North America Medium Voltage Cable Market to Grow at a CAGR of 5.7% to reach US$ 5,220.7 million from 2020 to 2027

The North America medium voltage cable market is expected to grow from US$ 3,689.8 million in 2019 to US$ 5,220.7 million by 2027; it is estimated to grow at a CAGR of 5.70 % from 2020 to 2027.

The US, Canada, and Mexico are major economies in North America. Fast urbanization and industrialization is expected to accelerate the North America medium voltage cable market. Growth in industrialization, has created an ever increasing need for energy generation, transmission, and distribution. This has significantly propelled the demand for medium voltage cables. Further, industrialization has resulted in growth of urbanization in North America as it created economic growth as well as job opportunities, which is driving people to relocate to cities. With the growth in urban population, there is an increase in investments to meet the challenges concerning need for housing, energy distribution, transportation, and other infrastructure. Moreover, urbanization and industrialization have also resulted in increased demand for basic facilities, such as education and healthcare. To meet these challenges, several governments across North America have laid down initiatives to meet shortages in the basic infrastructure and housing sector. Since medium voltage cables are vital component of electricity transmission and distribution, the above mentioned factors are anticipated to significantly boost the growth of the North America medium voltage cable market. Some others factors such as rise in renewable energy generation is also expected to increase the demand of medium voltage cable, ultimately driving the North America medium voltage cable market during forecast period.

Further, in case of COVID-19, North America is highly affected specially the US. In the North American region, a slight decline in the demand for medium voltage cables was witnessed owing to a halt in the construction industry. In Canada, construction projects deemed nonessential were shut down, and the essential projects are subject to public health guidelines. However, positive demand from power distribution as well as energy & infrastructures, particularly in on-shore wind, were noticed. Additionally, demand was accelerated due to the expiration of tax incentives and credits offered by the US government for renewable energy projects. In December 2020, the government passed the COVID-19 relief bill, extending tax incentives timeline for industries, including renewable energy. The renewable energy industry in the US, including wind and solar power, has witnessed growth during the COVID-19 epidemic so far. Furthermore, the US government support for an infrastructure package worth US$ 2 trillion will moderate the impact on demand for medium power cables used in infrastructure projects.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America medium voltage cable market. The North America medium voltage cable market is expected to grow at a good CAGR during the forecast period.

North America Medium Voltage Cable Market Segmentation

North America Medium Voltage Cable Market – By Installation Type

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

North America Medium Voltage Cable Market – By End-Users

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

North America Medium Voltage Cable Market, by Country

• US
• Canada
• Mexico

North America Medium Voltage Cable Market -Companies Mentioned

• Alpha Wire
• Furukawa Electric Co. Ltd.
• General Cable Technologies Corporation
• LEONI AG
• LS Cable & System Ltd.
• Nexans
• Sumitomo Electric Industries, Ltd.                                      

North America Medium Voltage Cable Market Report Scope

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