Due to the expansion and renovation of building infrastructure and the development of smart grid networks, the North American wire and cable industry will achieve a compound annual growth rate of approximately 6% between 2021 and 2027.
According to a research report , the North American wire and cable market will be worth more than 44 billion U.S. dollars due to the increasing emphasis on high-speed communication systems and the increasing popularity of intelligent artificial intelligence systems. The continued development and expansion of railway lines and the increasing emphasis on the integration of extensive frequency distribution links will drive business potential.
Increasing investment in infrastructure construction and building a new smart grid to meet the growing power demand will drive business development. As the demand for consumer electronics products grows, the rapid expansion of the e-commerce industry will further accelerate product adoption. In addition, the widespread application of wires and cables in the field of renewable energy and strict government regulations to limit greenhouse gas emissions will promote business prospects.
Wires and cables are designed to transmit energy and data in various application industries, which in turn will promote their deployment in the entire telecommunications industry. Tech giants enterprises are vigorously developing ultra-large-scale data centers, which will inevitably increase product demand. The growing demand for affordable and efficient power supplies, coupled with the increasing integration of decentralized generator sets, will inject vitality into the industry.
Increasing private and public investment to deploy smart grid technology in the civilian/infrastructure sector will increase product demand.
The rise of electrification of residential and commercial buildings and the replacement of existing grid infrastructure will drive the industry structure.
As the United States is increasingly concerned about energy efficiency, accelerating 5G networks will promote product penetration.
As consumers switch to electric or hybrid vehicles, the wire and cable market in the North American automotive sector has seen moderate growth. It is expected that the rapid adoption of these vehicles over conventional fuel vehicles will increase the adoption of low- and medium-voltage wires and cables. In addition, government initiatives to reduce dependence on traditional fuels will promote market growth. For example, in August 2021, the US government launched an action to reduce greenhouse gas emissions and issued an executive order to produce half of the electric vehicles by 2030.
During the COVID-19 period, business growth in the region declined due to the closure of publicly funded construction projects and end-user product demand. Supply chain disruptions have inhibited industry growth and led to the closure of small and medium-sized enterprises. However, as the rapid development of the healthcare industry will increase market statistics, governments of various countries have successively lifted blockade measures to boost the economy.
Due to the increase in private investment and the comprehensive plan to develop infrastructure for smart grid technology, the Mexican-US wire and cable market is expected to achieve a compound annual growth rate of approximately 9% by 2027. Technological advances in consumer electronics, automobiles and communication systems will significantly affect the expansion of regional markets.
Post time: Nov-10-2021