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North America Power and Control Cable Market is Set to Gain Exponentially up to 2026
Published Date: 2020-12-18
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According to the Graphical Research new growth forecast report titled “North America Power and Control Cable Market Size By Product (Power Cable, Control Cable), By Voltage (HV, MV, LV), By Application (Utilities, Industrial), Industry Analysis Report, Country Outlook (U.S., Canada), Price Trends, Competitive Market Share & Forecast, 2020 – 2026” to Witness Vast Growth by 2026.
North America Power and Control Cable market will witness significant growth owing to increasing electricity demand across commercial and industrial establishment. Ongoing investments toward expansion of smart grid infrastructure along with increasing demand for replacement of existing power networks will accelerate the business scenario. Growing adoption of advanced power cables to enhance the transmission and distribution efficiency across the grid will further foster the industry dynamics.
Control cable installation is anticipated to grow on account of increasing demand to monitor and control the functionality of electrical equipment. These units are installed across wide array of applications including street lighting, airport lighting and electric vehicle charging, which in turn will stimulate the product demand. Ongoing adoption of smart technologies across utility & industrial application will further enhance the product deployment.
Medium voltage North America power and control cable market will witness growth owing to refurbishment of small-scale industrial facilities along with large scale commercial expansion. In addition, rapid industrialization coupled with surging investment toward offshore power wind projects will boost the product demand. Furthermore, stringent efficiency norms followed by adoption of smart control cables across the grid infrastructure will fuel the product demand.
Industrial power and cable market will grow on account of expansion of smart grid networks along with rising solar and offshore wind power projects. In addition, increasing efficient electrical infrastructure coupled with growing inclination toward installation of advanced transmission networks will augment the product demand. Furthermore, efforts to minimize T&D losses as well as rising adoption of renewable power generation sources will boost industry landscape.
Canada power and control cable market is estimated to grow on account of positive outlook toward expansion of power, cement and oil & gas sectors. In addition, continuous measures to upgrade the existing voltage transmission networks will positively influence the product demand. Moreover, expansion of EHV and UHV networks along with increasing investment across railways, telecom and energy sectors will drive the industry landscape.
Eminent players across North America power and control cable market are focusing toward joint ventures and strategic alliances to enhance their market share. Key manufacturers operating across the industry include Southwire Company LLC., Nexans, Belden Inc., RPG cables, LS Cable & System Ltd., Prysmian Group, Lake Cable LLC, Philatron wire and cable LLC amongst others.