Medium Voltage Cable Market Research Report (2021 to 2031)
The medium voltage cable market size is projected to reach US$ 81.37 billion by 2031 from US$ 46.12 billion in 2023. The market is expected to register a CAGR of 7.4 % in 2023–2031. Renewable energy integration is likely to remain a key medium voltage cable market trend.
Medium Voltage Cable Market Analysis
The market for medium voltage cables and accessories is anticipated to be driven by the growing need for power globally. Growing populations and industrialization in developing economies are driving up demand for power. Furthermore, there has been a surge in construction activities across multiple domains, such as infrastructure, commercial, residential, and industrial, due to the expanding urban population. For example, work on a Michigan-based facility to manufacture batteries for electric vehicles began in Q2 of 2023 and is scheduled to be finished by April 2025. The demand for medium voltage cables and accessories is rising as a direct result of these building activities' increased demand for electricity generation and delivery. Additionally, the increased emphasis on producing electricity from renewable energy sources has led to the creation of new power grids.
Medium Voltage Cable Market Overview
In addition to industrial distribution circuits, medium voltage cables and accessories are utilized to supply electricity to residential and commercial structures. They are used in power supply stations both indoors and outdoors in cable trays, subterranean, and cable ducts for switchboards, industrial buildings, and power plants. These cables are also utilized in petrochemical plants, railroads, mines, electrical utility generating plants, pulp and paper mills, steel mills, textile mills, and water and sewage treatment facilities. Additionally, single-core or three-core medium voltage cables can be connected, safeguarded, and supported by medium voltage cable accessories like connectors, joints, and terminations.
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Medium Voltage Cable Market: Strategic Insights
Market Size Value in US$ 18,694.1 Million in 2019 Market Size Value by US$ 24,591.1 Million by 2027 Growth rate CAGR of 4.7% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Medium Voltage Cable Market: Strategic Insights
| Market Size Value in | US$ 18,694.1 Million in 2019 |
| Market Size Value by | US$ 24,591.1 Million by 2027 |
| Growth rate | CAGR of 4.7% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Medium Voltage Cable Market Drivers and Opportunities
Developing electricity infrastructure
Building infrastructure for electricity will be essential in developing medium voltage cables commercial patterns. Urbanization and rapid industrialization have increased the need to upgrade the energy infrastructure in different countries to adjust to the rapid expansion. In addition, there will probably be a large need for medium voltage cables due to the rising cost of building energy-efficient substructures with overhead and underground electrical designs. As a result, effective MV cables and their accessories are needed to deliver electricity to many nations' remote places, which promotes the growth of the sector.
Increasing demand for uninterrupted power supply
The need for power has dramatically increased in the last few years. Numerous industries are experiencing a sharp rise in the demand for dependable power grid infrastructure, emergency power backup systems, and a consistent power supply. The mining sector has seen a sharp increase in demand for a steady supply of electricity. Many heavy-duty pieces of equipment, including drillers, cranes, conveyor belts, and digging machines, are utilized in mining operations. These pieces of equipment need a constant power source, even in hostile conditions. Similar to this, the petrochemical and oil and gas sectors require extremely dependable electrical power to safeguard personnel, property, the environment, and the ongoing functioning of critical processes. In addition, a number of tasks are performed in the oil and gas fields, such as loading, drilling, and pumping, all of which need a constant power source. Thus, the increasing demand for uninterrupted power supply is anticipated to present new opportunities for the medium voltage cable market players during the forecast period.
Medium Voltage Cable Market Report Segmentation Analysis
Key segments that contributed to the derivation of the medium voltage cable market analysis are installation and end users.
- Based on the installation, the medium voltage cable market is segmented into overhead, underground, and submarine. The overhead segment held a larger market share in 2023.
- By end users, the market is segmented into oil and gas, energy and power, mining, manufacturing, transportation, commercial, and residential.
Medium Voltage Cable Market Share Analysis by Geography
The geographic scope of the medium voltage cable market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. In terms of revenue, APAC accounted for the largest medium voltage cable market share. Additionally, India is observing an increase in the use of underground wires. Many of the 100 smart city projects being undertaken across the country involve underground wires. The government's housing initiatives, such as Pradhan Mantri Awan Yojana (PMAY), are likely to encourage a considerable increase in residential building construction in India.
Medium Voltage Cable Market Report Scope
Medium Voltage Cable Market News and Recent Developments
The medium voltage cable market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:
- In January 2023, Greek cable manufacturer Hellenic Cables launched an investment program of -US$ 86.97 million (EUR 80 million) for two years to address the growing demand for Electrification. (Source: Hellenic Cables, Press Release)
- In February 2023, Nexans received a contract to provide subsea cables for PacWave South, the LIS's first grid-connected wave energy test facility. The company will deliver tour medium voltage alternating current cables to transfer energy from berths to the snore.
(Source: Nexans, Press Release)
- In August 2023, French cable and fiber optic company "Nexans" launched a new range of low-carbon distribution grid cables, the first on the French market. The company's new approach reduces the greenhouse gas emissions of its low- and medium-voltage cables by 35—50%, depending on the product. (Source: Nexans, Press Release)
Medium Voltage Cable Market Report Coverage and Deliverables
The “Medium Voltage Cable Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Installation Type and End-Users
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The global medium voltage cable market was estimated to be US$ 46.12 billion in 2023 and is expected to grow at a CAGR of 7.4 % during the forecast period 2023 - 2031.
The increasing demand for uninterrupted power supply and developing electricity infrastructure are the major factors that propel the global medium voltage cable market.
Renewable energy integration is anticipated to play a significant role in the global medium voltage cable market in the coming years.
The key players holding majority shares in the global medium voltage cable market are Cleveland Cable Company, Dynamic Cables, KEI Industries Limited, LEONI, and Nexans.
The global medium voltage cable market is expected to reach US$ 81.37 billion by 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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