Medium Voltage Cables Market to Grow at 7.4% CAGR till 2028; Rapidly Increasing Demand for Energy to Augment Growth

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.

Industry Development-

• In April 2020, General Cable Corporation, a multinational cable manufacturing company based in the U.S., concluded its brand integration with Prysmian Group. The integration will help Prysmian solidify its branding architecture. 

List of Key Players Covered in this Market Report:

• Prysmian Group (Italy)
•  Nexans (France)
• NKT A/S (Denmark)
• ABB (Switzerland)
• Brugg Cables (Switzerland)
• Riyadh Cables Group Company (Saudi Arabia)
• ZTT (China)
• General Cable Technologies Corporation (U.S.)
• FURUKAWA ELECTRIC CO., LTD. (Japan)
• Jiangnan Group Limited. (China)
• Tratos (England)
• Universal Cables Ltd. (India)
• Schneider Electric (France)
• DUCAB (UAE)
• Synergy Cables (Israel)

Further Report Findings:

• Based on the application, the utility segment is anticipated to dominate the market supported by factors such as surging rural electrification projects and expanding residential areas in cities. The segment held a market share of 52.4% in 2020.
• Based on the region, Asia Pacific held a total market value of USD 11.14 billion in 2020 and is anticipated to lead the medium voltage cables market share during the forecast period. The improving economic growth of the developing countries along with surging energy demand in the region is estimated to strengthen the market growth.
• Based on voltage, the 1 kV - 15 kV cables segment is projected to observe substantial growth backed by the long list of functionalities offered by them including long operational life, low power losses, and easy integration.

Table of Segmentation