The North America medium voltage cable market is expected to grow from US$ 3,689. 8 million in 2019 to US$ 5,220. 7 million by 2027; it is estimated to grow at a CAGR of 5. 70 % from 2020 to 2027. Rise in renewable energy generation across North America is expected to escalate the North America medium voltage cable market.
New York, March 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Medium Voltage Cable Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Installation Type and End-Users" - https://www.reportlinker.com/p06027842/?utm_source=GNW
Various governments across North America are prioritizing the generation of renewable energy owing to increasing energy demand and rising environmental concerns.
For instance, over 250 mayors in the US have pledged to procure 100% renewable energy for their respective cities by 2035.Such initiatives in the region are resulting in increased investments in new renewable power plants, which are boosting the demand for medium voltage cables.
Regardless of the COVID-19 outbreak, the renewables are expected to account for 95% of the total increase in North America power capacity by 2025.Keeyask Hydropower Generating Station in Canada is one of the ongoing major renewable energy projects in North America.
The development of renewable power plants is propelling the North America medium voltage cable market as these cables are significantly used as a primary connection between the renewable energy system and the power network. Thus, investment in renewable energy generation across North America are expected to increase the demand for medium voltage cable, which will drive the growth of the North America medium voltage cable market during forecast period.
Furthermore, 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 were subjected 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, such as renewable energy.
The renewable energy industry in the US, including wind and solar power, has witnessed growth during the COVID-19 outbreak so far. Further, 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.
Based on installation type, the overhead cables and accessories segment led the North America medium voltage cable market in 2019.Majority of the overhead cables have been traditionally used for transmitting and distributing the electric power.
The configuration of overhead cables is simple.These cables are commonly commissioned using poles and towers.
The bare wire conductors in these lines are usually made of aluminum as the key material; however, certain medium voltage wires made of copper are used for distribution to customer premises.Overhead wires are continuously exposed to open atmosphere.
Thus, there are many concerns associated with their safety and reliability. Adverse environmental conditions, such as heavy rain, snow, wind, and humidity as well as salt contents in the atmosphere can deteriorate the lifecycle of these cable systems and raise concerns regarding electrical safety. Yet, these cable systems are less expensive as compared to underground cables and are also easy to maintain owing to clear visibility. Further, the cost of installation is less. These advantages of overhead cable systems coupled with other advantages, such as higher lifespan and smaller size of conductors, are boosting their deployment. These cables are the most preferred cable systems for medium voltage electricity transfer and distribution. Advantages of overhead cables and accessories such as less expensive, easy to deploy, and require less maintenance etc. are expected to increase its demand in coming years, which will drive the North America medium voltage cable market.
North America medium voltage cable market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the North America medium voltage cable market.
The process also serves the purpose of obtaining overview and forecast for the North America medium voltage cable market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry experts such as VPs, business development managers, medium voltage cable market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America medium voltage cable market.Alpha Wire; Furukawa Electric Co.
Ltd.; General Cable Technologies Corporation; LEONI AG; LS Cable & System Ltd.; Nexans; Sumitomo Electric Industries, Ltd. are among a few players operating in the North America medium voltage cable market.
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