Europe Medium Voltage Cable Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Installation Type and End-Users

Energy and Power Segment to Dominate Europe Medium Voltage Cable Market during 2019-2027

According to a new market research study on “Europe Medium Voltage Cable Market to 2027 - COVID-19 Impact and Regional Analysis and Forecast by Installation Type and End-Users,” is expected to reach US$ 6,595.3 million by 2027 from US$ 4,721.7 million in 2019. The market is estimated to grow at a CAGR of 5.53 % from 2020 to 2027. The report provides trends prevailing in the Europe medium voltage cable market along with the drivers and restraints pertaining to the market growth. Increment in renewable energy generation and growing urbanization and industrialization are the major factor driving the growth of the Europe medium voltage cable market. However, availability of bogus cable market hinders the growth of Europe medium voltage cable market.

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. Due to the decline in construction, the medium voltage cable market will witness an abrupt downturn in 2020. Further, countries in the region, including Germany, UK, France, and Belgium, have witnessed a second wave of the virus and have announced lockdown for the second time in November 2020. The situation amid the COVID-19 pandemic is extraordinary, which is anticipated to hamper the market's growth. Also, 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. Furthermore, the Danish market also noticed positive demand in Q3, 2020. Additionally, demand in the Czech Republic declined due to a slowdown in construction activities and the UK due to government restrictions on several industries' operations. Overall, the demand for medium voltage power cables in the region is expected to be driven by expanding the approved pan-European grid.

The Europe medium voltage cable market is segmented based on installation type, end-users, and country. The installation type segment is further categorized into underground cable and assemblies, overhead cable and accessories, and submarine cables and accessories. The overhead cable and accessories segment dominated the market and 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 is high, wherein cost is a major factor for contractors is predominant. Growth of submarine segment is propelled by the rising deployment of submarine cables in off-shore projects across Europe. By end-users, market is segmented into the oil and gas, energy and power, mining, manufacturing, transportation, commercial, and residential. The energy and power segment holds the largest market share in 2019 owing to rising investments in electricity distribution and development of smart grids as well as renewable energy plants. The oil and gas segment is expected to be fastest growing during forecast period.

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; Sumitomo Electric Industries, Ltd. are among the leading companies in the Europe medium voltage cable market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Nexans will play a key role in the UK’s energy transition with a contract worth around €20 million to supply specialized nuclear cables for the Hinkley Point C new nuclear power station. Over a six-year contract, Nexans will design and manufacture a total of 3,000 kilometers of cables developed to ensure safety, reliability and long life.

The report segments the Europe Medium Voltage Cable Market as follows:

Europe Medium Voltage Cable Market - By Installation Type

• Overhead Cables and Accessories
• Underground Cables and Assemblies
• Submarine Cables and Accessories

Europe Medium Voltage Cable Market - By End-Users

• Oil and Gas
• Energy and Power
• Mining
• Manufacturing
• Transportation
• Commercial
• Residential

Europe Medium Voltage Cable Market - By Country

• Germany
• France
• Italy
• UK
• Russia
• Rest of Europe

Reasons to Buy

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Europe Floor Care Polymers Market.
• Highlights key business priorities in order to assist companies to realign their business strategies.
• The key findings and recommendations highlight crucial progressive industry trends in the Europe Floor Care Polymers Market, thereby allowing players across the value chain to develop effective long-term strategies.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth Europe market trends and outlook coupled with the factors driving the floor care polymers market, as well as those hindering it.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.