Medium Voltage Cable Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Installation Type (Overhead Cables and Accessories, Underground Cables and Assemblies, and Submarine Cables and Accessories) and End-Users (Oil and Gas, Energy and Power

Medium Voltage Cable Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Installation Type (Overhead Cables and Accessories, Underground Cables and Assemblies, and Submarine Cables and Accessories) and End-Users (Oil and Gas, Energy and Power, Mining, Manufacturing, Transportation, Commercial, and Residential)

The medium voltage cable market was valued at US$ 18,694.1 million in 2019 and is projected to reach US$ 24,591.1 million by 2027; it is expected to grow at a CAGR of 4.7% from 2020 to 2027. The discoveries of new oil & gas reserves have been witnessing exponential growth worldwide. According to Rystad Energy, in 2019, 12.2 billion barrels of oil equivalent were discovered across the globe. In 2019, the total recorded discoveries with over 100 million barrels of oil equivalent accounted for 26, with offshore regions leading the new oil & gas deposits. A few of the recent discoveries include the discovery of two oil & gas fields by Saudi Aramco in the northern parts of Saudi Arabia in August 2020. In September 2020, Equinor announced the discovery of new oil & gas fields at the Swisher prospect. The company also announced the discovery of two oil fields in the Flemish Pass basin offshore Newfoundland. Furthermore, in October 2020, Total and its partners announced to evaluate several development options for commercializing a new gas and condensate discovery in South Africa. Gazprom announced the discovery of a new gas deposit—Yamal shelf. Through October 2020, over 70 new oil & gas discoveries were announced. Such discoveries of new offshore oil & gas reserves are expected to boost the construction of new plants and electricity requirements for new offshore plants, thereby boosting the medium voltage cable market.

The COVID-19 pandemic situation has hampered the economic growth of almost every country. The crisis is adversely affecting several industries such as energy & power, oil & gas, construction, and manufacturing. Though the complete impact of the pandemic is still unidentified, the impact across the electronics and semiconductor value chain will probably be far-reaching—and strongly affecting parties involved with cable manufacturing. The COVID-19 crisis is underlining the possible risks and vulnerability of the present electronics and semiconductor value chain model and challenging the cable industry to consider altering its global supply chain model. Several cable manufacturers were dependent on Chinese suppliers for raw materials; however, the outbreak shifted their focus to alternate suppliers. Copper is one of the primary raw materials used in cable manufacturing, and there was a drop in its prices. However, at the industry level, the demand for cables was impacted significantly. Reduced fixed investment, private consumption, and industrial activity due to the COVID-19 pandemic have slightly lowered the demand for medium voltage cables globally, particularly in Q1 and Q2 of 2020. The containment measures taken by various governments worldwide are hampering the total demand for every component across the world. In addition, the drop in exports and capital investments is restraining the growth of the medium voltage cable market.

The medium voltage cable market is segmented on the basis of installation type and end user. Based on installation type, the market is segmented into underground cable and accessories, overhead cable and accessories, and submarine cables and accessories. The market for overhead cable and accessories segment is expected to witness the highest growth during the forecast period. The overhead cables are less expensive, easy to deploy, and require less maintenance. Thus, their deployment in developing countries is high, wherein cost is a major factor for contractors is predominant. The market growth for submarine segment is propelled by the rising deployment of submarine cables in off-shore projects worldwide. By end-use, energy and power segment holds the largest market share owing to rising investments in electricity distribution and development of smart grids as well as renewable energy plants.

The overall 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 market. The process also serves the purpose of obtaining an overview and forecast for the medium voltage cable market with respect to all the segments. It also provides the overview and forecast for the global market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the medium voltage cable market. A few major players operating in the global market are 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.
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