lobal Medium Voltage Cables Market Report, published by Variant Market Research, forecast that the global market is expected to reach $66 billion by 2025 from $40 billion in 2017, growing at a CAGR of 6.3% from 2017 to 2025. By Geography, Asia-Pacific and Rest of the World are expected to grow at a CAGR of 7.0% and 6.6%, respectively, during the forecast period. Medium voltage cables, or MV cables are frequently used in mobile substations or for power distribution. Growing demand for electricity due to rapid urbanization and industrialization is the global medium voltage market trend.
Medium Voltage CablesMarket (By Installation: Underground, Submarine, and Overhead; By End-User: Industrial, Renewable Sector, and Infrastructure; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025
The global medium voltage cables market is mainly driven by rising need for renewable energy generation
Growing demand for reliable electric supply & subsequent investment in transmission & distribution network, and rising need for renewable energy generation are the major factors fueling the growth of the global medium voltage cables market. However, fluctuating material costs and funding constraints for large investments are major glitches to deal with respect to market growth. Moreover, implementation of smart grid technology, and new innovations and technological advancements in order to reduce cost production for medium voltage cables are expected to present lucrative growth opportunities over the forecast period.
The global medium voltage cables market is classified on the basis of installation, end-user, and geography. Installation segment is bifurcated into underground, submarine, and overhead. Furthermore, classification by end-user includes industrial (oil & gas, metals and mining, chemicals and petroleum, cement and manufacturing, utilities, and others), renewable sector (wind and solar), and infrastructure (transportation, and commercial).
Overhead, by installation segment led the market with major share in 2017
Overhead accounted for the majority of the market share in the installation segment in the year 2017 and is expected to continue its trend during the forecast period 2017 – 2025. Th high growth is attributed to its enlarged usage in emerging countries on account of lower costs and easy maintenance.
Industrial held for the leading market share in the end-user segment
Industrial contributed for the highest market share accounting for about half of the total market share in 2017, in the end-user segment owing to Investments in power transmission and distribution. Moreover, renewable sector is expected to achieve the fastest CAGR over the forecast period.
Asia-Pacific occupied the major share in the global medium voltage cables market
In the year 2017, Asia-Pacific generated the highest revenue accounting for 37.0% of the total market share, owing to rapid development and rising investments in the region. Also, Asia-Pacific is anticipated to attain the fastest CAGR throughout the forecast period, driven by investments in smart grid technology in countries such as India, China, Japan, and Australia.
Prominent players profiled in the report include Sumitomo Electric Industries Ltd., General Cable Technologies Corporation, NKT Cables, General Electric Company, Prysmian SpA, Brugg Cables, Nexans, Siemens AG, and ABB Ltd., Dubai Cable Company Private Limited, among others.