Press release
Medium Voltage Cable Market Size, Revenue, End Users And Forecast Till 2027
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.
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Analysis of the Top Market Players:
1. Alpha Wire
2. BRUGG Group AG
3. Cleveland Cable Company
4. Furukawa Electric Co. Ltd.
5. General Cable Technologies Corporation
6. LEONI AG
7. LS Cable & System Ltd.
8. Nexans
9. Prysmian Group
10. Sumitomo Electric Industries, Ltd.
In this report, the market has been segmented on the basis of:
Installation Type
β’ Overhead Cables and Accessories
β’ Underground Cables and Assemblies
β’ Submarine Cables and Accessories
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.
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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.
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