ducab DWC LLC, Riyadh Cables Group Company, NKT Holding A/S, Southwire Company LLC, Sterlite Technologies Limited, Brugg Kabel AG, Taihan Electric Wire Co. Ltd., Eland Cables PLC, Tratos Cavi S.p.A., Synergy Cables Limited, Chinese Cables & Conductors Co. Ltd., Universal Cables Limited, TPC Wire & Cable Corporation, Hanwha Corporation, Jiangsu Jiangnan Cable Group Co. Ltd., Cablel S.A.
Asia-Pacific was the largest region in the medium voltage cable market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medium voltage cable market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the medium voltage cable market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The medium voltage cable market consists of sales of single-core cables, triple-core cables, single-core triplex, ethylene propylene rubber (EPR) cables, low or medium-density polyethylene cables, polyvinyl chloride (PVC), and low smoke zero halogens (LSZH) cables. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Medium Voltage Cable Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on medium voltage cable market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for medium voltage cable ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The medium voltage cable market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.