2021-25 North American wire and cable market compound annual growth rate of more than 1%

According to Technavio, an international market research institute, the North American wire and cable market is expected to grow by $1.
33 billion
from 2021 to 2025.
Due to the impact of the COVID-19 pandemic in the first half of 2020, this marks a significant slowdown
in the market compared to growth expectations for 2020.

However, healthy growth in the industry is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of more than 1%.

The North American wire and cable market is driven
by increased investment in transmission and distribution.
The major factor driving the growth of the wire and cable market in North America, especially in the United States, is increasing investment in transmission and distribution networks to efficiently transmit power to various electrical equipment
at different stages of the network.
Given the increasing need to replace the installed base of aging transformers, the U.
S.
transmission and distribution market has a lot of room
for expansion.

In addition, the growth of the transportation industry is expected to drive the growth of
the wire and cable market in North America.
Transportation systems that enable mobility use a variety of wires, such as brake lines, clutch lines, gear lines, accelerator lines, etc
.
Due to technological advancements and increased disposable income, consumers have increased
spending on vehicles that provide safety, comfort, and style.
This eventually led to many self-driving cars and connected cars, such as the Model 3
provided by Tesla.

Vehicles require high-quality special cables and secure wiring architectures to efficiently and quickly transfer large amounts of data
between control units, sensors and vehicle components.
The company is continuing to build fail-safe cabling and cabling system architectures to meet the needs of the automotive industry, thereby contributing to the growth
of the North American wire and cable market.

Third, the United States has abundant renewable energy resources
.
Growth in transmission and distribution networks and increasing demand for renewable energy in countries such as the United States, Canada, and Mexico will drive the wire and cable market
in North America during the forecast period.

From the perspective of manufacturers, major North American wire and cable companies such as General Cable (acquired by Prysman), Southwire, Belden, CommScope, Corning, Encore Wire, and Hitachi will be the major suppliers
to the market during the forecast period.