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The global medium voltage cables market size was valued at USD 33.32 billion in 2018, and it is projected to reach USD 56.39 billion by 2026, exhibiting a CAGR of 6.9% during the forecast period.
Medium voltage cables are used for transmission and distribution of power at voltage levels ranging from 1kV to 70kV. However, the power rating for medium voltage varies in each region. These cables are mainly composed of the copper element that acts as a good conductor of heat and has low transmission losses. These cables have structural elements of one or more conductors, protective jackets, and insulators. This structural design for cables ensures low transmission losses over long distances and are efficient in their operation. Medium voltage cables being deployed mainly for power transmission within the state, these do not have submarine installations. These cables lines primarily run overhead or underground.
The medium voltage cables market growth is predominantly attributable to the rising electricity demand around the world. Rising demand in various countries owing to the growing population and urbanization in recent years is expected to create substantial growth opportunities for the medium voltage cables market. Technological advancements in grid infrastructures have compelled energy providers to change the transmission lines outlook in the country. Also, rising penetration of renewables such as wind and solar energy, require setting up of new grids with new distribution networks.
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Asia Pacific has witnessed the maximum rise in electricity demand in the last decade. The major factor for this has been the increased dependency on electricity for transportation purposes, household purposes, and the development of industries and commercial buildings. Growing penetration of renewables energy in the region, which resulted in new transmission and distribution lines, will have a positive impact on the market in forthcoming years. China has been the dominating country in the region, followed by Japan, South Korea, and India. Rural electrification targets set up in various countries will further add up to the market growth.
“Growing Penetration of Renewables Will Drive Medium Voltage Cables Installations”
The increasing requirement to curb carbon emissions will impel countries to look for other alternatives for power generation. Renewables deployment has therefore increased in recent years that has resulted in installations of renewables to rise at an exponential rate. This has resulted in new grids being set up and new distribution and power lines being set up. In the coming years with countries having a plan to curb carbon emissions will certainly increase their renewables installations and therefore boosting the medium voltage cables market revenue.
“Increased Power Demand and Upgradation of Grid Infrastructure Will Cater to the Market Growth”
Growing demand for power has resulted in new grids being set up across various countries. The major factor behind the demand is the rising population and urbanization in developed and developing countries. Operational advantages and high load-carrying capacity of medium voltage cables make them more preferable than low voltage cables available in the market. Also, the upgradation of existing grid infrastructure with the latest technological advancements being carried out in the fields will aid the medium voltage cables market trends.
“Operational Safety Coupled with Low Maintenance Will Drive Underground Segment Growth”
Based on Installation, the global medium voltage cables market is segmented into the overhead and underground. The several advantages going with the underground installation that are smaller voltage drops, low chances of developing faults and have low maintenance costs will drive the growth of the underground segment during the forecast period. Also, it is a more preferred type of installation over the overhead lines as it avoids human accidents and does not disturb the aesthetic look of its area of installation.
The other type of cabling technology available is overhead cables. Overhead cables currently occupy a lion share in the market, but with increasing planned and current installations being carried out will subsequently dampen the growth of overhead line installations.
“Different Applications of Cables in 16kV – 35kV Range Will Drive its Market Growth”
Based on voltage, the global medium voltage cables market is segmented into 1kV – 15kV, 16kV – 35kV, and 36kV - 70kV. The major installation for medium voltage cables are carried out in 1kV – 15kV and 16kV – 35kV range. The major reason for this has been the increased application of these cables in utilities that make use of renewables for electricity generation. These grids operate at low voltage levels as compared to the grids present initially operating at high voltages.
Different voltage levels in the various regions have led to varying share of different voltage levels in different countries. 69kV being the maximum, medium voltage level being utilized in any region. During the forecast period, 15kV – 35kV is estimated to have a lucrative growth rate and dominate the market.
“Increasing Number of Grids will Surge Utility Segment Growth”
Based on the application, the global medium voltage cables market is segmented into industrial, commercial, and utility. Utilities act as the electricity supplier to most of the end-use sectors in various countries and therefore they form a major share in the medium voltage cables market.
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The factors that will drive the growth of utilities are the rural electrification plans, and increasing urbanization taking place in various countries. This has led to energy demand to rise and new alternatives to be looked upon for electricity generation, and this has resulted in the construction of new grids, driving the utility segment growth. Medium voltage cables also have applications in industrial sectors and commercial sectors like railways, small industries, commercial buildings, etc.
Geographically, the global medium voltage cables market has been analyzed across five major regions, which are North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. These regions are further categorized into countries.
North America currently holds a small market share in the medium voltage cables market. With the increasing utilization of renewables and upgradation of technology for grid infrastructure, the demand for medium voltage cables is expected to grow in North America. In the U.S., underground cables hold a little presence owing to the high installation cost. But with their growing penetration market share of underground cables is anticipated to rise at a slow rate over the forecast period.
Asia Pacific Medium Voltage Cables Market Size, 2018
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Asia Pacific is the dominating region, mainly due to the highest power consumption and the presence of a large population. The major countries in the region are China, India, Japan, South Korea, and Australia. China is the global leader in power consumption, holds the maximum share in the market. Urbanization taking place in the region and growing share of renewables such as wind and solar have acted as a catalyst for the growing number of utility grids being constructed in the region.
Europe stands as the second-largest market for medium voltage cables. Europe is the maximum consumer of energy from renewables, has witnessed the maximum penetration of new smart grids and underground cabling around the globe. Green energy targets set up to be achieved by 2020, 2024,2030, and 2040 have compelled countries to have more and more green energy, and therefore, more and more voltage lines are being set up in the region to ensure energy transmission and distribution. This factor will create lucrative business opportunities for the market in the forthcoming years. The major countries contributing to the medium voltage cables market are Italy, Spain, UK, Germany, France, Russia, Ukraine and Poland.
Latin America and Middle East and Africa will also witness moderate growth in the medium voltage cables market. The primary reason is the increase in the power demand in both regions. Also, the rural electrification programs and setting up of new transmission and distribution lines will facilitate medium voltage cables market growth.
“Market Players Like Prysmian Group, Nexans, And NKT Are Among the Leading Players in the Global Medium Voltage Cables Market”
The global market is highly fragmented with the presence of numerous players. Key industry participants are focusing to introduce new composite materials to increase the efficiency of their products to expand the integration potential. Prysmian Group, Nexans, and NKT together form a major portion of the market for supplying medium voltage cables.
The 100% electrification targets by various countries have driven the growth of the medium voltage cables market. Adding up to this, the drift towards renewables, which undoubtedly leads to the construction of new grids and transmission and distribution lines, has acted as a bolstering factor for the growth of the medium voltage cable industry.
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The report presents a comprehensive assessment of the global market by offering valuable insights, facts, industry-related information, and historical data. Several methodologies and approaches are adopted to make meaningful assumptions and views. Furthermore, the report offers a detailed analysis and information as per market segments, helping our readers to get a comprehensive overview of the global market.
Value (USD Billion)
Fortune Business Insights says that the market was worth USD 33.32 Billion in 2018.
The market is projected to be worth USD 56.39 Billion in 2026.
The market will grow at a CAGR of 6.9% in the forecast period (2019-2026).
The market in Asia Pacific stood at USD 11.89 Billion in 2018.
In terms of installation, overhead cables will dominate the market during the forecast period.
Increased energy demand, coupled with the growing adoption of renewable sources of energy are the key market drivers. However, complex planning and volatility in prices of metals may hinder the market growth.
Prysmian Group, Nexans, and NKT are among the top companies in the market.
New distribution and transmission lines being set up along with on-grid distributed renewable energy sources will positively impact market growth.
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