North America Wire And Cable Market Size

North America Wire And Cable Market Analysis

The North American wire and cable market was valued at USD 39.33 billion in the previous year, and it is expected to reach USD 55.52 billion, registering a CAGR of 5.8% during the forecast period.

• Over the years, the North American wire and cable industry has witnessed significant growth driven by the rapid development of infrastructure, along with the growing demand for electricity and internet connectivity among households. Furthermore, the increasing investment in clean and renewable energy infrastructure continues to remain among the major driving factors for the market's growth. For instance, according to the Business Council for Sustainable Energy (BCSE) organization, investments in clean energy in the United States increased from USD 56 billion in 2022 to USD 141 billion in 2022.
• In recent years, there has been a rapid increase in economic activity and urbanization in North America. For instance, according to the Population Reference Bureau, the share of the urban population is the highest in North America (83% in 2022) compared to any other continent, which is driving the growth of the construction and infrastructure sectors, as well as the industrial sector. The demand from various sectors, such as commercial, residential, telecom, industrial, and energy and power, is leading to the expansion and upgradation of the infrastructure. Additionally, the refurbishment of aging infrastructure also supports the market's growth.
• Furthermore, factors such as increasing reserves in smart grid technology, growing renewable energy production, and government initiatives for upgrading transmission and distribution systems are responsible for the proliferation of the wires and cables market in North America. In the past few years, content and cloud providers have also attempted to offer bandwidth-intensive services, increasing submarine infrastructure popularity in the region to attract more customers, which supports the demand for wires and cables.
• However, wire and cable manufacturing requires various types of raw materials, including metals, silicon, and insulation materials such as PVC, rubber, etc. The fluctuating raw material prices, especially the pricing for metals, challenge the market's growth.
• The outbreak of the COVID-19 pandemic had a notable impact on the growth of the market studied. While the market witnessed a slowdown in demand, especially during the initial phase, the growing adoption of digital and automation technologies during the later period was anticipated to support the market's growth.