Medium-Voltage Cables Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The global Medium-Voltage Cables Market size is projected to reach a CAGR of 5.6% from 2023-2030.

Medium Voltage cable, or MV cable, is a category defined by the International Electrotechnical Commission (IEC) as having a voltage rating of above 1kV up to 100kV. Medium Voltage Cable is a power cable most often used in commercial, industrial, and electrical utility industries. The standard voltage rating for MV (medium voltage) cable falls between 5 kV and 35 kV; however, this range can vary for different manufacturers and standards. Medium Voltage cables are mostly used for power supply in inclement weather, primary power supply from mobile substations in a natural disaster or unpredictable power outages, power supply for the construction of substations, power distribution to isolated areas & applications ranging from 5kv up to 35kv that are used in substations, transformers, and medium voltage generator sets.

The key to the market growth of the medium voltage cables market is rapid industrialization and urbanization. Industrialization and urbanization are at a much faster pace in the developing economies which require by necessity things such as power generation, transmission, and distribution, all of which require medium voltage cables. Innovations in the design of medium voltage cables have also positively impacted the market with several players taking steps and introducing improvements. With these factors, the market is expected to have healthy growth and be able to sustain it in the future as well during the forecast period.

On the other hand, intricate project planning and delay in approval procedures for power projects in different countries globally are expected to hinder the growth of the medium voltage cable market.

The outbreak of COVID-19 has had a negative impact on the growth of the global medium voltage cable, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in the closure of all manufacturing units, including those of medium voltage cables due to the stringent social distancing restrictions imposed by the government so as to limit the spread of the virus during the pandemic. In addition, strict regulations on the import and export of electronic items during the pandemic further aggravated the impact on the market.

Delvens Industry Expert's Standpoint

The market for medium-voltage cables is a vibrant and expanding sector of the economy that is essential to the transmission and distribution of power. The market is influenced by things like rising electricity consumption, the switch to renewable energy sources, and ongoing investments in infrastructure for power transmission and distribution. Additionally, the market is extremely competitive, with competitors vying for customers based on innovation, quality, and price. Due to this rivalry, a wide range of goods and services that satisfy various client wants have emerged. The industry has, however, undergone considerable consolidation recently, with bigger businesses purchasing smaller competitors to broaden their product offerings or geographic reach. Although the industry is fragmented overall, bigger firms' efforts to increase their market share and competencies are anticipated to lead to further consolidation.

Market Portfolio

Key Findings

• The voltage segment is fragmented into Up to 25kV, 26kV-50kV, 51kV-75kV and 76kV-100kV. The 26kV-50kV segment dominated the global medium voltage cable market and is projected to remain the fastest-growing segment during the forecast period. This is attributed to its compatible nature and easy availability. In addition, it is highly used in substations, transformers, and medium voltage generator sets.

• The product segment is further segmented into Termination Cables, Joints, XLPE Cables, and Others. The termination cable segment dominated the global medium voltage cable market and is projected to remain the fastest-growing segment during the forecast period. This is attributed to the due rise in the telecom, datacom, and fiber optic industries.

• The installation segment is bifurcated into Underground, Submarine, and Overhead. the underground segment dominated the global medium voltage cable market and is projected to remain the fastest-growing segment during the forecast period. This is attributed to rising in urbanization and industrialization.

• The end-user segment is further segmented into Industrial, Commercial, and Utility. the industrial segment dominated the global medium voltage cable market and is projected to remain the fastest-growing segment during the forecast period. This is attributed to the rise in telecom, electric vehicle, and other industries. In addition, electric charger requires medium voltage cables, which tend to act as the major driving factor for the growth of the market.

Regional Analysis

Asia Pacific to Dominate the Market

• Asia-Pacific has emerged as one of the major medium-voltage cable markets in recent years. The rise in energy demand associated with urbanization, economic modernization, and better living standards across the region has resulted in the growth of sustainable power systems, which in turn, increased the demand for the medium voltage cable market in this region.
   
• Many countries in Asia-Pacific have inadequate transmission and distribution (T&D) networks, and hence, electricity is not available in some remote and rural areas. To bring electricity to these areas, the countries in the region are investing majorly in building a transmission line network.

Competitive Landscape

• Brugg Cables
• Eland Cables Ltd.
• Hellenic Cable Industry S.A.
• Leoni
• Nexans
• NKT Cables
• Prysmian SpA
• Southwire
• Sumitomo Electric Industries
• TPC Wire & Cable Corporation
• Siemens AG
• Riyadh Cables Group
• The Okonite Company
• General Cables Corporation

Recent Developments

• In October 2021, Ravin Group was awarded a contract to provide specialized fire survival cables for the Indian Railways’ Udhampur-Srinagar-Baramulla Rail Link. Under the agreement, the Ravin Group will provide 33 kV and 11 kV medium voltage specialized fire survival cables. Low voltage cables and control cables to the longest tunnel (T13), approximately 9.3 km, are located in the Katra-Dharam section.
   
• In November 2021, Taihan Cable & Solution, a maker of electric wires and steel products for electricity and communication, clinched a USD 60 billion deal to supply medium voltage cables in California. The contract calls for the provision of the wires over the next three years until October 2024.

Reasons to Acquire

• Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors.
   
• Gain authentic and granular data access for Medium-Voltage Cables Market so as to understand the trends and the factors involved behind changing market situations.
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

Report Scope