Medium Voltage Cable Market Report: Size, Share and Outlook by 2031

The medium voltage cable sector was valued at approximately US$ 18,694.1 million in 2019 and is anticipated to grow to US$ 24,591.1 million by 2027, reflecting a compound annual growth rate (CAGR) of 4.7% from 2020 to 2027.

Globally, the discovery of new oil and gas reserves has been on the rise. According to Rystad Energy, in 2019, a total of 12.2 billion barrels of oil equivalent were discovered worldwide. Notably, there were 26 recorded discoveries that exceeded 100 million barrels of oil equivalent, with offshore areas leading in new deposits. Recent significant discoveries include two oil and gas fields identified by Saudi Aramco in northern Saudi Arabia in August 2020. In September 2020, Equinor revealed new oil and gas fields at the Swisher prospect and also announced the discovery of two oil fields in the Flemish Pass basin off the coast of Newfoundland. Additionally, in October 2020, Total and its partners began evaluating various development options for a new gas and condensate find in South Africa. Gazprom also reported a new gas deposit in the Yamal shelf. By October 2020, over 70 new oil and gas discoveries had been reported. These offshore discoveries are expected to stimulate the construction of new facilities and increase electricity demands for these offshore plants, thereby positively impacting the medium voltage cable market.

The COVID-19 pandemic has significantly disrupted economic growth across the globe, adversely affecting numerous sectors, including energy and power, oil and gas, construction, and manufacturing. While the full extent of the pandemic's impact remains uncertain, it is likely to have profound effects on the electronics and semiconductor supply chain, particularly impacting cable manufacturing. The crisis has highlighted the vulnerabilities within the current electronics and semiconductor value chain, prompting the cable industry to reconsider its global supply chain strategies. Many cable manufacturers relied heavily on Chinese suppliers for raw materials, but the pandemic has forced a shift towards alternative suppliers. Copper, a key raw material in cable production, saw a decline in prices; however, the overall demand for cables was significantly affected. The pandemic led to reduced fixed investments, lower private consumption, and diminished industrial activity, particularly during the first two quarters of 2020, which resulted in a notable decrease in the demand for medium voltage cables. Furthermore, government-imposed containment measures worldwide have restricted the demand for various components, while declines in exports and capital investments have further constrained the growth of the medium voltage cable market.

The medium voltage cable market is categorized based on installation type and end-user segments. In terms of installation type, the market is divided into underground cables and accessories, overhead cables and accessories, and submarine cables and accessories. The overhead cable and accessories segment is projected to experience the most significant growth during the forecast period due to their lower costs, ease of installation, and minimal maintenance requirements. This makes them particularly appealing in developing nations where cost considerations are paramount for contractors. Meanwhile, the submarine cable segment is driven by the increasing deployment of submarine cables in offshore projects globally. Regarding end-use, the energy and power segment commands the largest market share, fueled by rising investments in electricity distribution, the development of smart grids, and the establishment of renewable energy facilities.

The overall size of the medium voltage cable market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This approach also aimed to provide an overview and forecast for the medium voltage cable market across all segments. Additionally, it offered insights and forecasts for the global market segmented by five major regions: North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Primary interviews were conducted with industry participants and experts to validate the data and gain deeper analytical insights. Participants included industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the medium voltage cable market.

Key players in the global medium voltage cable market include Cleveland Cable Company, Alpha Wire, Prysmian S.P.A., Nexans S.A., Sumitomo Electric Industries, General Cable Corporation, Furukawa Electric Co. Ltd., LS Cable and System, Ltd., Leoni AG, and Brugg Group AG.