North America Medium Voltage Cable Market
The major growth in the North America region is attributed to the deployment of medium voltage cables to upgrade grid infrastructure as well as rise in investments in renewable power. Also, increase in investments in the oil & gas sector and discoveries of new reservoirs are anticipated to drive the North America market during the forecast period. Also, investments in smart grids across the region has propelled the demand for medium voltage cables. Furthermore, countries in the North America region, have recently been experiencing an increase in discovery of new oil & gas reserves, which is expected to drive the market during the forecast period. Enterprises in North America are constantly optimizing the overall business processes to meet the customer needs for high-quality products and services in the best possible way. Owing to the ability of medium voltage cables to offer reliable connection with a power source during unpredictable power outage situations and to withstand direct exposure to harsh environmental conditions, they are used by industries such oil & gas, chemicals, energy & power, mining, and transportation. North America is observing huge growth in the oil & gas sector due to mounting investments in the same. According to the US Energy Information Administration, the dry natural gas and crude oil production in the US surged by 12% and 17%, respectively, in 2018. The natural gas production in the US has increased on the back of strong growth in the export of Liquefied Natural Gas (LNG). The expansion of oil & gas sector escalates the demand for medium voltage cables that last and withstand harsh environments. Factors such as advancement in cable technology is expected to drive the North America medium voltage cable market during forecast period.
Moreover, 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.
Strategic insights for the North America Medium 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.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 3,689.8 Million |
| Market Size by 2027 | US$ 5,220.7 Million |
| Global CAGR (2020 - 2027) | 5.70 % |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Installation Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America Medium 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.
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. Finding new oil & gas reserves is expected to accelerate the North America medium voltage cable market. The discoveries of new oil & gas reserves have been witnessing exponential growth across North America. In 2019, the total recorded discoveries with over million barrels of oil, with offshore countries leading the new oil & gas deposits. In September 2020, one of the largest oil discovery company in North America, Equinor announced the discovery of new oil & gas fields. Furthermore, in October 2020, another company, Total and its partners announced to evaluate several development options for commercializing a new gas and condensate discovery. Such discoveries of new offshore oil & gas reserves are expected to boost the construction of new plants and electricity requirements for new offshore plants, thereby boosting the North America medium voltage cable market during forecast period.
In terms of installation type, the overhead cables and accessories segment accounted for the largest share of the North America medium voltage cable market in 2019. In terms of end-users, the energy and power segment held a larger market share of the North America medium voltage cable market in 2019.
A few major primary and secondary sources referred to for preparing this report on the North America medium voltage cable market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Alpha Wire; Furukawa Electric Co. Ltd.; General Cable Technologies Corporation; LEONI AG; LS Cable & System Ltd.; Nexans; Sumitomo Electric Industries, Ltd.
The North America Medium Voltage Cable Market is valued at US$ 3,689.8 Million in 2019, it is projected to reach US$ 5,220.7 Million by 2027.
As per our report North America Medium Voltage Cable Market, the market size is valued at US$ 3,689.8 Million in 2019, projecting it to reach US$ 5,220.7 Million by 2027. This translates to a CAGR of approximately 5.70 % during the forecast period.
The North America Medium Voltage Cable Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Medium Voltage Cable Market report:
The North America Medium Voltage Cable Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Medium Voltage Cable Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Medium Voltage Cable Market value chain can benefit from the information contained in a comprehensive market report.
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