North America Wire and Cable Market Size 2022 Competitive Strategies, Regional Analysis Forecast 2027
The robust expansion of the smart electricity grid networks coupled with the ongoing modernization of transmission & distribution infrastructures in North America has dynamically increased wire and cable applications in the region.
Besides, the growing proclivity towards high-speed communication and smart artificial intelligence systems is further impelling the product demand, creating ample growth opportunities for North America wire and cable market. The development and expansion of railway lines coupled with the growing emphasis on the integration of wide-ranging frequency distribution links are further adding to the business potential.
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The industry trends are being further strengthened by the rapid expansion of the regional e-commerce industry in line with the rising consumer electronics demand. In addition, the extensive application of wires and cables in the renewable energy vertical along with the presence of stringent regulatory scenarios regarding GHG emissions is also fostering the business growth.
An overview of some of the major trends proliferating the industry growth is as under:
New product launches by leading market players
The North America wire and cable industry growth is being fueled by the launch of innovative solutions by the leading market players to gain a competitive edge in the market. To illustrate, in 2021, CommScope launched its Coexistence portfolio, developed for global service providers enhancing their existing PON networks to deliver additional services and increase data speeds without replacing or adding fiber to the existing PON infrastructure.
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Mounting adoption across data centers
Wires and cables are essentially used for transferring both energy and data in several application industries. Their increasing application is being subsequently impelled by the robust development of hyper-scale data centers by the big tech companies including Microsoft, Google, and AWS. For instance, in 2020, Microsoft Corp. announced developing its first cloud data center region in Mexico with an investment of USD 1.1 billion over the next five years.
Burgeoning demand across the automotive sector
The automotive segment across North America wire and cable industry is witnessing moderate growth as consumers are showing a greater inclination towards electric or hybrid-run vehicles. The increased demand for these vehicles is stimulating the adoption of low and medium-voltage wire and cables. In addition, government initiatives to minimize the reliance on conventional fuels are further favoring the segmental growth. For instance, in 2021, the U.S. government released an executive order to produce half of the new vehicles running on electricity by 2030 in order to reduce greenhouse gas emissions.
Increasing infrastructure development activities in Mexico
The growing private investments and integrated planning to develop smart grid infrastructure in Mexico have enabled the country to emerge as a strong growth hub for wire and cable market. The ongoing technological advancements in automotive, communication systems, and consumer electronics sectors are positively impacting the industry landscape. Besides, the increasing government support for the private sector to develop and enhance the country’s infrastructure will complement the market growth. Reportedly, Mexico wire and cable market is anticipated to observe a robust CAGR of 9% over 2021-2027.
Briefly, the increasing infrastructure development activities across the region coupled with the ongoing technological enhancements are driving the expansion of North America wire and cable market.
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