North America Wire and Cable Market size is anticipated to grow at a lucrative CAGR from 2021 to 2027 due to increasing investments in the establishment of new production facilities along with the expansion of the railway infrastructure. The surging adoption of distributed energy resources coupled with rapid development of smart electric networks will drive the market revenue. Furthermore, robust growth across automotive and other manufacturing sectors along with rapid rise in IT & telecommunication applications will boost the product demand.
Introduction of 5G technology coupled with increasing consumer inclination toward internet of things products will augment the telecom and data cable sector. Telecom users require big data center cables to store and process data. The cables can withstand high temperature offers key advantages including corrosion-resistant & waterproof, escalating their deployment.
Policy transitions toward electric vehicles and charging infrastructure will fuel the automotive wire and cable market in North America. Increasing power demand along with growing urban population will positively sway the industry dynamics. Moreover, the surging regulatory focus to limit carbon footprints and reduce dependency on the usage of petrol & diesel vehicles will augment the market landscape.
The high voltage cables will witness a significant momentum during the forecast period on account of ongoing refurbishment of existing electrical networks and paradigm shift toward renewable energy sources. The growing wind and solar sector along with wide acceptance across grid integration and infrastructure projects will propel the technological demand. For instance, in June 2021, Prysmian Group was selected by SOO Green HVDC Link project to supply 2,700 miles of paired ± 525 kV cross linked polyethylene class cables.
The Canada wire and cable market is set to experience substantial growth through 2027 as a result of increasing government focus on the development of new systems with secured and high data storage. The soaring resilience on energy-efficient projects along with increasing investments in enhancing the existing T&D networks will impel the market size. Favorable government initiatives toward smart metering coupled with ongoing development of residential and commercial buildings will favor the market expansion.
Prominent players operating across the North America wire and cable market include Prysmian Group, Nexans, ElsewedyElectric, Southwire Company, Lapp Group, CommScope, Deca Cables, SHAWCOR, Viakon, Furukawa Electric, Belden, Grupo Condumex, igus, SAB North America, HELU KABEL, and TPC Wire & Cable Corp.