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The global medium voltage cables market size is projected to reach USD 55.31 billion in 2028 owing to the increasing demand for energy worldwide, observes Fortune Business Insights™ in its report, titled, “Medium Voltage Cables Market Size, Share & COVID-19 Impact Analysis, By Installation (Overhead and Underground), By Voltage (1 kV -15 kV, 16 kV - 35 kV, and 36 kV - 70 kV), By Application (Industrial, Commercial, and Utility), and Regional Forecast, 2021-2028.” As per the analysis, the market value stood at USD 31.47 billion in 2020 and is expected to register a CAGR of 7.4% from 2021 to 2028.
Riyadh Cables Launches Silicone Insulated Fire Alarm Cables
In August 2020, Riyadh Cables, a leading cable manufacturing enterprise headquartered in Saudi Arabia, introduced a new line of fire alarm cables. The new cables are silicone insulated and play a significant role in maintaining the functionality of fire alarm circuits during fire hazards. In addition, the cables are certified by the Loss Prevention Certification Board (LPCB): BRE Global Ltd., a globally renowned body of certification. The company has categorized the cable as RCG-FP2. The production facility for manufacturing the same has been set up in the country. The introduction of medium voltage cables will enable the company to expand its product line along with extending its applications in the fire safety sector.
Rapidly Increasing Demand for Energy to Drive Growth
The surging demand for energy, stoked by the rapidly increasing population globally, is anticipated to drive the medium voltage cables market growth. For instance, according to the Canadian Association of Petroleum Producers (CAPP), with the global population expanding, the total production of electricity will increase by 49% by 2040. In addition, the rapid development of infrastructure across developing economies is estimated to further propel the demand for medium voltage cables. However, the initial expenditure required to lay the cable is costly compared to other alternatives, which may hinder the market growth during the forecast timeline.
Landing on Major Contracts to Aid Key players in Global Expansion
Key manufacturers operating in the market for medium voltage cables are embarking upon major contracts to expand their product portfolio. This will help them expand their business internationally. For instance, in July 2020, Nexans signed a new contract to regenerate the Termoelektrane Nikola Tesla (TENT) power generation plant in Serbia. Under the agreement, the company will supply 206 km of its fire-retardant power cables to the country’s largest power plant.
List of Key Players Covered in this Market Report:
Further Report Findings:
Table of Segmentation
Value (USD Billion)
Installation; Voltage; Application; and Region