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, 2020-2032

The Asia Pacific MV and HV underground cables and accessories market size was valued at USD 4.40 billion in 2019 and is expected to reach USD 11.70 billion by 2032, exhibiting a CAGR of 8.12% during the forecast period.

Various types of medium voltage (MV) and high voltage (HV) cables and accessories are widely integrated into the power transmission & distribution (T&D) networks across numerous industry verticals to support efficient electricity transfer between locations. The cables are manufactured with advanced materials equipped with enhanced insulation abilities to withstand weather fluctuations in different locations. Consequently, medium and high power lines are being increasingly installed in underground locations to avoid exposure to severe weather conditions such as storms and lightning to ensure reliable power supply to customers.

Constrained Operations amid COVID-19 to Affect MV and HV Underground Cables and Accessories Industry Expansion

The health and economic emergency caused by the sudden outbreak of the COVID-19 pandemic has significantly dented various commercial and industrial operations. The halt in regular functions has considerably declined power demand worldwide since the beginning of the current year, affecting utility companies' functioning and revenues. As a result, the MV and HV underground cables and accessories market growth has been hindered due to the lack of investments influenced by the limited demands of several end-user industries.

For example, the shutdown of operations across different industrial verticals has led to a significant decline in electricity demand from various sectors, affecting the overall industry landscape. In December 2020, the International Energy Agency (IEA) stated that the total electricity demand across China in February 2020 was about 13.1% lower than the corresponding period last year. The virus originated in China, and the country imposed strict lockdown measures in January 2020 to contain the spread at its peak time.

LATEST TRENDS

Favorable Initiatives to Expand Electricity Networks in Remote Locations to Shape Market Dynamics

Various governments and organizations have unveiled their plans to upgrade and amplify the reach of power infrastructures in distant areas. Administrations are focused on developing their electricity infrastructure to establish a reliable power supply network and are simultaneously introducing new policies and investment opportunities to support the transition. For instance, in February 2020, the Indian government introduced the Union Budget 2020-21 with a substantial amount of about USD 2.3 billion dedicated to the Ministry of Power. The administration also stated that it had provided an extra sum of over USD 786 million to the National Rural Electrification Scheme called the Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY).

Product Advancements by Leading Players to Modernize Supply Networks will Complement Growth Pace of the Market

Increasing efforts by market participants to launch efficient and innovative products are likely to intensify the competitive landscape and propel the Asia Pacific MV and HV underground cables and accessories market growth. These companies are striving to introduce new alternatives with enhanced fault detection methods and effective operations under harsh underground conditions. For example, in August 2020, Sumitomo Electric collaborated with TEPCO Power Grid, Inc. to fabricate the first remote cable monitoring system equipped with sensor-based technologies that can operate the current underground power transmission lines.

Report Scope & Segmentation

DRIVING FACTORS

Exponential Growth in Energy Demand & Setting up of New Transmission Lines to Fuel the Market

Emerging economies in Asia Pacific have been showcasing a promising surge in energy consumption over the past several years, underpinned by rapid industrialization and urbanization. Consequently, different public and private establishments have been making substantial investments to boost the region’s energy infrastructure to serve the increasing power needs. For instance, in July 2020, the IEA stated that the overall investment in power infrastructure across Indonesia totaled about USD 12.7 billion in 2019, rising from around USD 10.6 billion in 2017. It further revealed that in 2019, about 38.6% of the total amount was devoted to renovating power links in the country.

Growing Adoption of Green Energy Technologies to Open New Paradigms for Market Expansion

Low-carbon power generation technologies are one of the fastest-growing methods implemented to cut the harmful greenhouse gas (GHG) discharges from power generation units. Different global organizations have introduced ambitious targets as well as stringent policies to keep a check on the overall carbon footprint. For example, in September 2015, South Australia's government unveiled its investment plans to place around AUD 10 billion to facilitate the setup of low-carbon energy generation technologies by 2025. The guidelines include several objectives, such as 50% of the state’s electricity production is to be contributed through renewable resources by the target year.

RESTRAINING FACTORS

High Initial Capital Investment to Place Underground Cables May Obstruct Growth

The need for substantial capital costs to lay cables in underground locations may dampen the MV and HV underground cables and accessories market prospects. Placing an underground cable necessitates a list of additional procedures, such as excavating deep horizontal tunnels and essential large pieces of land to conduct the operations, limiting its installation potential in certain locations. Furthermore, it is also difficult to perform maintenance and repair works on underground lines as compared to the overhead lines due to the difficulties in locating the exact fault location from the surface.

SEGMENTATION

By Type Analysis

Medium Voltage Underground Cable Type to Hold the Largest Market Share

Based on type, the Asia Pacific MV and HV underground cables and accessories market is broadly divided into cable type and accessories type. The cable-type segment is further sub-categorized into medium voltage and high voltage, followed by further classifications. In contrast, the accessories segment is grouped into cable joints, terminators, connectors, clamps, etc. The medium voltage cables segment is expected to account for a substantial portion of the market due to the speedily developing residential and commercial sectors coupled with the setting up of new, small industrial facilities.

Furthermore, the cable joint accessories segment is anticipated to observe positive growth due to the indispensable need for joining different cables for effectively running them in underground locations. The 230 kV – 500 kV high-voltage cable sub-segment is projected to experience significant expansion owing to the financial support from various administrations to establish new medium and large businesses and distance electrification initiatives.

By End-User Analysis

Renewables End-user Segment to Exhibit the Highest Growth Rate over the Forecast Period

On the basis of end-users, this market can be categorized into utility, oil & gas, mining, renewables, transportation, and others. The renewables segment is likely to experience considerable evolution due to favorable policies, rising investment opportunities, and ambitious government targets.

The oil & gas segment is poised to grow significantly owing to the discovery of new hydrocarbon reserves along with the presence of high-capacity reservoirs.

The growth of the transportation segment is backed by the increasing expenditures and proliferation of charging infrastructures to support electronic mobility over long stretches.

COUNTRY INSIGHTS

The market has been analyzed across twelve key geographies operating across the region, namely, China, India, Japan, Australia, Indonesia, Thailand, Malaysia, Singapore, the Philippines, South Korea, Vietnam, and the Rest of Asia Pacific. China is expected to dominate the Asia Pacific MV and HV underground cables and accessories market share due to the country’s major shift towards clean energy deployment, positive plans for hydrocarbon exploration & production activities, and transformation of industrial infrastructures.

Furthermore, India is also expected to grow at a steady rate due to substantial rural electrification policies & opportunities, rising metal mining and production rates, and frequent power outage problems. For instance, in October 2020, Mumbai faced a sizable power loss, disturbing the city's electricity and water supply networks. The state’s energy minister specified that a technical glitch caused the outage at the government-owned transmission company’s 400 kV supply station.

Continuous up-gradation programs to refurbish and advance transmission & distribution lines are set to propel the South Korea MV and HV underground cables and accessories market. The country’s industrial growth is also attributed to the encouraging electric vehicle deployment initiatives and regular construction of high-capacity power generation plants. In January 2020, for instance, the South Korean Ministry of Commerce, Industry, and Energy declared subsidies over USD 810 million during the present year to boost the demand for electric vehicles (EVs) and improve the charging infrastructures in the country.

KEY INDUSTRY PLAYERS

Prysmian Group to Focus on Delivering Advanced Products to Fortify Its Global Position

Prysmian Group is a global T&D lines manufacturer and supplier, with a strong portfolio of medium voltage underground cables offered in numerous countries. The company has a strong foothold across different geographies, such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, along with offices in many nations, including South Africa, Australia, France, Brazil, and Mexico.  Furthermore, in May 2020, Prysmian reintroduced its P-Laser high-performance cable technology providing entirely recyclable possibilities for power transmission & distribution, coupled with the potential to reduce carbon footprint by 40%. The special offering is produced using the company’s High-Performance Thermoplastic Elastomer (HPTE) for improved electrical characteristics, easy manufacturing processes, effective performance at elevated temperatures, and lower CO₂ emissions than the conventional cross-linked polyethylene (XLPE) material.

The Asia Pacific MV and HV underground cables and accessories market is notably fragmented. A wide number of global, regional, and state-level key players are offering various products & components to diverse industries. These companies are continuously undertaking multiple efforts to establish their position through collaboration initiatives and innovative product launches to maintain their competitive edge.

LIST OF KEY COMPANIES PROFILED:

• PT KMI Wire and Cable Tbk (Indonesia)


• PT Supreme Cable Manufacturing and Commerce Tbk (Indonesia)


• LS-Gaon Cable Myanmar Co. Ltd. (Myanmar)


• Sumitomo Electric Industries, Ltd. (Japan)


• Federal Power Sdn Bhd (Malaysia)


• DNF CABLE SDN BHD (DNF) (Malaysia)


• PT Voksel Electric Tbk (Indonesia)


• Sarawak Cable Berhad (Malaysia)


• Tonn Cable Sdn Bhd (Malaysia)


• Prysmian Group (Italy)


• Erawan Electric Wire & Cable Co. Ltd. (Thailand)


• Charoong Thai Wire & Cable PLC. (Thailand)


• VENINE CABLE (VENINE CORPORATION) (Thailand)


• Keystone Cable (S) Pte Ltd (Singapore)


• Nexans (France)


• ZTT (China)


• FURUKAWA ELECTRIC CO., LTD. (Japan)


• Jiangnan Group Limited. (China)


• Tratos (United Kingdom)


• Gloster Cables Limited. (India)


• Sterlite Power (India)


• Bhuwal Insulation Cable Pvt. Ltd (India)


• KEI Industries Limited. (India)


• Power Flex Cables (Australia)


• Electra Cables (Australia)


• IL JIN Electric (South Korea)


• Taihan Electric Wire (South Korea)


• LS Cable & System (South Korea)

KEY INDUSTRY DEVELOPMENTS:

• July 2020 – Taihan Electric received an order worth about USD 81 million or 95.2 billion Korean Won from the UK’s National Grid to supply 400 kV underground cables and accessories and reinforce London's network under the London Power Tunnels 2 (LPT2) project.


• April 2020 – Prysmian Group announced the brand integration of its recently acquired company called General Cable Corporation to fortify its product reach and integration. The company’s brand offerings are now categorized into three key divisions – Prysmian, Draka, and General Cable – to serve customers in multiple countries and industry verticals.

REPORT COVERAGE

The Asia Pacific MV and HV underground cables and accessories market research report presents a comprehensive assessment of the market, offering valuable insights, facts, industry-related information, and historical data. Several research methodologies and approaches have been adopted to formulate meaningful assumptions and views. Furthermore, the report offers a detailed analysis and information as per market segments, helping our readers to get a comprehensive overview of the Asia Pacific industry. 

In-Depth Coverage Of Segmentation

By Type

 Cable Type

• High Voltage




• 69kV – 230kV


• 230kV – 500kV


• Above 500 kV




• Medium Voltage




• 1kV – 15kV


• 15kV – 36kV


• 36kV – 69kV






• Accessories Type




• Cable Joints


• Terminators


• Connectors


• Clamps


• Others

By End-User

• Utility


• Oil & Gas


• Mining


• Renewables


• Transportation


• Others

By Country

• Asia Pacific (By Type, By End-User, and By Country)




• China (By Type, By End-User)


• India (By Type, By End-User)


• Japan (By Type, By End-User)


• Australia (By Type, By End-User)


• Indonesia (By Type, By End-User)


• Thailand (By Type, By End-User)


• Malaysia (By Type, By End-User)


• Singapore (By Type, By End-User)


• The Philippines (By Type, By End-User)


• South Korea (By Type, By End-User)


• Vietnam (By Type, By End-User)


• Rest of Asia Pacific (By Type, By End-User)