The medium voltage cable market is growing at an exponential rate owing to the increase in urbanization, industrialization, and the use of electronic gadgets in our daily lives.
PORTLAND, OREGON, USA, March 25, 2022 /EINPresswire.com/ — The global medium voltage cable market size was valued at $28.5 billion in 2020 and is expected to reach $49.1 billion by 2030, growing at a CAGR of 5.6% from 2021 to 2030. Medium voltage cable plays a role important in the daily life of human beings, because everyone is surrounded by rechargeable and electronic gadgets. The rise in demand for cell phones and laptops in this decade has led to an increase in the demand for wired chargers which is the main driver of the market. Additionally, the increase in demand for electric vehicles is driving the demand for medium voltage cables. Moreover, every country is planning to transform the crude vehicle into an electric vehicle and this transformation has led to an increase in the demand for medium voltage cables and can be the main driver for the growth of the market. In addition, governments from all over provide subsidies such as Indian and Japanese governments want new cars to be electrified to become carbon neutral by 2050, electric vehicles have increasingly become a necessity for countries to achieve these goals.
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The medium voltage cable market is segmented on the basis of voltage, product, installation, end user and region. By product, the market is categorized into Up to 25kV, 26kV-50kV, 51kV-75kV, and 76kV-100kV. Based on the installation, it is divided into underground, underwater and aerial. Based on the end user, it is categorized into industrial, commercial and utility. Regionally, he analyzed North America, Europe, Asia-Pacific and LAMEA.
The Global Medium Voltage Cable Market Analysis covers detailed information about the major players in the industry. The major players operating and profiled in the Medium Voltage Cables industry report are Brugg Cables, Eland Cables Ltd., Hellenic Cable Industry SA, Leoni, Nexans, NKT Cables, Prysmian SpA, Southwire, Sumitomo Electric Industries and TPC Wire and Cable Corporation.
The global Medium Voltage Cable market is analyzed and estimated based on the impacts of drivers, restraints and opportunities. The period studied in this report is 2020-2030. The report includes the study of the market with respect to growth prospects and restraints based on regional analysis. The study includes Porter’s Five Forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.
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Impact of Covid-19 on the Global Medium Voltage Cable Market
The sale of medium voltage cables is directly proportional to the sale of cell phones, tablets and other gadgets. Global companies such as Philips, Panasonic, Sony, Canon, Nikon, Casio, Pioneer and others have a significant share in manufacturing mobiles, cameras, smart watches and others. Gadgets industry (mobiles, tablets, except laptops) was negatively affected by the lockdown imposed due to the COVID-19 outbreak and witnessed a huge drop in sales of mobiles and tablets in 2020, which also led to lower sales of medium voltage cable.
The spread of the coronavirus has had serious repercussions on the global economy due to the drop in exports, production, demand from foreign tourists and private use. Major exporter of electronics items and lower demand for electronics has led to lower demand for medium voltage cables and show huge decline in market.
Electric car charging system is the main market of the medium voltage cable market, but due to the high cost of electric cars, the sales of electric cars have declined in the COVID-19 situation, which has also led to a decline in medium voltage cable market sales.
COVID-19 has affected almost every industry by hampering various industrial operations and disrupting the supply chain. A maximum of companies have ceased operations due to a decrease in the workforce. However, there has been a slow decline in the global medium voltage cable market due to the impact of COVID-19.
The electronics industry has acquired a large share in terms of consumption of medium voltage cables. Attributed to the outbreak of the COVID-19 pandemic, the demand for electronic items such as laptops has increased due to the increase in working from home, which in turn has also increased the demand for average cables voltage.
Furthermore, the import and export business has been significantly affected, which in turn has adversely affected the industries using medium voltage cables, thereby affecting the global medium voltage cable market.
According to UNIDO, 30.0% to 70.0% of the pre-COVID-19 workforce in various industries, such as electricity and other third-party providers, migrated to their hometown due to uncertainties and loss of income during lockdown. This unavailability or reduced availability of labor is expected to directly affect production and manufacturing activities, thus leading to a drop in demand for raw materials used in medium voltage cables. This is expected to slow down the growth of the market over the forecast period.
Automotive production occupies a large share in terms of the use of medium voltage cables. The automotive industry was negatively affected by the lockdown imposed due to the COVID-19 outbreak and saw a decline in the number of on-road vehicles (passenger and commercial) in 2020. This further reduced the average cable demand voltage due to a disrupted supply chain, which, in turn, hampered the global medium voltage cable market.
After the lockdown reopened, people are avoiding using public transport and a significant share of people have bought their own cars for travel, which has led to an increase in demand for car terminal wiring and car battery which also plays an important role in medium voltage cables. Marlet. However, after the lockdown, it shows a positive impact on medium voltage cable sales.
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