Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The North America Medium Voltage Cables Market is currently witnessing notable trends that reflect the evolving landscape of the region's electrical infrastructure. In recent years, there has been a substantial increase in the demand for medium voltage cables, driven by the region's growing energy needs, infrastructure development, and the shift towards renewable energy sources. One prominent trend is the increasing adoption of underground medium voltage cables, which offer advantages such as reduced visual impact, enhanced reliability, and improved safety compared to overhead lines. This is particularly evident in urban areas where aesthetic considerations and space constraints have fueled the preference for underground cable installations.
Another significant trend shaping the market is the rising emphasis on smart grid technologies. As North America strives to modernize its power distribution networks, there is a growing integration of medium voltage cables with smart grid solutions. This integration enables real-time monitoring, control, and optimization of the electrical grid, enhancing efficiency and reliability. The deployment of advanced sensors and communication technologies within medium voltage cables facilitates better fault detection, faster response times, and overall grid resilience. This trend aligns with the broader global movement towards sustainable and intelligent energy systems.
Moreover, the market is experiencing a surge in demand for medium voltage cables in the renewable energy sector. With an increasing focus on clean energy sources, there has been a substantial growth in wind and solar power projects across North America. Medium voltage cables play a crucial role in connecting these renewable energy installations to the grid, facilitating the efficient transmission of electricity. The transition towards a more sustainable energy mix is driving investments in medium voltage cable infrastructure that can accommodate the decentralized nature of renewable energy generation.
Furthermore, the North America Medium Voltage Cables Market is witnessing advancements in cable materials and technologies. Innovations in insulation materials and cable designs are aimed at improving performance, durability, and environmental sustainability. The development of eco-friendly materials, coupled with a focus on recyclability, reflects the industry's commitment to reducing its environmental footprint. As sustainability becomes a key consideration for both manufacturers and end-users, these innovations are expected to gain prominence in the market.
In terms of market dynamics, the competitive landscape is characterized by strategic collaborations, mergers, and acquisitions. Key players are actively seeking partnerships to enhance their product portfolios, expand their geographical presence, and capitalize on emerging opportunities. Additionally, there is a growing trend of customization, where manufacturers are tailoring their medium voltage cable solutions to meet specific industry requirements. This adaptability is crucial in catering to diverse sectors such as industrial, commercial, and residential, each with unique demands for medium voltage cable applications.
The North America Medium Voltage Cables Market is undergoing transformative changes driven by the region's evolving energy landscape. The adoption of underground cables, integration with smart grid technologies, the surge in renewable energy projects, advancements in cable materials, and strategic collaborations are key trends shaping the market. As North America continues its journey towards a more sustainable and resilient electrical infrastructure, the medium voltage cables market is poised for further growth and innovation.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | · Increased emphasis on the production of decentralized energy |
| 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:
North America Medium Voltage Cables Market Overview
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
Medium Voltage Cables Market Trends
-
Growing shift towards more sustainable and cleaner energy is driving the market growth
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.
Medium Voltage Cables Market Segment Insights:
Medium Voltage Cables Voltage Insights
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.
Medium Voltage Cables Product Insights
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.
Medium Voltage Cables Installation Insights
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
Medium Voltage Cables End User Insights
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.
Medium Voltage Cables Regional Insights
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
Medium Voltage Cables Key Market Players & Competitive Insights
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.
Key Companies in the medium voltage cables market include
- Brugg Cables
- Eland Cables Ltd.
- Hellenic Cable Industry S.A.
- Leoni
- Nexans
- NKT Cables
- Prysmian SpA
- Southwire
- Sumitomo Electric Industries
- TPC Wire & Cable Corporation
Medium Voltage Cables Market Segmentation
Medium Voltage Cables Voltage Outlook
- Up to 25kV
- 26kV-50kV
- 51kV-75kV
- 76kV-100kV
Medium Voltage Cables Product Outlook
- Termination Cables
- Joints
- XLPE Cables
- Others
Medium Voltage Cables Installation Outlook
- Underground
- Submarine
- Overhead
Medium Voltage Cables End User Outlook
- Industrial
- Commercial
- Utility
Medium Voltage Cables Regional Outlook
- North America
- US
- Canada
- Mexico
- Rest of North America
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
