Trends and Growth Prospects in the Medium Voltage Cable and Accessories Market

According to the new research report on "Medium Voltage Cable and Accessories Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis," published by The Insight Partners, the market is expected to reach US$ 70.67 billion by 2030 and register a CAGR of 5.6% from 2022 to 2030. ?

The US, Canada, and Mexico are major economies in North America. Enterprises in North America constantly optimize the overall business processes to meet the customer needs for high-quality products and services in the best possible way. As medium voltage cables and their accessories offer reliable connection with a power source during unpredictable power outage situations and withstand direct exposure to harsh environmental conditions, they are used by various industries, including oil & gas, chemicals, energy & power, mining, and transportation. North America is observing massive growth in the oil & gas sector due to the growing investment in it. According to the Energy Information Administration (EIA) report, the US and Canada contribute 14.5% and 5.8% of the world's total crude oil production. Also, as per the same source, in July 2022, the US oil production reached 12.1 million barrels per day (bpd), with a 200,000 bpd rise from May. With the expansion of midstream infrastructure, this upward oil production trend will continue over the forecast period. This growing expansion of the oil & gas sector escalates the demand for medium voltage cables that are durable and can withstand harsh environments.

Moreover, the surging number of construction projects is contributing to the increasing demand for medium voltage cables and accessories in North America. For instance, in November 2021, Samsung announced its plan to construct a new advanced chip-making plant in Texas. The plant is estimated to cost ~US$ 17 billion and is expected to be operational in 2024. Similarly, in May 2023, the Buffalo Bills announced that the construction of the new stadium had started in Western New York. This new Bills Stadium is built on 242 acres of land, and the construction is expected to be completed in July 2026. In addition, investment in residential construction is also rising in the region. In April 2021, in Canada, the investment in residential construction reached ~US$ 15.3 billion, which was an increase of 8.1% compared to April 2020. With this, the investment in single-unit residential construction also increased in April 2021 by 8.9% compared to April 2020. Thus, growing oil & gas industry and increasing investment in commercial and residential construction projects drive the medium voltage cable and accessories market growth in North America.

The medium voltage cable and accessories market size is segmented on the basis of installation, product, voltage, end user, and geography. Based on installation, the medium voltage cable and accessories market is categorized into overhead, underground, and submarine. By product, the medium voltage cable and accessories market is categorized into MI, terminations, joints, and XLPE cables. On the basis of voltage, the medium voltage cable and accessories market is segmented into 1-5, 6-13, 23, 34, 45, and 69. In terms of end user, the medium voltage cable and accessories market is segmented into industrial, infrastructure, and renewables. Additionally, based on geography, the medium voltage cable and accessories market is segmented into Europe, North America, Middle East & Africa (MEA), Asia Pacific (APAC), and South America (SAM).

Medium Voltage Cable and Accessories Market Key Findings:

Based on installation, the underground segment holds the largest share in the medium voltage cable and accessories market market. Germany is the fourth-largest pharmaceutical market worldwide. Underground cable laying is a practical solution in areas with little cable space, especially in urban areas. Underground cables can be used to transport electric power. In an underground cable system, instead of cables suspended from poles and towers, cables laid on the ground are used to carry data from one location to another. Extreme weather has become increasingly frequent as a result of climate change. To have a steady source of power, underground cables are essential. The underground cables have a significantly longer lifespan and offer consistent power or service as they are shielded from the elements. Thus, due to the above factors the demand for underground cables is increasing propelling the medium voltage cable and accessories market growth.

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