North America Medium Voltage Cables Market Size was valued at USD 12.5 Billion in 2022. The medium voltage cables market industry is projected to grow from USD 13.18 Billion in 2023 to USD 20.238 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.50% during the forecast period (2023 - 2032). The primary market drivers supporting the medium voltage cable market's expansion have been the world's rapid industrialization and urbanization.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
One of the key factors propelling the medium voltage cable market is the shift towards more sustainable and cleaner kinds of energy. Renewably sourced energy, including hydroelectric, solar, and wind power, is becoming more and more popular as nations strive to meet their carbon obligations and adhere to international climate agreements. In the US, approximately 20% of electricity produced annually comes from renewable sources, which are becoming more and more integrated into power infrastructure. Advanced electrical infrastructure that can manage distribution, handle variable energy outputs, and guarantee effective energy storage is necessary for the integration of these renewable energy sources into the current power grids. High-grade, long-lasting, and effective cables are crucial, and this demand is greatly increased. Since renewable energy projects frequently take up large areas of land that are remote from areas of consumption, effective transmission becomes essential. This demand is efficiently met by medium voltage cables, which offer a balance between infrastructure costs and transmission capacity.
The growth of smart cities, extensive transit networks, and modernized public utilities are only a few examples of the infrastructure development that has a significant impact on the medium voltage cable industry. Big public projects usually require an intricate network of electrical systems that have to be highly dependable, long-lasting, and efficient. For vital services like emergency response systems, public transit, and healthcare, where an electricity outage is not an option, these standards are extremely important. These projects' complexity and size have a cascading impact that necessitates the use of specialized cables with medium-range power transmission reliability. Furthermore, a substantial amount of funding is going toward these large-scale projects as nations vie for technical and infrastructure leadership, which is sustaining the market for medium voltage cables that adhere to strict quality and performance standards. Thus, driving the medium voltage cables market revenue.
The North America Medium Voltage Cables market segmentation, based on voltage includes Up to 25kV, 26kV-50kV, 51kV-75kV, and 76kV-100kV. The polyurethane segment dominated the market because of their many functional advantages, which include a long lifespan, minimal power losses, simplicity in integration into cable circuit designs, and a reduced frequency of power outages.
The North America Medium Voltage Cables market segmentation, based on product, includes Termination Cables, Joints, XLPE Cables, and Others. The transportation category generated the most income. A form of electrical cable used for long-distance power transmission is called medium-voltage XLPE cable. Applications requiring the cable to be resistant to heat and corrosion frequently use XLPE cables. It functions well in applications with high voltage and current levels.
The North America Medium Voltage Cables market segmentation, based on installation, includes Underground, Submarine, and Overhead. The overhead category generated the most income. In both underground and overhead applications, medium voltage cables are utilized for long-distance electrical transmission. High-power transmission over vast distances is accomplished by overhead medium voltage cables, whereas high-speed local area networks (LSLANS) in cities and towns are accomplished by subterranean medium voltage cables.
Figure 1: North America Medium Voltage Cables Market, by Installation, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The North America Medium Voltage Cables market segmentation, based on end user, includes Industrial, Commercial, and Utility. The utility category generated the most income. Medium voltage cables serve as the cornerstone for the utility sector's distribution of electrical power. They ensure a steady supply of power for homes, businesses, and industrial facilities by efficiently transporting electricity from substations to multiple distribution points.
The North American market is expected to increase as a result of significant expenditures being made to modernize several industries, including mining, petrochemicals, and oil and gas, as well as the existence of important companies. In addition, in order to facilitate the energy transition and close the energy demand gap, the United States and Canada are concentrating on increasing the capacity of their renewable energy output. According to a March 2020 report by the International Renewable Energy Agency (IRENA), for instance, the United States' installed clean energy capacity increased from over 246.6 GW in 2018 to over 264.5 GW in 2019, representing a 7.3% annual increase. Furthermore, the North American market for medium-voltage cables is anticipated to develop as a result of the governments in the Americas placing a high priority on reaching the goal of net-zero carbon emissions and the growing involvement of private companies in the generation of renewable energy.
Figure 2: North America Medium Voltage Cables Market Share By Region 2022 (Usd Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the medium voltage cables market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, medium voltage cables industry must offer cost-effective items.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 12.5 Billion |
| Market Size 2023 | USD 13.18 Billion |
| Market Size 2032 | USD 20.238 Billion |
| Compound Annual Growth Rate (CAGR) | 5.50% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Voltage, Product, Installation, End User, and Region |
| Region Covered | North America |
| Countries Covered | The US, Canada, Mexico, and Rest of North America |
| Key Companies Profiled | Brugg Cables, Eland Cables Ltd., Hellenic Cable Industry S.A., Leoni, Nexans, NKT Cables, Prysmian SpA, Southwire, Sumitomo Electric Industries, and TPC Wire & Cable Corporation |
| Key Market Opportunities | ·      Increased emphasis on the production of decentralized energy |
| Key Market Dynamics | ·      Increasing shift to more sustainable and clean energy sources ·      Swift growth in the number of infrastructure development initiatives |
North America Medium Voltage Cables Market Highlights:
Frequently Asked Questions (FAQ) :
The North America Medium Voltage Cables market size was valued at USD 12.5 Billion in 2022.
The market is projected to grow at a CAGR of 5.50% during the forecast period, 2023-2032.
The key players in the market are Brugg Cables, Eland Cables Ltd., Hellenic Cable Industry S.A., Leoni, Nexans, NKT Cables, Prysmian SpA, Southwire, Sumitomo Electric Industries, and TPC Wire & Cable Corporation.
The overhead category dominated the market in 2022.
The utility category had the largest share in the market.
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