Pune, Jan. 25, 2021 (GLOBE NEWSWIRE) -- The Asia Pacific MV and HV underground cables and accessories market size is projected to reach USD 7.73 billion by 2027, exhibiting a CAGR of 7.7% during the forecast period. Increasing investments in renewables in Asia Pacific will play a key role in fueling the growth of this market, shares Fortune Business Insights™ in its report, titled “Asia Pacific MV and HV Underground Cables and Accessories Market Size, Share & COVID-19 Impact Analysis, By Type (Cable Type {Medium Voltage [1kV–15kV, 15kV-36kV, 36kV-69kV] and High Voltage [69kV-230kV, 230kV-500kV, Above 500kV]} and Accessories Type {Cable Joints, Terminators, Connectors, Clamps, and Others}) By End-User (Utility, Oil & Gas, Mining, Renewables, Transportation, and Others), and Country Forecast, 2020-2027”.
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Economic powerhouses in the Asia-Pacific region are pumping large sums of money towards building their renewables infrastructures and establishing clean energy systems. For example, according to the Institution of Energy Economics and Financial Analysis, India aims at investing USD 500 billion to create renewable energy generation capacity in the country by 2028. China, too, is accelerating its transition to renewables. A report by the International Renewable Energy Agency (IRENA) stated that the share of renewables in China’s energy mix will reach 16% by 2030, under the country’s current investment patterns and policies. Efficient medium voltage (MV) and high voltage (HV) underground cables and accessories will be required to transmit energy generated by renewables in these mammoth countries, especially in their remote regions and villages. Thus, expanding share of renewables in Asia Pacific will benefit this market over the next few decades.
As per the report, the market value stood at USD 4.40 billion in 2019. The main highlights of the report include:
- Cutting-edge research into the industry trends and outlook;
- Unrivaled analysis of the market drivers and restraints;
- Microscopic study of each and every market segment; and
- An exhaustive examination of the regional and competitive dynamics influencing the market.
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Restraining Factor
Contracting Energy Demand in Asia Pacific amid COVID-19 to Impede Market Growth
The Asia MV and HV underground cables and accessories market growth has hit a roadblock as the COVID-19 pandemic has triggered a precipitous decline in the demand for energy in major Asian economies. Implementing strict lockdown measures at the beginning of the year, China experienced an unprecedented demand contraction of 6.5% in the first quarter of 2020, according to the International Energy Agency. Similarly, in Japan and South Korea, electricity demand dropped between 2.5% and 4.5% during the same period. In India, peak power demand in August slumped to 5.65%, despite the partial easing of lockdown measures. Such sharp reduction in power demand has led to the inevitable delaying of planned energy projects and investments in Asia Pacific, which in turn will impede the growth of this market. China, for instance, announced in June 2020 that it will be putting its energy efficiency targets on hold because of the coronavirus.
Country Insights
China to Headline the Market; India and South Korea to Generate Exciting Opportunities
China is expected to dominate the Asia Pacific MV and HV underground cables and accessories market share during the forecast period backed by the heavy investments made by the country in renewable energy deployment. Improvements in industrial infrastructures will also aid market growth in the country. In 2019, China’s market size stood at USD 2.29 billion.
India is anticipated to open new growth avenues owing to the country’s increasing focus on rural electrification and adoption of technologies to prevent power outages. For South Korea, the main growth driver will be the country’s investments in accelerating the deployment of charging infrastructures for electric vehicles.
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Competitive Landscape
Introduction of Digital Power Solutions by Key Players to Energize the Market
One of the leading trends in the competitive landscape of this market is the development and launch of power solutions driven by digital technologies. The intent behind the introduction of these new-age solutions is to facilitate the transition of energy systems towards smart energy management, which also enables key players to diversify their portfolios and expand their market footprint.
Industry Developments:
- August 2020: Prysmian Australia rolled out the first Voltserver System in Australia, which delivers a novel form of digital distribution, enabling the deployment of multiuse technology across long distances. The system also allows the cable that transmits the equipment’s power can to be installed within the telecommunication duct.
- July 2020: Taihan Electric Wire inked a deal with the UK’s National Grid to supply underground cables and accessories for the London Power Tunnels project. The contract has an estimated worth of 92.5 billion Korean Won and is the largest power grid project awarded to a Korean cable manufacturer.
List of Key Companies Profiled in the Asia Pacific MV and HV Underground Cables and Accessories Market Report:
- LS Cable & System (South Korea)
- IL JIN Electric (South Korea)
- Power Flex Cables (Australia)
- Bhuwal Insulation Cable Pvt. Ltd (India)
- Gloster Cables Limited. (India)
- Jiangnan Group Limited. (China)
- ZTT (China)
- Keystone Cable (S) Pte Ltd (Singapore)
- Charoong Thai Wire & Cable PLC. (Thailand)
- Prysmian Group (Italy)
- Sarawak Cable Berhad (Malaysia)
- DNF CABLE SDN BHD (DNF) (Malaysia)
- Sumitomo Electric Industries, Ltd. (Japan)
- PT Supreme Cable Manufacturing and Commerce Tbk (Indonesia)
- Taihan Electric Wire (South Korea)
- Electra Cables (Australia)
- Sterlite Power (India)
- Tratos (United Kingdom)
- FURUKAWA ELECTRIC CO., LTD. (Japan)
- Nexans (France)
- VENINE CABLE (VENINE CORPORATION) (Thailand)
- Erawan Electric Wire & Cable Co. Ltd. (Thailand)
- Tonn Cable Sdn Bhd (Malaysia)
- PT Voksel Electric Tbk (Indonesia)
- Federal Power Sdn Bhd (Malaysia)
- LS-Gaon Cable Myanmar Co. Ltd. (Myanmar)
- PT KMI Wire and Cable Tbk (Indonesia)
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Major Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the MV and HV Underground Cables and Accessories Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Asia Pacific MV and HV Underground Cables and Accessories Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Cable Type
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- Medium Voltage
- 1kV – 15kV
- 15kV – 36kV
- 36kV – 69kV
- High Voltage
- 69kV – 230kV
- 230kV – 500kV
- Above 500kV
- Medium Voltage
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-
-
-
- Accessories Type
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- Cable Joints
- Terminators
- Connectors
- Clamps
- Others
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- Market Analysis, Insights and Forecast – By End-User
- Utility
- Oil & Gas
- Mining
- Renewables
- Transportation
- Others
- Market Analysis, Insights and Forecast – By Country
- China
- India
- Japan
- Australia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Philippines
- South Korea
- Vietnam
- Rest of Asia Pacific
- Market Analysis, Insights and Forecast – By End-User
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