North America Wire and Cable Market Analysis

North America Wire and Cable Market Analysis

The North America power cable market size accounted for over USD 15.4 billion in 2022 and is set to exceed at a CAGR of over 5.5% by 2032. The power cable market is poised for substantial growth, primarily propelled by its wide range of applications in low-rated capacity networks. Government initiatives aimed at improving transmission capacities through the adoption of sustainable and energy-efficient components will fuel the demand for power cables. Furthermore, regulatory efforts to replace traditional power generation systems with cleaner and higher-capacity energy sources will further contribute to the industry's growth.

The low-voltage wire and cable market in North America is predicted to witness gains at nearly 6% up to 2032. The growth of the low-voltage wire and cable market can be attributed to its wide range of applications in various sectors such as consumer electronics, communication, automotive, and secondary power distribution. The increasing demand for reliable and cost-effective electricity supply, along with the expanding electronics and communication industry, will have a positive impact on the market. Furthermore, the need for high-speed data transmission in applications like 5G networks, cloud computing, and IoT devices is proliferate the demand for low-voltage cables that can support higher bandwidths and faster data transfer rates.

North America wire & cable market from utility sector was valued at USD 8.4 billion in 2022 and is poised to reach USD 15 billion by 2032. Increasing emphasis on upgrading and modernizing utility infrastructure to ensure efficient and reliable transmission and distribution of electricity will boost the industry landscape. The ongoing shift towards renewable energy sources, such as solar and wind power, has led to an increased demand for cables that can transmit power from these sources to the utility grid. As governments and utilities across the region aim to reduce carbon emissions and increase the share of renewable energy in their energy mix, the demand for cables suitable for renewable energy applications is growing.

In addition, the utility sector requires cables that can withstand harsh environmental conditions, such as extreme temperatures and moisture, as well as provide high levels of electrical conductivity and insulation. These specialized cables are essential for power transmission and distribution in utility infrastructure, which in turn will proliferate the business landscape in the coming years.

U.S. wire and cable market projected to observe 5.5% growth rate from 2023 to 2032 owing to the increasing electricity demand in the country, coupled with the inadequacy of the existing grid infrastructure, which in turn will create a demand for advanced transmission and distribution networks. The U.S. wire and cable market will also be driven by the growing focus on the renewable energy sector and ongoing construction activities related to renewable energy projects.

 As the country strives to transition to cleaner and more sustainable energy sources, the demand for various electrical components, including wire and cable, will rise to support the installation and operation of renewable energy systems. Moreover, the telecommunications sector will play a significant role in rising demand for wire and cable products. With the significant growth in broadband user subscriptions, there is a rising need for fiber optic connections to support high-speed data transmission. This will lead to increased demand for fiber optic cables, which are essential for building robust telecommunications infrastructure.