North America High Voltage Cable Market to 2027 - Regional Analysis and Forecasts by Type (Overhead, Underground and Submarine); & End User (Industrial, Renewable and Infrastructure)
The North America high voltage cable market accounted for US$ 5.09 Bn in 2018 and is expected to grow at a CAGR of 5.3% over the forecast period 2019-2027, to account for US$ 7.92 Bn in 2027. The major factors that drive the growth of the high voltage cable market are includes, 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 high voltage cable market. Additionally, increasing industrialization and economic developments in North American countries supports the growth of electricity at an impressive pace. The shale industry endures to be a driving factor for the US energy policy, shifting gears from energy scarcity to abundance of energy sources. The power sector is one of the most promising sectors, especially in developing and underdeveloped regions, as it attracts more investments than any other mass sector, such as oil & gas. Booming energy and oil & gas sector plays a major role in boosting the growth of high voltage cable market.
The high voltage cable market is fragmented in nature due to the presence of several industries, and the competitive dynamics in the market is anticipated to change during the coming years. In addition to this, various initiatives are undertaken by governmental bodies to accelerate the high voltage cable market further. The government of this country spends a significant amount on electricity to fulfill the rising demand from consumers and industries. The US Energy Information Administration, the country generated 4,178 billion kWh of electricity in 2018; fossil fuels such as natural gas, coal, and petroleum contributed 63% share to this, while nuclear power plants held 20% and renewable sources accounted for 17% share of this. The country also accounts for the largest share of the North American high-voltage cable market, owing to the huge demand for and consumption of electricity as well as the presence of a large number of power generation plants. High production and consumption of energy is expected to boost the high voltage cable market.
The high voltage cable market on the basis of end user is segmented into industrial, renewable energy, and infrastructure. During the forecast period of 2019 to 2027, the industrial end user is anticipated to be the largest contributor in the high voltage cable market and is projected to be the fastest growing segment with the highest CAGR over the forecast period.
The overall high voltage cable market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the high voltage cable market. It also provides an overview and forecast for the high voltage cable market based on all the segmentation provided with respect to the North American region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the high voltage cable market. Some of the players present in high voltage cable market are Dubai Cable Company - Ducab, Furukawa Electric Co., Ltd., Nexans SA, NKT A/S, Prysmian Group (General Cable Corporation), Siemens AG, Southwire Company, LLC, Sumitomo Electric Industries, Ltd., TELE-FONIKA Kable SA (TF Kable), and ZTT Group among others.
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America high voltage cable market
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The key findings and recommendations highlight crucial progressive industry trends in the North America high voltage cable market, thereby allowing players across the value chain to develop effective long-term strategies
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Scrutinize in-depth North America market trends and outlook coupled with the factors driving the market, as well as those hindering it
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