Dublin, Nov. 18, 2024 (GLOBE NEWSWIRE) — The “North America Medium Voltage Cables Market and Forecast 2024-2032” report has been added to ResearchAndMarkets.com’s offering.
The North America medium voltage cables market size is projected to grow at a CAGR of 4.5% between 2024 and 2032. Aided by the growing industrial activities and surging infrastructural development in the United States and Canada, the market is expected to significantly grow by 2032.
The increasing demand for reliable and efficient power transmission and distribution systems is driving the North America medium voltage cables market growth. With the growing urbanisation and industrialisation in the region, there has been a significant rise in the consumption of electricity, necessitating the expansion and upgrade of power infrastructure. Additionally, the rising investments in renewable energy projects, such as wind and solar power, have further contributed to the increasing demand for medium-voltage cables, which are essential for connecting renewable energy sources to the grid.
The ongoing infrastructure development and modernisation initiatives across the region play a significant role in propelling the North America medium voltage cables market expansion. Governments and private sector entities are investing heavily in upgrading ageing electrical infrastructure to improve reliability and efficiency. This includes the replacement of old and outdated cables with modern medium-voltage cables that offer better performance and longevity.
The United States holds a significant share of the market, driven by the high consumption of electricity and the continuous need for infrastructure development. The country’s focus on renewable energy projects and smart grid technology supports the North America medium voltage cables market development.
The Canada medium voltage cables market is characterised by increasing investments in renewable energy and the modernisation of power infrastructure. The demand for reliable power transmission and distribution systems in remote and rural areas also contributes to the market growth.
Companies are increasingly focusing on developing advanced cable technologies, such as high-temperature superconducting cables and self-healing cables, to meet the evolving needs of the power sector. With the growing emphasis on sustainability, manufacturers are adopting eco-friendly production practices and sourcing sustainable raw materials for medium-voltage cable production. To meet the rising demand, companies in the North America medium voltage cables market are expanding their production capacities and establishing new facilities in strategic locations across North America.
Innovations in cable materials, such as the use of cross-linked polyethylene (XLPE) and ethylene propylene rubber (EPR), are enhancing the performance and durability of medium-voltage cables. These materials provide better insulation, thermal resistance, and longevity. The development and deployment of high-temperature superconducting (HTS) cables are emerging as a key trend in the market. These cables offer higher efficiency and can carry more current than conventional cables, making them ideal for high-demand applications.
As per the North America medium voltage cables market analysis, the growing focus on renewable energy sources, such as wind and solar power, presents significant growth opportunities for the market. These cables are essential for connecting renewable energy installations to the grid. The adoption of smart grid technology, which involves the use of digital communication and automation to enhance the efficiency and reliability of power distribution, creates opportunities for medium voltage cable manufacturers to provide advanced solutions. The rising urbanisation and industrialisation in emerging regions, such as parts of Canada, further offer significant growth opportunities for the market.
Market Segmentation
The North America Medium Voltage Cables market can be divided based on installation, components, voltage, application, and country.
Market Breakup by Installation
- Underground
- Submarine
- Overhead
Market Breakup by Components
- Termination Cables
- Joints
- XLPE Cables
- Others
Market Breakup by Voltage
- 1 kV – 15 kV
- 16 kV – 35 kV
- 36 kV – 70 kV
- Others
Market Breakup by Application
- Industrial
- Infrastructure
- Renewable Energy
- Others
Market Breakup by Region
Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the North America medium voltage cables market. Some of the major players explored in the report are as follows:
- Southwire Company, LLC
- LS Cable & System Ltd.
- Sumitomo Electric Industries, Ltd.
- TPC Wire and Cable Corporation
- NXT A/S
- Nexans SA
- Prysmian S.p.A.
- CME Wire and Cable, Inc.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 188 |
| Forecast Period | 2024-2032 |
| Estimated Market Value (USD) in 2024 | $14.23 Billion |
| Forecasted Market Value (USD) by 2032 | $20.24 Billion |
| Compound Annual Growth Rate | 4.5% |
| Regions Covered | North America |
For more information about this report visit https://www.researchandmarkets.com/r/6jj3a1
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- North American Medium Voltage Cables Market
