Press release
Strong Currents Ahead: Global Medium Voltage Cable Market Poised for Expansion
A Medium Voltage (MV) cable is an electrical cable designed to transmit power at voltages ranging from 1 kV to 69 kV. These cables are commonly used in industrial, commercial, and utility applications to distribute electricity efficiently over medium distances.
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The APAC emerged as the global leader in 2020, and is anticipated to be the largest market during the forecast period
The key players operating and profiled in the medium voltage cable industry report include Brugg Cables, Eland Cables Ltd., Hellenic Cable Industry S.A., Leoni, Nexans, NKT Cables, Prysmian SpA, Southwire, Sumitomo Electric Industries, and TPC Wire and Cable Corporation.
Surge in environmental regulations related to oil & gas has led to increase in demand for electric vehicle, which create ample of opportunities in the market.
Medium voltage cable market is growing at exponential rate due to rise in urbanization, industrialization, and extensive use of electronic gadgets in our daily life.
Medium voltage cable plays an important role in the daily lives of human beings, as everyone is surrounded by chargeable and electronic gadgets.
Rise in demand for mobile & laptops in this decade led to increase in demand for wired chargers, which act as the major driving factor for the market.
Every country is planning to transform the crude vehicle into electric and this transformation has led to increase in demand for medium voltage cable and may act as the major driving factor for the growth of the market.
The governments of every provide subsidies such government of India & Japan want new cars to be electrified to become carbon neutral by 2050, electric vehicles have become more of a necessity for the countries to meet these targets.
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On the basis of Product, the termination segment emerged as the global leader in 2020, and is anticipated to be the largest market during the forecast period.
On the basis of Installation, the underground segment registered the highest market share and is projected to maintain the same during the forecast period.
On the basis of End-User, the industrial segment registered the highest market share and is projected to maintain the same during the forecast period.
On the basis of Voltage, the 26KV-50KV segment emerged as the global leader in 2020, and is anticipated to be the largest market during the forecast period.
Impact Of Covid-19 On The Global Medium Voltage Cable market
The spread of the coronavirus had a severe impact on global economy through declines in exports, output, demand from overseas tourists and private use. The major exporter of electronic items and decrease in demand for electronics led to decline in demand for medium voltage cable and shows a huge decline in the market.
Electric cars charging system is the major market for medium voltage cable market, however due to the heavy cost of electric cars, the sales of electric car declined in COVID-19 situation, which also led to decline in the sales of medium voltage cable market.
Import and export activities were significantly impacted, which, in turn, adversely affected the industries using medium voltage cable, thereby affecting the global medium voltage cable market.
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The automotive production garners a major share in terms of usage of medium voltage cable. The automotive industry has been negatively impacted amid the lockdown imposed due to COVID-19 outbreak and recorded decline in vehicles on road (passenger & commercial) in 2020. This has further declined the medium voltage cable demand owing to disrupted supply chain, which, in turn, hampered the global medium voltage cable market.
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