Asia Pacific MV and HV Underground Cables and Accessories Market to Grow at 7.7% CAGR till 2027; Rapid Expansion of Urban Areas to Stoke the Demand for Medium Voltage Cables

The Asia Pacific MV and HV underground cables and accessories market size is projected to reach USD 7.73 billion by 2027 on account of the high dependence on cable joint accessories in the power industry, observes 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”. The report states that the Asia Pacific market value stood at USD 4.40 billion in 2019 and the market is expected to register a CAGR of 7.7% from 2020 to 2027.

Sudden disruptions in commercial and industrial activities caused by the COVID-19 pandemic have constrained the Asia Pacific MV and HV underground cables and accessories market growth. Lockdowns and social distancing rules have affected the normal functioning of utility companies and steep decline in power demand has dealt severe shocks to the energy and power industry in Asia Pacific. Furthermore, volatile crude oil prices have stymied investment plans in the power sector, which will also limit the growth of this market.

Sumitomo Electric Completes Massive Cable Operation in San Francisco

Sumitomo Electric Industries, along with its Sumitomo Electric U.S.A., announced the successful completion of pipe cable to XLPE cable system retrofit replacement operation in San Francisco in July 2020. Developed by Pacific Gas & Electric (PG&E) Company, the San Bruno Interchange Project involved the deployment of a new dielectric cable system to replace the existing high pressure gas-filled cable system. The installation of 115 kV cross-linked polyethylene-insulated underground power cables will allow PG&E to minimize operational and maintenance costs, reduce construction civil works, retain the current transmission capacity of the circuit, and maximize the utilization of existing infrastructure.

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Increasing Focus on Improving Electricity Access to Rural Areas to Stimulate Growth

Economies across the Asia-Pacific region are taking concerted efforts towards expanding access to reliable power supply to rural populations. In its latest Sustainable Energy Report, the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) has highlighted that approximately 389 million of the 421 million people that lack electricity access in Asia Pacific reside in rural areas. Several countries, however, have made notable progress in this regard. For example, the ESCAP report notes that Laos and Cambodia have expanded electricity networks in rural regions through the combined use of solar home systems and grid extensions. In India, the report points out, efficient utilization of micro grids has led to higher quality and economically sustainable off-grid power distribution. The country has also implemented the Saubhagya scheme since 2019 to ensure last-mile connectivity for un-electrified households. This progress in enhancing power access to remote communities is augmenting the Asia Pacific MV and HV underground cables and accessories market.   

Leading Players to Explore Opportunities to Broaden Operational Horizons

Key players in this market are taking continuous efforts to widen the scope of their operations and entrench their market position. For this, the participants are focusing on developing cost-effective offerings to cater to the ever-increasing power demand in Asia Pacific, particularly in China and India. Moreover, domestic players are increasingly engaging with European and North American manufacturers to leverage new technologies and bolster their international presence.

Industry Development:

• October 2020: Sterlite Power announced the financial closure of INR 2,070 crores from the Power Corporation Ltd. for its Vapi II North Lakhimpur Transmission Limited project in Assam. Sterlite will now be able to execute the mammoth inter-state transmission project that aims to supply clean energy to western and north-eastern India.

List of Key Players Covered in the Asia Pacific MV and HV Underground Cables and Accessories Market Report:

• 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)


• 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)

Further Report Findings:

• Backed by new hydrocarbon discoveries in the Asia-Pacific region, the oil & gas segment held a promising market share of 21.0% in 2019.


• China is poised to dominate the Asia Pacific MV and HV underground cables and accessories market share during the forecast period owing to the country’s ambitious fossil fuel exploration & production plans for the upcoming years. In 2019, the country’s market size stood at USD 2.29 billion.

Table of Segmentation