Latest TMR Report Explores Impact of COVID-19 Outbreak on Medium-voltage Electric Cable Market
Global Medium-voltage Electric Cable Market: Introduction
- The electric cables which have voltage carrying capacity between 6 kV to 36 kV are considered as the medium-voltage electric cable. These type of cables are mostly used in distribution network, where the electricity is delivered to the consumers.
- These cables has insulted with cross-linked polyethylene. This type of insulation has excellent chemical resistance and is also resistant to extreme temperatures. Furthermore these cables are also used in underground or underwater. Due to which the medium-voltage electric cable have high demand consumers.
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Key Drivers and Restraints of Global Medium-voltage Electric Cable Market
- Rapid industrialization and urbanization is a key factor driving the global medium-voltage electric cable market. Over the last few years, there has been significant industrialization and urbanization in developing economies, which has led to increased requirement for power generation, transmission, and distribution. Rapid industrialization and urbanization is expected to boost the demand for medium voltage electric cables during the forecast period.
- Increased awareness about and investments in renewable energy is one of the key factors driving the global medium-voltage electric cable market. Over the last decade, there has been significant increase in investments in renewable energy such as solar, wind, hydropower, geothermal, and biomass. Sometimes, renewable energy projects are off the grid and hence, medium-voltage electric cables are employed to connect with grid systems. Thus, increasing renewable energy generation across the globe is expected to drive the global medium voltage electric cable market during the forecast period.
- Power generation, transmission, and distribution require high capital investments and long-term planning, which is a major factor restraining the global medium-voltage electric cable market. Projects across the world are getting delayed, due to lack of funding. Thus, high capital costs are expected to restrain the global medium voltage electric cable market during the forecast period.
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Global Medium-voltage Electric Cable Market: Segmentation
- The global medium-voltage electric cable market can be segmented based on device installation, voltage, material type, core type, and end-user
- In terms of device installation, the global medium-voltage electric cable market can be segmented into overhead, underground, and submarine. Underground is expected to be the dominant segment in the near future, due to lower transmission losses and maintenance costs associated with underground cables and their resistance to weather conditions.
- Based on voltage, the global market can be divided into below 10 kV, 11 kV – 20 kV, 21 kV – 30 kV, and above 30 kV. Among these, below 10 kV and 11 kV – 20kV segments are expected to lead the global medium-voltage electric cable market during the forecast period, due to high demand among end-users.
- Based on material type, the global medium-voltage electric cable market can be classified into copper and aluminum. The aluminum segment leads the global medium-voltage electric cable market, as aluminum cables are inexpensive than copper cables.
- In terms of core type, the global market can be segmented into single core and triple core. The triple core segment is expected to expand at a high CAGR during the forecast period, as triple core cables are more stable in harsh environmental conditions and they provide safety in case of indoor installations.
- Based on end-user, the global medium-voltage electric cable market can be segregated into residential, commercial, and industrial. The industrial segment can be sub-divided in oil & gas, mining, petrochemical, power generation, renewable energy, and others. The industrial segment is expected to expand at a high CAGR during the forecast period.
Global Medium-voltage Electric Cable Market: Regional Segmentation
- Based on region, the global medium-voltage electric cable market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Government initiatives toward development of infrastructure and rising investments in the industrial sector in the region are anticipated to drive the Asia Pacific medium-voltage electric cable market during the forecast period
- Countries such as India, China, and Japan are expected to lead the medium-voltage electric cable market in Asia Pacific during the forecast period, due to rise in investments in energy production and distribution in these countries
- The market in North America and Europe is expected to expand at a significant CAGR during the forecast period, due to increasing investments in the development of renewable energy in these regions
- The market in Latin America and Middle East & Africa is estimated to expand at a steady pace during the forecast period, which can be ascribed to steady increase in investments in power generation and distribution projects in these regions
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