North America Wire and Cable Market worth $44 billion by 2027, Says Global Market Insights Inc.

Selbyville, Delaware, Nov. 08, 2021 (GLOBE NEWSWIRE) —

North America wire and cable market value is set to cross USD 44 billion by 2027, as reported in the latest study by Global Market Insights Inc. on account of increasing inclination toward high-speed communication systems and rising adoption of smart artificial intelligence systems. Ongoing development & expansion of railway lines in line with increasing emphasis toward the integration of wide-ranging frequency distribution links will propel the business potential.

Increasing investments in building infrastructure along with the establishment of new smart grids to fulfil the rising electricity demand will propel the business spectrum. The rapid expansion of the e-commerce industry in line with growing consumer electronics demand will further accelerate product adoption. Moreover, the extensive application of wires and cables across the renewable energy sector along with stringent government norms to limit GHG emissions will drive the business landscape.

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Wires and cables are designed to transfer both energy and data in various application industries, which in turn will fuel its deployment across the telecom sector. Robust development of hyper-scale data centers by tech giants including Google, Microsoft, and AWS is set to escalate the product demand. Growing necessity for affordable & efficient power supply coupled with increasing integration of decentralized generation units will energize the industry dynamic.

Some prime findings of the North America wire and cable market report include:

  • Increasing private and public investments for the deployment of smart grid technologies across the civil/infrastructure sector will augment the product demand.
  • Rising residential and commercial building electrification coupled with the replacement of existing electric grid infrastructure will drive the industry landscape.
  • Accelerating 5G network in line with growing concerns for energy-efficiency across the U.S. will foster the product penetration.
  • The eminent players operating in the North America wire and cable market include CommScope, LS Cable & System, Prysmian Group and Condumex Group.

Browse key industry insights spread across 190 pages with 95 market data tables & 34 figures & charts from the report, “North America Wire and Cable Market By Product (Coaxial Cable/Electronic Wire, Fiber Optics Cable, Power Cable, Signal & Control Cable, Telecom & Data Cable), Voltage (Low, Medium, High), Application (Food & Beverages, Automotive, Material Handling/Logistics, Entertainment/Leisure, Utilities, Railways, Consumer Electronics, Building Infrastructure), Industry Analysis Report, Country Outlook, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:

North America wire and cable market from automotive segment has witnessed a moderate growth on account of surging consumer shift toward electric or hybrid-run vehicles. The rapid adoption of these vehicles over conventional-fuel run vehicles is anticipated to increase the adoption of low and medium-voltage wire and cables. Moreover, government initiatives to decrease the dependency on conventional fuels will augment the market growth. For instance, in August 2021, the U.S. government initiated to reduce greenhouse gas emissions and released an executive order to manufacture half of all new vehicles running on electricity by 2030.

During the COVID- 19, the region witness decline in business growth owing to the closure of publicly funded construction projects and product demand from end-users. Supply chain disruptions restrained the industry growth, resulting in the closure of small & medium scale enterprises. However, respective governments sequentially lifted the lockdown measures to boost the economy in line surging development across healthcare sector will augment the market statistics.

Mexico America Wire and Cable Market is anticipated to record around 9% CAGR through 2027 owing to increasing private investments and integrated planning to develop infrastructure for smart grid technologies. Increasing technological advancements in consumer electronics, automotive, and communication systems will significantly influence the regional market expansion.

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About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.