Report : North America Medium Voltage Cable Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Installation Type (Overhead Cables and Accessories, Underground Cables and Assemblies, and Submarine Cables and Accessories) and End-Users (Oil and Gas, Energy and Power, Mining, Manufacturing, Transportation, Commercial, and Residential)
Overhead Cables and Accessories Segment to Dominate North America Medium Voltage Cable Market during 2019–2027
According to a new market research study on “North America Medium Voltage Cable Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Installation Type and End-Users,” is expected to reach US$ 5,220.7 million by 2027 from US$ 3,689.8 million in 2019. The market is estimated to grow at a CAGR of 5.70 % from 2020 to 2027. The report provides trends prevailing in the North America medium voltage cable market along with the drivers and restraints pertaining to the market growth. Fast urbanization and industrialization and rise in renewable energy generation are the major factor driving the growth of the North America medium voltage cable market. However, presence of simulated cable market hinders the growth of North America medium voltage cable market.
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.
The North America medium voltage cable market is segmented based on installation type, end-users, and country. The installation type segment is further categorized into underground cable and assemblies, overhead cable and accessories, and submarine cables and accessories. The overhead cable and accessories segment dominated the market and is expected to witness the highest growth during the forecast period. The overhead cables are less expensive, easy to deploy, and require less maintenance. Thus, their deployment is high, wherein cost is a major factor for contractors is predominant. Growth of submarine segment is propelled by the rising deployment of submarine cables in off-shore projects across North America. By end-users, market is segmented into the oil and gas, energy and power, mining, manufacturing, transportation, commercial, and residential. The energy and power segment holds the largest market share in 2019 owing to rising investments in electricity distribution and development of smart grids as well as renewable energy plants. The transportation segment is expected to be fastest growing during forecast period.
Alpha Wire; Furukawa Electric Co. Ltd.; General Cable Technologies Corporation; LEONI AG; LS Cable & System Ltd.; Nexans; Sumitomo Electric Industries, Ltd. are among the leading companies in the North America medium voltage cable market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Nexans has signed a €2.1 million contract with Coptech to deliver 206 km of fire retardant power cables for the new flue gas desulfurization unit at Serbia’s 1,560 megawatt (MW) Nikola Tesla A coal-fired power plant. The project is part of the Serbian government’s pledge to invest €14 billion in boosting the country’s economy, including the development of its power generation sector.
The report segments the North America Medium Voltage Cable Market as follows:
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
North America Medium Voltage Cable Market – By Country
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