Global Medium Voltage Cables Accessories Market was valued at US$ xx Mn in 2019 is expected to reach US$ xx Mn by the end of 2026 at a CAGR of 6.3% from 2020 to 2026.
Medium Voltage cables, or MV cables, is a category defined by the International Electro technical Commission (IEC) as having a voltage rating of above 1kV up to 100kV. But not everyone uses this specific range to classify MV cables. The voltage range of MV cables depends on the country and the particular system that is being used. Some common medium voltages are 5,000v, 8,000v, 15,000v, 25,000v, 35,000v.
MV cables are made of an aluminium or copper conductor and a conductor shield. Copper is most commonly used material for MV cable conductors while the shield is often composed of semiconductor material. The medium voltage cables also consist of insulation, an insulation shield, and jacketing material. The most common MV accessory technologies in use today are heat-shrink, cold-shrink, and ‘push-on systems, all based on polymeric materials with specific characteristics according to their function in the accessory.
Global Medium Voltage Cables Accessories Market Dynamics:
Shift towards Renewable Energy Generation to Drive Medium Voltage Cables Accessories Market
The most common use of MV cable applications are Mobile substation equipment, Distributing power in industrial settings, Distributing power to tools and equipment used in mining settings, Maintenance, and repairs, which allows the scheduling of downtime in order to perform maintenance tasks or repairs and Wind Farms. Other applications of MV cables include Public transportation infrastructures for supplying power to trains and metro lines and weather-proof networks, which allow power to be transported underground so that severe storms do not disrupt the supply of power.
Renewable energy is becoming more popular as it increases health, air quality and reduces the effects of climate change. Many countries are embracing green energy, and as a result, they are implementing smart policies and investing in their electric infrastructure. Furthermore, they are introducing new advanced technology to expand renewable energy production, which has had a positive impact on the industry. For example, more than 54 GW of clean renewable wind power was installed globally in 2016, with the rising number of projects is supporting the market growth.
With the increasing use of solar and wind energy in developing and developed economies thanks to government strict regulation which in turn is expected to drive the medium voltage cable accessories market as these cables would use to integrate the electricity generated through solar and wind to the grid. According to the International Energy Agency, 75 GW of solar power capacity was added globally in 2016, taking the total installed capacity of solar photovoltaic generation to 303 GW. However, the disadvantages of using medium voltage cables and accessories include the difficulties of fixing and locating the cables if they are not installed exactly at the correct locations which may slow down the market growth.
The report has profiled twenty two key players in the market from different regions. However, the report has considered all market leaders, followers, and new entrants with investors while analyzing the market and estimation the size of the same. The manufacturing environment in each region is different and focus is given on the regional impact on the cost of manufacturing, supply chain, availability of raw materials, labor cost, availability of advanced technology, trusted vendors are analysis and report has come up with recommendations for a future hot spot in the North America. Major country’s policies about manufacturing and their impact on Medium Voltage Cables Accessories demand are covered in the report.
The underground installation type segment is expected grow at a CAGR of xx% during the forecast period.
Based on the installation type, in 2019, the underground installation type segment holds the largest market share of xx% in 2019 and is estimated to reach USD$ XX Mn by 2026. In emerging economies, the electricity demand is increasing at a rapid pace due to urbanizations and government favourable policies which is driving the market growth.
Underground cables are mostly used to provide electricity to densely populated areas. Underground cables have a number of advantages, including minimal transmission losses, the ability to absorb emergency power loads, low maintenance costs, and less weather susceptibility.
Global Medium Voltage Cables Accessories Market Regional Insights:
Global Medium Voltage Cables Accessories Market 1Asia Pacific to witness high market growth rate and is expected to grow at a CAGR of xx% by 2026
The Asia Pacific is expected to hold the largest share of the global Medium Voltage Cables Accessories market. Electricity demand is rapidly rising in emerging economies, owing to urbanization and government-friendly policies that are propelling the market forward. Government measures to increase power generation capacity using renewable energy sources increased power usage, and the replacement of aging power plants are all driving demand in the area.
To meet electricity needs, countries in the Asia Pacific are turning to renewable energy sources, as well as companies and governments constructing new advanced power plants. Electric utilities may need more equipment as demand for electricity rises. China’s demand is expected to grow at the fastest rate during the forecast period. China set a goal in November 2014 to increase its total energy output from zero-emission sources (solar and wind) to 20% by 2030, boosting market demand, based on the China-US Joint Announcement on climate change and clean energy cooperation.
Wind energy is becoming increasingly common in many European countries, including Denmark, Germany, Uruguay, Portugal, the Republic of Ireland, Spain, and Cyprus. Solar, which is projected to rise at a rate of 15.7 percent per year from 2012 to 2040, is another fast-growing renewable energy source.
The objective of the report is to present a comprehensive analysis of the global Medium Voltage Cables Accessories market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the global Medium Voltage Cables Accessories market dynamics, structure by analyzing the market segments and project the global Medium Voltage Cables Accessories market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Medium Voltage Cables Accessories market make the report investor’s guide.
• China has nearly 1.89 million kilometres of 35kV transmission lines and nearly 733 thousand kilometres of 220kV transmission lines as of 2018. More than 11000 substations are estimated to be present on such a large transmission line. Furthermore, demand for Medium Voltage Cables Accessories is expected to increase during the forecast period due to upcoming projects and projects in the pipeline.
• India, had implemented a number of policies to ensure that every household had access to electricity. The country intends to supply electricity to its rural areas through schemes such as Saubhagya and Deendayal Upadhyaya Gram Jyoti Yojana. Multiple substations and transmission lines are estimated to have been constructed as part of the scheme.
• In January 2017, Norddeutsche Seekabelwerke GmbH (NSW), a subsidiary of General Cable Corporation (US) was awarded a contract from USA, and SOC, a subsidiary of Siem Offshore Inc, Norway. The scope of the contract was to plan and manufacture 60 km of medium voltage submarine power cables. This will connect the 32 wind turbine foundations of Trianel Windpark Borkum phase 1.
• In May 2016, Standard Motor Products, Inc. (US) acquired automotive ignition wire business of General Cable Corporation (US) for USD 71 million. This includes automotive ignition wire business in North America and a subsidiary in Mexico.
Asia Pacific to witness high market, Key Highlights:
• Asia Pacific to witness high market analysis and forecast, in terms of value.
• Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Asia Pacific to witness high market
• Asia Pacific to witness high market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.
• Asia Pacific to witness high market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.
• Asia Pacific to witness high market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.
• Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.
• Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Asia Pacific to witness high market are also profiled.
Global Medium Voltage Cables Accessories Market Scope:
Global Medium Voltage Cables Accessories Market, by Region
• North America
• Middle East & Africa
• Asia Pacific
• South America
Global Medium Voltage Cables Accessories Market Key Players
• General Cable Corporation
• Nexans S.A.
• NKT Group A/S
• Prysmian S.p.A.
• Sumitomo Electric Industries, Ltd.
• Southwire Company, LLC
• Kabelwerke Brugg AG Holding
• EL Sewedy Electric Company
• Leoni AG
• ABB Ltd.
• The Okonite Company
• Dubai Cable Company (Private) Ltd.
• TPC Wire & Cable Corp.
• Bahra Advanced Cable Manufacture Co. Ltd.
• Hendrix Wire and Cable
• KABELWERK EUPEN AG
• Cablel Hellenic Cables Group
• Caledonian Cables Ltd
• KEI Industries Limited
• LS Cable & System Ltd.
• Riyadh Cables Group Company
• Other key players
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