North America Wire and Cable Market size to exceed $40bn by 2026
Published Date: October 19, 2020 Authors: Ankit Gupta, Aditya Singh Bais
North America Wire and Cable Market size is expected to surpass USD 40 billion by 2026, as reported in the latest study by Global Market Insights, Inc.
North America wire and cable industry will witness significant growth on account of accelerating investment toward the expansion of grid infrastructure along with burgeoning power demand from residential and commercial sector. Inclination toward the enhancement and replacement of existing electric infrastructure across the economies has instituted a favorable business scenario for wires and cables. In addition, consumer inclinations toward the deployment of flexible, fire-resistant wire and cable with an aim to safeguard the living environment will stimulate the market demand.
However, the unprecedented epidemic of COVID-19 has created a significant turmoil for the North America wire and cable market growth. Lockdowns imposed by respective government has not only impacted the production figures of regional cable manufacturers but also flattened the demand across several end use applications. Although the situation is witnessing a substantial improvement in the ongoing quarter(Q3) with the functioning of some regional manufacturing industries. It has been anticipated that by 2021, the industry will regain its strength and observe substantial growth over the forecast timeline.
Growing demand for Wi-Fi broadband and mobile internet will drive the market demand for fiber optic cable
Fiber optic cable deployment will witness substantial growth on account of Increasing demand for internet connectivity and growing investments toward communication infrastructure. Resistance to electromagnetic interference, high bandwidth and lightweight & low security risks are some of the imperative features which will boost the industry demand over the forecast timeline. Rising adoption of these cable across computer networking, automotive industry, military & space applications will further augment the market share.
Browse key industry insights spread across130 pages with 93 market data tables & 27 figures & charts from the report, “North America Wire and Cable Market Analysis By Product (Coaxial Cable/Electronic Wire, Fire Optics Cable, Power Cables, Signal & Control Cable, Telecom & Data Cables), By Voltage (Low, Medium, High) By Application (Food & Beverages, Automotive, Material Handling & Logistics, Entertainment/Leisure, Utilities, Railways, Consumer Electronics, Building Infrastructure, Others), Industry Analysis Report, Country Outlook, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Rising adoption of small-scale renewable energy systems will proliferate the market statistics of medium voltage cables
Medium voltage cable demand will witness considerable growth on account of increasing product adoption in renewable energy generation. It finds application across railways, commercial, industrial establishments and utilities which will complement the market dynamics. In the recent past, introduction of supportive electrification programs by the regulators have created a positive business outlook.
Shifting trends toward digitalization in automotive sector will propel the market demand
The automotive segment of North America wire and cable market will witness significant transformations due to the rising digitalization of automotive systems which includes in-vehicle communication, connected technologies and automated systems. The growing focus toward the adoption of clean and sustainable vehicles including HEVs, BEVs, and PHEVs will radically augment the wires & cable demand across the region. Technological advancement accompanied by the innovations in wire and cable designs is anticipated to further influence the wire and cable industry.
Investments toward green buildings and T&D infrastructure will fuel the product adoption across Canada
Canada wire and cable market is projected to register over 8% CAGR during 2020 & 2026. The government schemes to promote green building infrastructure across residential establishments have escalated the market demand for wire and cable. Ongoing expansion across railways, energy, IT & Telecommunication sectors coupled with investments toward T&D infrastructure will positively influence the market outlook. For instance, In 2020, the Government of Canada announced to invest USD 44 million in the 106 km transmission network connecting Sherbrooke to Skinners Pond through its Green Infrastructure Stream.
Key players operating across North America wire and cable market comprise of Cablel Hellenic Cables Group, Polycab, Furukawa Electric Co. Ltd., Belden, Inc., LS Cables & Systems Ltd., Southwire Company LLC and LAPP North America amongst others. Strategic collaborations and partnerships coupled with technological advancements are the vital strategies followed by major market players to gain a competitive edge over other competitors in wire and cable business.