North America Wires And Cables Market Size, Share & Trends Analysis Report By Voltage (Low Voltage, Medium Voltage, High Voltage), By Installation (Overhead, Underground), By End-use (Aerospace And Defense, Energy And Power), By Region, And Segment Foreca

North America Wires And Cables Market Size, Share & Trends Analysis Report By Voltage (Low Voltage, Medium Voltage, High Voltage), By Installation (Overhead, Underground), By End-use (Aerospace And Defense, Energy And Power), By Region, And Segment Forecasts, 2023 - 2030

North America Wires And Cables Market Growth & Trends

The North America wires and cables market size is expected to reach USD 43.40 billion by 2030, expanding at a CAGR of 3.4% over the forecast period, according to a study conducted by Grand View Research, Inc. The increasing demand for refined power transmission and distribution systems, coupled with the rising fund for upgrading infrastructure is anticipated to be the critical factor driving the market growth. Additionally, government initiatives to aid smart grid implementation and expanding infrastructure and construction growth are expected to surge the market demand.

Several technological upgrades, such as shifting the old transmission lines to high or extra high voltage lines, are being made in the electricity Transmission and Distribution (T&D) ecosystem. These changes aim at making the T&D ecosystem stable in contradiction to the alternating nature of the renewable sources of energy. However, the growing renewable power capacity and energy generation have further increased the need for countries to upgrade the electricity transmission systems. It can be done by interconnecting both renewable and conventional sources of electricity generation to meet the demand of the states. It is anticipated to surge the market demand over the coming years.

The high growth rate of the U.S. market can be attributed to the increasing demand for cables from the IT and Telecommunication sector. Additionally, reduced broadband service costs, growing penetration of smartphone users, infrastructural upgradations in the bandwidth, and expanding internet access have increased the number of broadband subscribers in the country. These trends have fortified the high demand for fiber-optic technology within wires and cables. These are used for on-demand television programming, internet access, and other communication services to businesses and homes.

The players in the North America wires and cables market are highly focused on launching new and innovative products to expand product offerings and to meet consumer demands. For instance, in September 2019, Belden Inc. announced the launch of a new Small-Diameter 10GXW Cable, a smallest-diameter category 6A cable intended to support smart building applications. Additionally, the players are also focused on strategic expansions to unleash the potential in countries with high construction growth.

North America Wires And Cables Market Report Highlights

• The low voltage segment is expected to dominate the market and is expected to reach USD 15.5 billion by 2025. This is owing to high usage of low voltage cables in the form of building wires,LAN cables, distribution networks, and appliance wires
• The underground segment is projected to register the highest CAGR of 4.6% over the forecast period owing to the increasing demand from telecom, automotive, commercial, and other sectors
• The building and construction segment is estimated to expand at a significant CAGR owing to new construction and increasing refurbishment activities for the aging residential, commercial, and industrial infrastructure
• The U.S. market is estimated to hold a dominant share throughout the forecast period owing to expanding internet access and lower broadband service costs in the country
• Prominent market players of North America wires and cables market include Belden Inc.; Encore Wire Corporation; Prysmian S.p.A.; and Fujikura Ltd.

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