North America High Voltage Cable Market

The high voltage cable market in North America is expected to grow from US$ 5.09 Bn in 2018 to US$ 7.92 Bn by the year 2027 with a CAGR of 5.3% from the year 2019 to 2027.

Driving factors such as the rising economic growth, increasing industrialization around the world, and increasing demand for modern grid structure is propelling the growth of the high voltage cable market. The key factors that drive the growth of the HVC market are: growth of offshore wind farms and modern grid infrastructure in order to increase the electrification rate across the developing nations. On the other hand, the volatile metal prices of copper and aluminum limit the growth of the market. A rising demand of electricity across North American market is expected to encourage these regions to enhance their grid infrastructure, which is a key factor for the growth of the HVC market.

The availability of a wide variety of high voltage cables to fulfill the requirements of several industries are further fuelling the growth of the North America high voltage cable market. During a past few years, the popularity of renewable energy is growing at an impressive rate globally, thereby attracting the attention of power generation companies to the corresponding resources. According to International Renewable Energy Agency (IRENA) estimates, the overall renewable power capacity reached around 2,351 GW globally by the end of 2018, with a year-on-year growth rate of 7–8% in 2018. Solar and wind power contributed 24% and 20%, respectively, to the overall renewable power capacity. During the past few years, the addition of renewable power plants has outnumbered net fossil and nuclear power capacity installations worldwide. The renewable energy has grabbed ~33% share of the world’s total installed power capacity. As of 2018, more than 90 countries around the world have installed renewable generating capacity of around 1 GW or more, including 30 countries with 10 GW generation capacity. The US is one of a major country in investing towards renewable energy generation industry.

The high voltage cable market is segmented on the basis of type into overhead, underground, and submarine. During the forecast period of 2019 to 2027, the Underground high voltage cable is anticipated to be the largest contributor in the high voltage cable market. However, the submarine high voltage cable is projected to be the fastest-growing type with the highest CAGR over the forecast period.

The US dominated the high voltage cable market in 2018 and is expected to dominate the market with the highest share in the North America region through the forecast period. The US market is characterized by some of the renowned oil & gas companies. Natural Gas is an abundant resource available in the country, and the natural gas extraction has witnessed higher growth in recent times owing to the depleting petroleum resources. The US is one of the prominent oil producers around the globe and has several oil & gas rigs remotely located at its borders. The demand for transporting the electricity to offshore oil & gas rigs and wind/solar farms is also soaring, thereby, increasing the deployment of high-voltage cables. Hence, with rising investments in renewable power generation capacity, smart grid technology, and offshore power projects, the overall demand for high-voltage cables is projected to grow at an impressive rate during the forecast period. As per NEXANS, offshore wind farms in the US would be capable of generating ~4.7 GW of power by 2027. The above-mentioned factors are, therefore, contributing to the growth of the high voltage cable market in the country. The figure given below highlights the revenue share of the Mexico in the high voltage cable market in the forecast period:

Mexico High Voltage Cable Market Revenue and Forecasts to 2027 (US$ Mn)

North America High Voltage Cable Strategic Insights

Strategic insights for the North America High Voltage Cable provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

North America High Voltage Cable Report Scope

North America High Voltage Cable Regional Insights

The geographic scope of the North America High Voltage Cable refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

NORTH AMERICA HIGH VOLTAGE CABLE MARKET SEGMENTATION

By Type

• Overhead
• Underground
• Underground

By End User

• Industrial
  • Power Utilities
  • Oil & Gas
  • Mining
  • Chemical & petrochemicals
  • Others
• Renewable Energy
  • Wind Power
  • Hydropower
  • Others
• Infrastructure
  • Commercial
  • Industrial

By Country

• US
• Canada
• Mexico

High Voltage Cable Market - Companies Mentioned

• Dubai Cable Company – Ducab
• Furukawa Electric Co., Ltd.
• Nexans SA
• NKT A/S
• Prysmian Group (General Cable Corporation)
• Siemens AG
• Southwire Company, LLC
• Sumitomo Electric Industries, Ltd.
• TELE-FONIKA Kable SA (TF Kable)
• ZTT Group