North America Wire & Cable Market Outlook, 2028

North America Wire & Cable Market Outlook, 2028

The North American wire and cable market is expanding due to a greater emphasis on replacing and rebuilding the region's current electrical infrastructure. Significant investments are being made in the automotive and manufacturing industries. Furthermore, the rising applications in IT and telecommunications are driving up demand for wire and cables. Furthermore, increased worries about electrical supply failures, health risks, fires, and other operational hazards are propelling market expansion. Increased investments in expanding electrical networks in isolated and rural areas will boost the expansion of the North American wire and cable sector. Both public and private entities are making significant investments in infrastructure development programmes and regulatory efforts, which is propelling the market in the region. There is a major emphasis on lowering greenhouse gas emissions and implementing energy efficiency measures, which creates a good climate for the usage of wire and cable products. The development of innovative components, technologies, and control equipment to update current electrification networks is also contributing to the industry's good outlook. In North America, rising demand for copper cable, fibre cable, and technologically advanced connection solutions is fueling market expansion. Rising demand for wire and cables for applications such as local area networks, data centres, access control, home and building automation is motivating market participants to design and develop innovative end-to-end copper and fibre network systems such as cable, assemblies, interconnect panels and enclosures. expansion in Ethernet technologies capable of delivering data and meeting higher performance needs in smart buildings, as well as advancements in intelligent power, cooling, and airflow management for mission-critical data centre operations, are also supporting market expansion in North America.

According to the research report, “North America Wire and Cable Market, Outlook, 2028"", published by Bonafide Research, the market was valued at over USD 32 Billion in 2022. The rising consumer electronics industry and the construction of grid infrastructure networks are likely to drive long-term growth in the North American wire and cable market. The surge in demand for wire and cable products capable of efficiently transporting renewable energy over long distances has resulted from the transition towards renewable energy sources such as solar and wind power. Furthermore, the integration of smart grid technologies, such as enhanced metering infrastructure and distribution automation, necessitates the use of wire and cables within the grid infrastructure for data transmission and communication. Furthermore, economic activity and urbanisation have increased rapidly, which is likely to drive the growth of the infrastructure and building industries and further drive the market for wire and cable in North America. Demand from numerous sectors such as telecommunications, energy and power and automotive is driving infrastructure expansion and improvement. As a result, it is expected to drive the wire and cable industry. Furthermore, the repair of ageing infrastructure as well as the development of new commercial and residential structures is predicted to propel the entire industry. In the industrial sector, there is a growth in demand for high-performance networking and machine connectivity. Customers are increasingly looking for products that provide dependability and confidence in performance for a wide range of industrial automation applications. Furthermore, the rapidly expanding communication infrastructure and increased investments in modernising power and grid infrastructures are expected to fuel the growth of the wire and cable market in North America.

The US government announced a $2 trillion plan to upgrade the nation's infrastructure in order to establish the most robust, inventive economy in the world. The plan also includes 20,000 miles of reconstructed highways, repairs to ten key bridges, and projects to build a more resilient electrical transmission infrastructure in order to reach carbon-free electricity generation by 2035. Such activities are projected to improve regional wire and cable market growth significantly. The government of the United States has made a number of efforts to stimulate the use of smart grid technology. For instance, the New York State government, through NYSERDA, has made major investments in the development of smart energy systems. The region strives to expand renewable energy technology, reduce carbon emissions, and improve grid stability. Thus, government measures to develop smart grids drive the North American wires and cables market significantly.

The integration of smart technologies into cables has been an area of innovation. These smart cables can provide real-time monitoring of various parameters such as temperature, voltage, and current, enabling more efficient management and maintenance of electrical systems. PoE technology allows for the transmission of both power and data over a single Ethernet cable. This technology is commonly used in applications such as IP cameras, wireless access points, and smart lighting systems. Fiber optic cables are extensively used in communication networks due to their high-speed data transmission capabilities. They also enable optical sensing, where changes in the fiber's properties can be detected and used for monitoring applications like temperature sensing or intrusion detection. Some smart cables incorporate energy harvesting technologies to generate power from the environment. This can include harnessing kinetic energy, thermal energy, or solar energy to power sensors or other electronic components within the cable.

Based on the report, the market is segmented into voltage type, low voltage, medium voltage, high voltage and optical fiber cable. Among them the market is dominated by low voltage in 2022. The optical fiber cable segment is anticipated to gain highest CAGR of the market during the forecast period. Low-voltage wire is widely used in residential and commercial buildings for a variety of purposes, including lighting, power outlets, HVAC systems, and communication networks. The extensive usage of low-voltage cables in homes, businesses, retail spaces, and other applications has resulted in a significant demand for these cables. Many current technologies and equipment, like LED lighting systems, smart home automation, and communication networks, require low-voltage electricity. As these technologies mature and gain acceptance, the need for low-voltage connections to support their integration and interconnection grows. When compared to high-voltage cables, low-voltage cables are frequently easier to install and work with. They are more adaptable and necessitate fewer sophisticated installation techniques, potentially lowering labour costs and installation time. Low-voltage cables' flexibility also allows for better routing and incorporation into existing structures. In general, low-voltage wire and cable products are less expensive than their high-voltage counterparts. Lower voltage levels necessitate less insulation, and cables are often smaller in size, resulting in lower material and installation costs. Because of this economic benefit, low-voltage cables are more appealing for a wide range of applications, particularly in residential construction and restoration projects.

Recent Developments
• March 8, 2023: Southwire Corporation announced the opening of a new manufacturing facility in Oklahoma City, Oklahoma. The facility will produce high-voltage power cable for the North American market.
• February 22, 2023: General Cable Corporation announced the acquisition of Lapp Holding AG, a Swiss-based manufacturer of wire and cable products. The acquisition will expand General Cable's product portfolio and geographic reach.
• January 25, 2023: Prysmian Group announced the opening of a new research and development center in Toronto, Canada. The center will focus on developing new technologies for the wire and cable industry.

Major companies present in the market:
Nexans S.A., Prysmian S.p.A., Furukawa Electric Co., Ltd. , Amphenol Corporation, Belden Incorporated, Te Connectivity, Leoni AG, Corning Incorporated , Havells India Limited, Fujikura Ltd., Sumitomo Electric Industries, Ltd., Hengtong Group, LS Cable & System Ltd. , Southwire Company, LLC, CommScope Holding Company, Inc, NKT A/S, Elsewedy Electric Co S.A.E.

Considered in this report
• Geography: North America
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• North America Wire and Cable market with its value and forecast along with its segments
• Country-wise Wire and Cable market analysis
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries Covered in the report:
• United States
• Canada
• Mexico

By Voltage Type
• Low Voltage
• Medium Voltage
• High Voltage
• Optical Fiber Cable

By End User:
• Power Infrastructure (Energy, Power Transmission and Distribution)
• IT & Telecommunication
• Building & Construction (Commercial and Residential)
• Aerospace & Defence
• Consumer Electronics
• Automotive (Passenger, Commercial and Utility Vehicles
• Others (Oil & Gas Industry, Industrial Machinery and Manufacturing, Medical Equipment, Logistics, etc.)

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Wire and Cable industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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