NORTH AMERICA CABLES MARKET

KEY FINDINGS

• The North America Cables Market size was valued at USD 32.96 billion in 2023 and is expected to grow at a CAGR of 3.4% from 2024 to 2030.
• The energy and power sector dominates the market, accounting for 37.2% of the market share in 2023.
• The market is driven by factors such as infrastructure expansion, urbanization, and the growing need for reliable power transmission and communication networks.
• The increasing demand for renewable energy sources, such as solar and wind power, is driving the demand for specialized cables.
• The development of smart grids is creating new opportunities for cables with advanced features.
• Expansion of the electric vehicles market leads to an increase in the demand for cables used in charging infrastructure and vehicle components.

NORTH AMERICA CABLES MARKET DYNAMICS

The North America Cables Market size was valued at USD 32.96 billion in 2023 and is expected to grow at a CAGR of 3.4% from 2024 to 2030. The energy and power sector dominates the market, accounting for 37.2% of the market share in 2023. The North America cables market is experiencing significant growth due to various factors, including increased urbanization, infrastructure development, and the growing demand for renewable energy.

Thus, resulting in significant investments in the construction of high-capacity transmission lines. This, in turn, is expected to drive the market over the forecast period significantly. Several sub-national governments are gaining a significant position in renewable energy and energy efficiency ingenuities. Various emerging states within the U.S. and Canada are increasing their deployment and investment in renewable energy technologies. This strategy has helped them in their emergence as renewable energy leaders.

NORTH AMERICA CABLES MARKET TRENDS

• Renewable Energy: Growing demand for renewable sources of energy, such as solar and wind power, gives way to the special cables that have the capacity to transmit electricity efficiently from generating sites down to the grid.
• Smart Grids: The development of smart grids is also offering opportunities for cables with differentiated features, such as data transmission and remote monitoring.
• Electric Vehicles: Growing demands in electric vehicles will drive increasing demand for cables used in charging infrastructure and vehicle components.
• Infrastructure Development: Investments in the infrastructure sector—transport, telecommunication, and building construction projects—are stimulating the rise in demand for cables across different applications.

NORTH AMERICA CABLES MARKET RECENT DEVELOPMENTS

• In May 2023, Airgain, Inc. launched the EZConnect platform, showcasing a flexible antenna design with 1-foot cables and standard connectors. These connectors effortlessly link to a customizable cable harness. 

• In September 2022, Omni Cable announced the acquisition of Bay Wire. Bay Wire provides value-added services and just-in-time delivery of copper building wire and various wire and cable products to the electrical distribution sector.

• In February 2022, Resideo Technologies, Inc. acquired Arrow Wire & Cable, enhancing ADI's Data Communications offerings. With a wide range of copper and fiber cabling and connectivity products, connectors, racking solutions, network equipment, and more, Arrow strengthens ADI's portfolio in this category. Moreover, the acquisition expands ADI's presence in terms of geographic coverage, owing to the inclusion of additional warehouse and distribution operations.

CHALLENGES

• Prices of raw materials—like copper and aluminum—are rising and, therefore, hit the margin for cable manufacturers.
• Regulatory Compliance: The stringent regulatory compliance acts in the way of a costly and operationally stringent requirement for the cable manufacturers.
• Competition:There is severe competition in the market amongst different players. This can lead to price pressure and margin erosion.
• Changes in technology:made it quite difficult for cable manufacturers to keep track of the changes in technology and the advent of new innovations in times of fast-changing technology.
• Environmental:Due to the high level of environmental awareness, the impact on the environment from cable production may be bestowed with stricter regulations, which will further add costs.
• Aging Infrastructure:The infrastructure in North America has significantly aged and needs heavy investment in the replacement of cables and up-gradation of the same, which could turn out to be a stretched situation both for manufacturers and for the end users.

NORTH AMERICA CABLES MARKET SEGMENTATION

Voltage Outlook

• Low Voltage
• Medium Voltage
• High Voltage
• Extra High Voltage

Installation Outlook 

• Overhead
• Underground

End-Use Outlook 

• Aerospace and Defense
• Building & Construction
• Oil and Gas
• Energy and Power
• IT & Telecommunication
• Others

Regional Outlook

• U.S
• Canada

NORTH AMERICA CABLES MARKET KEY PLAYERS

• Belden, Inc.
• Encore Wire Corporation
• Fujikura Ltd.
• Furukawa Electric Co., Ltd.
• LEONI
• LS Cable & System Ltd.
• Prysmian Group
• Hitachi, Ltd.
• Nexans
• Siemon
• Southwire Company, LLC

THIS NORTH AMERICA CABLES MARKET REPORT WILL ANSWER THE  FOLLOWING QUESTIONS

1. What is the current size and growth rate of the North America Cables market?
2. What are the major drivers and challenges influencing the market's growth?
3. What are the key trends shaping the market, such as sustainability and technology?
4. What are the key environmental regulations and standards governing North America Cables Market?
5. What are the emerging trends in usage of Cables that are impacting the market?
6. What are the latest technological advancements in Cables production?
7. How are the technological advancements impacting the market, in terms of cost, quality, and customization?
8. What are the environmental concerns associated with Cables, and how are manufacturers addressing these concerns?
9. What are the trends in these for sustainability in Cables?
10. What are the key opportunities and challenges for the North America Cables Market in the coming years?
11. How will the market evolve in response to changing usages, technological advancements, and regulatory developments?
12. What are the potential growth areas and emerging markets within the region?

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