According to a new report published by Allied Market Research, titled, World Medium Voltage Cables Market the global medium voltage cables market is expected to garner revenue of $54.2 billion by 2022, growing at a CAGR of 6.5% during 2016 – 2022. Asia-Pacific was the largest market of medium voltage cables, accounting for around 36% of the market revenue in 2015. Increasing requirement of electricity due to rapid urbanization and industrialization is fueling the demand for medium voltage cables in the region.
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.
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.
Key findings of the study:
- Asia-Pacific is the highest revenue-generating region in the world medium voltage cables market.
- LAMEA is anticipated to be the fastest growing market during the forecast period.
- In terms of market by installation, the submarine segment is likely to be the fastest growing segment during 2016-2022.
- Renewable sector is estimated to be the fastest growing end-user segment during the forecast period.
The key players profiled in the report are Prysmian SpA, General Cable Corporation, Nexans, Dubai Cable Company Pvt. Ltd, NKT Cables, Brugg Cables, Sumitomo Electric Industries Ltd, Leoni, TPC Wire and Cable Corporation, and Southwire Company.