North America Wire and Cable Market size to exceed $44bn by 2027
Published Date: November 8, 2021 Authors: Ankit Gupta, Riya Gupta
North America Wire and Cable Market is projected to surpass USD 44 billion by 2027, as reported in the latest study by Global Market Insights, Inc.
North America wire and cable industry is anticipated to witness significant growth on account of rising sustainable energy demand along with paradigm shift toward replacement of aging power infrastructure. Wires and cables are primarily installed across a wide array of applications including utilities for the transmission and distribution of electricity. The product includes an assemblage of more than one electrical conductor held onto an overall sheath. Government initiatives to replace and modernize the existing grid infrastructure owing to the increasing electricity demand which in turn will foster the industry expansion.
The increasing adoption of the product in the telecom industry coupled with its applications across the automotive sector for passenger cars, low commercial vehicles (LCVs) and high commercial vehicles (HCVs) will drive the business scenario. Ongoing innovation and infrastructural development for improving telecommunication networks based on Internet of Things (IoT) design will further influence the North America wire and cable market outlook.
Surging adoption of 5G technology & Internet of Things will drive the industry dynamics
North America wire and cable market from telecom & data cable segment is anticipated to witness growth on account of increasing demand for high-speed internet connectivity coupled with the ongoing development of IT infrastructure across the region. Government initiatives to improve internet-based utilities including artificial intelligence and cloud computing operating on 5G network will upsurge the product demand. The substantial technological deployment owing to their high durability, long-range coverage, and ease of installation is set to fuel the business landscape.
Browse key industry insights spread across 190 pages with 95 market data tables & 34 figures & charts from the report, “North America Wire and Cable Market Statistics By Product (Coaxial Cable/Electronic Wire, Fiber Optics Cable, Power Cable, Signal & Control Cable, Telecom & Data Cable), Voltage (Low, Medium, High), Application (Food & Beverages, Automotive, Material Handling/Logistics, Entertainment/Leisure, Utilities, Railways, Consumer Electronics, Building Infrastructure), Industry Analysis Report, Country Outlook, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Increasing R&D and product innovation for medium voltage range wires and cables are anticipated to open new growth avenues for the market expansion
North America wire and cable market from medium voltage range witnessed a revenue share of more than 20% in 2020 owing to their applications across industrial, commercial, railways, and utility segments. The mass electrification of commercial and residential appliances including heat pump space heaters, heat pump water heaters, and breaker boxes in order to limit global warming by 1.5 degrees Celsius will boost the product demand.
The rapid adoption of HEVs, BEVs, and PHEVs is considerably strengthening the wires & cables demand
Canada wire and cable market will experience a significant growth owing to the introduction of electric vehicles and positive outlook toward communication & civil sector. The increasing adoption of HEVs, BEVs, and PHEVs is considerably strengthening the product deployment. Furthermore, the rising demand for commercial and industrial vehicles for downstream and logistics sectors is anticipated to drive the North America wire and cable market outlook.
Advancements in manufacturing & production techniques will mitigate the impact of the pandemic
The government & private players are collaborating to effectively deal with the current situation. For instance, the World Economic Forum, through its platform for advanced manufacturing & production, is bringing together supply chain executives, senior operations, and leaders from the government, civil society, and academia to analyze the economic impact of COVID- 19 on value chains. This is further anticipated to support the companies in addressing existential and short-term challenges while working toward long-term goals.
Ongoing product innovations along with strategic collaborations among the players will stimulate the industry dynamics
Companies are focusing on both organic and inorganic growth ventures along with new product range & expansion, and strategic collaborations. The prominent manufacturers operating across the North America wire and cable market include Commscope, Nexans, LAPP North America Southwire Company, Elsewedy Electric, LS Cable & System, Furukawa Electric, Belden, igus GmbH, Jave Yuan Electric Wire, HELUKABEL GmbH, Prysmian Group, TPC Wire & Cable Corp and Viakon.