North America Power and Control Cable Market Size - By Product (Power Cable, Control Cable), By Voltage (Low Voltage {LV Power, LV Control}, Medium Voltage, High Voltage), By Application (Utilities, Industries {Power Plants, Oil & Gas, Cement) & Forecast,

North America Power and Control Cable Market Size - By Product (Power Cable, Control Cable), By Voltage (Low Voltage {LV Power, LV Control}, Medium Voltage, High Voltage), By Application (Utilities, Industries {Power Plants, Oil & Gas, Cement) & Forecast, 2023 - 2032

North America Power and Control Cable Market size is poised to expand at 6.9% CAGR from 2023 to 2032 driven by the rising investments for modernization and the deployment of smart grid technologies.

Of late, power and control cables are garnering significant popularity as they facilitate efficient energy transmission to enable real-time monitoring and enhance the overall reliability and resilience of the grid. With utilities and energy providers prioritizing the modernization of power grids, substantial investments directed towards deploying advanced technologies and intelligent systems have considerably surged, further boosting the need for power and control cables across major North American countries. For instance, in September 2023, the White House invested $3.5 billion in 58 projects in 44 states for upgrading the nation's electric system for providing more sustainable energy and reducing expenses.

The North America power and control cable industry is segmented into product, voltage, application, and region.

Based on product, the market share from the control cable segment is anticipated to gain significant traction from 2023-2032 on account of automation and control systems becoming integral to modern operations in the region. Control cables play a pivotal role in transmitting signals and managing automated processes across various industries. The increasing adoption of advanced automation technologies in manufacturing, energy, and infrastructure is surging the demand for the cables to offer precision and reliability in their control systems.

North America power and control cable industry from the utilities application segment is projected to pick momentum between 2023 and 2032. The ongoing investments in smart grid technology, renewable energy projects, and grid resilience initiatives are contributing significantly to the increased adoption of power and control cables in the utilities sector. Moreover, the rapid modernization and expansion of the energy sector has led to the heightened demand for reliable power and control cables in utility infrastructure.

In terms of country, Canada power and control cable industry is poised to exhibit substantial growth through 2032. The proliferation of the renewable energy capacity and higher integration of smart grid technologies is escalating the demand for high-quality power and control cables. For instance, in July 2023, Ontario announced plans for additional wind and solar power farms in the coming years, after launching two large nuclear projects to prepare for the anticipated double-digit growth in electricity consumption. The strong emphasis on clean energy and sustainable power sources in the country is also spurring investments in modernizing power infrastructure, augmenting the industry outlook.