Medium Voltage Cables Market Business Growth, Future Strategies, competitive Outlook, Industrial Demand and Opportunities to 2021-2027
Other market players (not profiled in report) in the value chain include, ABB LTD., Tele Fonika Cable Ltd., KabelwerkeBrugg AG, LS Cable & System Ltd., EL Sewedy Electric Company, Hebei New Baofeng Wire & Cable Co., Ltd.
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Rapid industrialization and urbanization has been the key driving factor sustaining the growth of the medium voltage cables market. Industrialization and urbanization has been increasing at a much faster pace in the developing economies, resulting in more requirement for power generation, transmission, and distribution and thus is expected to boost the requirement of medium voltage cables. This factor is likely to increase the growth of medium voltage cables industry.
The overhead installation segment accounted for the largest market share of about 57% in 2015. Factors such as lower installation cost and easier maintenance in comparison to underground cables has led to its wider adoption, primarily in developing economies. However, the submarine installation is expected to be the fastest growing segment owing to increasing investments in the offshore wind generation technology for power generation. The underground segment is expected to grow at a notable pace on account of longer life, lower transmission losses, and limited space availability for new overhead installations.
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Medium voltage cables are used across industrial, infrastructure, and renewables sector. Industrial segment accounted for the largest share in 2015 owing to the extensive usage of these cables in oil & gas, metals & mining, chemicals & petrochemicals, cement & manufacturing, utilities, pulp and paper and other industries. Renewables sector is anticipated to grow at the fastest rate over the forecast period on account of increasing demand for wind and solar power across the world.
Medium voltage cables market share is anticipated to increase in Asia-Pacific region, owing to rapid industrialization and urbanization. The China is anticipated to lead the market and witness high demand for medium voltage cables.
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