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North America Wire and Cable Market Trends

Report ID: GMI4841
Published Date: May 2023
Report Format: PDF

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North America Wire and Cable Market Trends

The North America wire and cable market is expected to experience substantial growth led by the expanding consumer electronic sector and the development of grid infrastructure networks. Manufacturers are making significant investments in research and development to improve their product offerings in response to evolving consumer demand. The shift towards renewable energy sources such as solar and wind power has increased the demand for wire and cable products capable of efficiently transmitting renewable energy over long distances. Furthermore, the integration of smart grid technologies, including advanced metering infrastructure and distribution automation, necessitates the use of wire and cables for data transmission and communication within the grid infrastructure.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of North America wire and cable exceeded USD 33.7 billion in 2023 and will progress at a 5.8% CAGR between 2024 and 2032 propelled by the increase in infrastructure and development projects as well as the growing demand for consumer electronic products.

The power cable segment accounted for USD 15.4 billion in 2022 and is likely to progress at more than 5.5% CAGR through 2032 as a result of supportive government initiatives aimed at improving transmission capacities through the adoption of sustainable and energy-efficient components.

North America wire and cable market size from the utility application segment is poised to surpass USD 15 billion by 2032 owing to increasing emphasis on upgrading and modernizing utility infrastructure to ensure efficient and reliable transmission and distribution of electricity.

The U.S. wire and cable industry is projected to depict over 5.5% CAGR from 2023 to 2032, attributed to growing electricity demand, coupled with the inadequacy of the existing grid infrastructure, in the country.