According to the latest research report titled “Medium Voltage Cable Market Forecast to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 24,591.1 million by 2027, registering a CAGR of 4.7% during 2020–2027.
Rising need for electricity across the globe is expected to drive the medium voltage cable market. Growth in urban population, particularly in developing economies, has resulted in increased construction activities in commercial, residential, industrial, and infrastructure sectors. This, in turn, is directly creating more demand for electricity generation and distribution, which is boosting the deployment of medium voltage cables. Furthermore, rising focus on power generation through renewable energy sources has further resulted in development of new power grids as well as distribution lines. This, in turn, is bolstering the growth of the medium voltage cable market.
Rapid Urbanization and Industrialization
Rising need for electricity across the globe is driving the medium voltage cable market. Growth in urban population, particularly in developing economies, has resulted in increased construction activities in commercial, residential, industrial, and infrastructure sectors. Growing urbanization is increasing demand for electricity generation and distribution, which is boosting the deployment of medium voltage cables. Furthermore, rising focus on power generation through renewable energy sources has resulted in the development of new power grids as well as distribution lines, which is also bolstering the growth of the medium voltage cable market.
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 need for medium voltage cables in this region.
The medium voltage cable market is highly fragmented with presence of several well-recognized global players as well as local manufacturers. These players are focused on development of new composite materials to enhance the efficiency of their cables for expanding the integration potential.
Key Findings of Study:
· With growing popularity and applicability of underground cable systems, noteworthy technological advancements have been introduced to overcome the various limitations of these cables. Most of these innovations are focused on advancements of insulation and voltage grade. The progress in the area of material science has helped in the development of better-quality polymers capable of achieving required mechanical and electrical properties of the cable.
· Geographically, APAC is one of the key markets for medium voltage cables. Economic modernization, rising urbanization, and expanding manufacturing industry have created the demand for medium voltage cables among various end users, such as energy & power, industrial, commercial, infrastructural, and residential. Furthermore, several countries in the region still lack basic electricity infrastructure. Hence, governments are taking initiatives by investing significantly in the development of transmission line network. The government in China is heavily investing in the development of renewable power, which is another key factor driving the demand for medium voltage cables.
· The rise in energy demand associated with urbanization, economic modernization, and better living standards across the globe has resulted in the growth of sustainable power systems, which, in turn, increased the need for medium voltage cables across the world.
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