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According to a recent research report by Global Market Insights, a Delaware-based consulting firm, the North American wire and cable industry will grow at a CAGR of around 6% between 2021-2027, driven by the expansion and renovation of building infrastructure and the development of
smart grid networks.
By 2027, the North American wire and cable market will be worth more than $44 billion
.
Increasing investments in infrastructure construction and building new smart grids to meet the growing demand for electricity will drive the growth
of this market.
With the growing demand for consumer electronics, the rapid expansion of the e-commerce industry will further accelerate product adoption
.
In addition, the widespread use of wire and cable in the renewable energy sector and strict government regulations to limit greenhouse gas emissions will drive the business prospects
.
Wire and cable are designed to transmit energy and data in a variety of application industries, which in turn will drive their deployment
throughout the telecommunications industry.
Tech giants such as Google, Microsoft, and AWS are developing hyperscale data centers, which is bound to increase product demand
.
The growing demand for affordable, efficient power supplies, coupled with the increasing integration of distributed generator sets, will breathe life
into the industry.
From the perspective of application market, the wire and cable market in the automotive segment in North America has seen moderate growth
due to consumers switching to electric or hybrid vehicles.
The rapid adoption of these vehicles over conventional fuel vehicles is expected to increase the demand for
low- and medium-voltage wires and cables.
In addition, government initiatives to reduce dependence on traditional fuels will boost the market growth
.
During the COVID-19 pandemic, business growth in the region declined
due to the closure of publicly funded construction projects and end-user demand for products.
Supply chain disruptions have inhibited industry growth, leading to the closure of small and medium-sized businesses
.
However, as vaccines became widespread, governments lifted lockdowns to boost their economies
.
The major wire and cable markets in North America, including Mexico and the United States, are expected to grow at
a CAGR of around 9% by 2027 due to increasing private investment and comprehensive planning to develop infrastructure for smart grid technologies.
Technological advancements in consumer electronics, automotive, and communication systems will significantly influence the expansion
of the regional market.
According to a recent research report by Global Market Insights, a Delaware-based consulting firm, the North American wire and cable industry will grow at a CAGR of around 6% between 2021-2027, driven by the expansion and renovation of building infrastructure and the development of
smart grid networks.
By 2027, the North American wire and cable market will be worth more than $44 billion
.
Increasing investments in infrastructure construction and building new smart grids to meet the growing demand for electricity will drive the growth
of this market.
With the growing demand for consumer electronics, the rapid expansion of the e-commerce industry will further accelerate product adoption
.
In addition, the widespread use of wire and cable in the renewable energy sector and strict government regulations to limit greenhouse gas emissions will drive the business prospects
.
Wire and cable are designed to transmit energy and data in a variety of application industries, which in turn will drive their deployment
throughout the telecommunications industry.
Tech giants such as Google, Microsoft, and AWS are developing hyperscale data centers, which is bound to increase product demand
.
The growing demand for affordable, efficient power supplies, coupled with the increasing integration of distributed generator sets, will breathe life
into the industry.
From the perspective of application market, the wire and cable market in the automotive segment in North America has seen moderate growth
due to consumers switching to electric or hybrid vehicles.
The rapid adoption of these vehicles over conventional fuel vehicles is expected to increase the demand for
low- and medium-voltage wires and cables.
In addition, government initiatives to reduce dependence on traditional fuels will boost the market growth
.
During the COVID-19 pandemic, business growth in the region declined
due to the closure of publicly funded construction projects and end-user demand for products.
Supply chain disruptions have inhibited industry growth, leading to the closure of small and medium-sized businesses
.
However, as vaccines became widespread, governments lifted lockdowns to boost their economies
.
The major wire and cable markets in North America, including Mexico and the United States, are expected to grow at
a CAGR of around 9% by 2027 due to increasing private investment and comprehensive planning to develop infrastructure for smart grid technologies.
Technological advancements in consumer electronics, automotive, and communication systems will significantly influence the expansion
of the regional market.
