The Europe medium voltage cable market is expected to grow from US$ 4,721.7 million in 2019 to US$ 6,595.3 million by 2027; it is estimated to grow at a CAGR of 5.53 % from 2020 to 2027. Growing urbanization and industrialization across Europe are expected to escalate the Europe medium voltage cable market. Growth in industrialization, particularly in the developing economies across Europe, has created an ever increasing need for energy generation, transmission, and distribution. This has significantly propelled the demand for medium voltage cables. Further, industrialization has resulted in the growth of urbanization in European countries as it created economic growth as well as job opportunities, which is driving people to relocate to cities. With the growth in urban population, there is an increase in investments to meet the challenges concerning need for housing, energy distribution, transportation, and other infrastructure. Moreover, urbanization and industrialization have also resulted in increased demand for basic facilities, such as education and healthcare. To meet these demands, several governments across Europe have laid down initiatives to meet the requirements in the basic infrastructure and housing sector. Since medium voltage cables are vital component of electricity transmission and distribution, the above mentioned factors are anticipated to boost the growth of the Europe medium voltage cable market.
Furthermore, in case of COVID-19, Europe is highly affected specially the UK. The construction industry in Europe suffered one of the biggest drops in activities after the building sites were closed. The supply of safety equipment and workers was disrupted due to the pandemic. The drop in the region's construction activities has directly affected the sales of the medium voltage cable products in Europe, which hampered the growth of the market in 2020. Further, countries in the region, such as Germany, the UK, France, and Belgium, have witnessed a second wave of the virus and have announced lockdown for the second time in November 2020. Also, the demand for medium voltage cables from certain countries, such as Germany and the Netherlands, was positive during the first half of 2020, owing to grid optimization activities. Moreover, the Danish market noticed a positive demand in Q3, 2020. Additionally, the demand for medium voltage cables decreased in the Czech Republic and the UK due to a slowdown in construction activities and government restrictions on several industries' operations, respectively. Overall, the demand for medium voltage power cables in the region is expected to be driven by expanding the approved pan-European grid.
The energy and power segment led the Europe medium voltage cable market based on end-users in 2019. The demand for electricity in Europe is constantly rising owing to the growing population, industrialization, and urbanization. Most of the demand is expected from developing economies across Europe. Rise in demand for electricity is further resulting in increased investments in the distribution of electricity. Governments of developing economies are focused on heavily investing in the electricity distribution to remote locations to enhance their electricity infrastructure. Moreover, rising environmental concerns regarding low-carbon emissions have led to the introduction of government policies for renewable electricity generation. Various governments across Europe have different targets to achieve a certain amount of electricity from renewable sources, which has resulted in accelerating the development of renewable power plants. These initiatives by European government in energy and power sector are expected to increase the demand for medium voltage cables, which will drive the growth of the Europe medium voltage cable market during forecast period.
The overall Europe medium voltage cable market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the Europe medium voltage cable market. The process also serves the purpose of obtaining overview and forecast for the Europe medium voltage cable market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, medium voltage cable market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Europe medium voltage cable market. Alpha Wire; BRUGG Group AG; Cleveland Cable Company; Furukawa Electric Co. Ltd.; General Cable Technologies Corporation; LEONI AG; LS Cable & System Ltd.; Nexans; Prysmian Group; and Sumitomo Electric Industries, Ltd. are among a few players operating in the Europe medium voltage cable market.