The global medium voltage cables market size is likely to reach USD 56.39 billion by 2026, exhibiting a CAGR of 6.9% during the forecast period. The rising technological advancement in grid infrastructures will impel energy providers to increase energy production by deploying distribution lines, which in turn will bolster healthy growth of the market in the forthcoming years. For instance, in 2002, there was a construction of the Cross-Sound Cable, which consisted of a pair of high-voltage DC transmission lines through Long Island sound that connects the electricity grids of New York and New England. Furthermore, the focus of countries towards the expansion of grid systems for maximum power supply will uplift the medium voltage cables market share in the forthcoming years. For instance, in 2015, the development of 2,383 kilometre-long ultra-high-voltage transmission line connecting Jiuquan city, in northwest China’s Gansu Province with central China’s Hunan Province. Deng Qinghong, deputy director of the construction department of State Grid Hunan Electric Power Company, said in a statement, “This ultra-high-voltage transmission line can transfer 40 billion kilowatt-hours of power to Hunan each year, meeting one-fourth of the total power demand in the province. This power can also benefit other central China provinces through the central China power grid.”
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List of the Major Companies Operating in Medium Voltage Cables Market Include:
- Prysmian Group
- General Cable
- Furukawa Electric Co., Ltd.
- Dubai Cable Company – Ducab
- Jiangnan Group Limited
- Schneider Electric
- Universal Cables Ltd
- Brugg Cables
- Riyadh Cables Group Company
- Synergy Cables
NKT Contract for offshore Export Cable Systems Will Spur Business Advances
NKT, a leading cable and cable accessories supplier, signed a supplier agreement with Dogger Bank Wind Farms Creyke Beck A and Creyke Beck B site for the delivery and installation of high-voltage DC on- and offshore export cable systems. The NKT delivery and order will comprise of 4×175 km of 320 kV DC offshore export power cables and approx. 4×32 km of 320 kV DC onshore export power cables as well as installation by the cable-laying vessel NKT Victoria. The manufacturing of the power cables will commence from the end-2021 at the manufacturing plant in Karlskrona, Sweden. The estimation of the contract is valued at EUR 360 million. The agreement between NKT and Dogger Bank Wind Farms Creyke Beck A and Creyke Beck B will contribute positively to the medium voltage cables market trends owing to its supply of green energy to approximately 3 million households in the UK. Furthermore, the NKT President and CEO, Alexander Kara said in a statement “I am excited that our long-term customers of Equinor and SSE have selected NKT as turnkey provider of the cable systems for the Dogger Bank Wind Farms Creyke Beck A/B and recognize us as a high-voltage DC technology partner in the market. In addition, I am pleased to observe the continued European focus on increasing the use of renewable energy sources, which is a trend from which NKT sees good growth opportunities”.
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