The North American medium voltage cable market will grow at a compound annual rate of 5.1% in the next five years

According to a report released by Markets and Markets, an international market research institution, the size of the Americas medium-voltage cable market is expected to be $11.
1 billion in 2022, and this data is expected to increase to $14.
2 billion by 2027, with a compound annual growth rate of 5.
1%
during the period.
Rapid industrialization and increasing renewable energy generation are the major factors
driving the growth of the demand for medium-voltage cables in the region.

However, the economic slowdown caused by the COVID-19 pandemic and high commodity prices are challenges
for the medium voltage cable market.
Companies in all regions have also witnessed supply chain disruptions and reduced
demand for medium-voltage cables due to delays in energy and infrastructure projects.
This leads to increased raw material procurement costs due to supply shortages, which ultimately leads to order closures or delays
.

Medium-voltage cables are used to interconnect
equipment in large-scale renewable energy projects such as solar, offshore wind and hydroelectric dams.
They are also used to connect these projects to create private distribution networks and connect to the wider national grid
.
The increase in solar and wind power generation capacity in the United States is due to the country's ongoing efforts to decarbonize the power sector and address the environmental impact
of climate change.
Therefore, increasing wind and solar power generation in the U.
S.
is expected to drive the growth of the medium-voltage cables market, as these cables will be used to integrate electricity generated by solar and wind energy into the
grid.

Transmission and distribution network expansion projects are usually large-scale projects
involving large budget allocations from government authorities.
Due to budget shortfalls, such projects often get bogged down in cumbersome approval procedures or face funding issues
.
For example, as expected, the COVID-19 pandemic has delayed renewable energy projects
in Latin America.
Projects being developed in the power sector are facing delays
due to lockdowns and movement restrictions imposed to control the spread of the COVID-19 pandemic.
Wind power projects in the U.
S.
are also expected to be delayed due to
lockdowns and supply chain disruptions.

Based on laying type, the Americas medium voltage cable market is segmented into underground cables, overhead cables, and submarine cables, and overhead cables are expected to be the major segment during the forecast period, with relatively lower cost than submarine and underground cable systems
.

Based on the end-user market, it is mainly divided into industrial, commercial, and renewable energy
.
Renewable energy is expected to be the fastest growing segment
during the forecast period.
The Americas region is switching from traditional energy sources to renewable energy sources to reduce carbon emissions and reduce environmental pollution
.
The rapid influx of investment in renewable energy generation is expected to increase the demand for auxiliary components required for renewable energy generation, transmission, and distribution, such as energy storage devices and power (medium and high voltage) cables
.