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:
Exhibit: Mexico High Voltage Cable Market Revenue and Forecasts to 2027 (US$ Mn)
NORTH AMERICA HIGH VOLTAGE CABLE MARKET SEGMENTATION
By Type
By End User
By Country
High Voltage Cable Market - Companies Mentioned
| Report Attribute | Details |
|---|---|
| Market size in 2018 | US$ 5.09 Billion |
| Market Size by 2027 | US$ 7.92 Billion |
| CAGR (2019 - 2027) | 5.3% |
| Historical Data | 2016-2017 |
| Forecast period | 2019-2027 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America High Voltage Cable Market is valued at US$ 5.09 Billion in 2018, it is projected to reach US$ 7.92 Billion by 2027.
As per our report North America High Voltage Cable Market, the market size is valued at US$ 5.09 Billion in 2018, projecting it to reach US$ 7.92 Billion by 2027. This translates to a CAGR of approximately 5.3% during the forecast period.
The North America High 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 High Voltage Cable Market report:
The North America High 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 High Voltage Cable Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America High Voltage Cable Market value chain can benefit from the information contained in a comprehensive market report.
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