North America Wires and Cables Market By Installation Type (Overhead and Underground), By Voltage (Low Voltage, Medium Voltage, High Voltage and Extra High Voltage), By End User (Energy & Power, IT & Telecommunication, Building & Construction, Aerospace & Defense, Oil & Gas and Others), By Country, Industry Analysis and Forecast, 2020 - 2026
The North America Wires and Cables Market would witness market growth of 5.2% CAGR during the forecast period (2020-2026).
The aircraft manufacturing, automotive, electronics, and other sectors extensively use polymer optic fiber. These fibers are similar to the glass optic fiber, which are made up of the polymer, and transform light via the core of the fiber. It includes polymethyl methacrylate (PMMA) that helps in light transmission with fluorinated polymers that is a cladding material. Polymer optic fibers are mostly light in weight and are relatively inexpensive and support bit rates of up to 10Gbps. The applications of Polymer optic fiber include home networking, the Internet of Things, & sensors for structural health observation.
Smart grids help in decreasing the cost involved in conventional grids, which includes operational cost owing to the power loss and thus, enhances profit margins of the electricity distribution organizations. In addition, there are many initiatives taken by the U.S. government to motivate the application of the smart grid. For example, the New York state government, through NYSERDA, substantially invested in the development of these smart energy technologies. The region continued its innovation in clean energy technologies, to retain low energy bills, decrease carbon emissions, and enhance grid reliability. Hence, several government initiatives are taken to encourage the application of smart grids which are likely to drive the growth of the market.
On the other side, unstable prices of raw materials are anticipated to be the major factor that restricts the growth of the market during the forecast period. In the production of wires and cables for lightweight devices, Aluminium is the majorly used metal. Silver is an expensive metal that is a better conductor than aluminium and copper. The unstable prices of raw materials due to rising exploration costs, increasing labor price, relationships between governments and mining organizations, and transportation affected the total cost of the production of wires and cables.
Based on Installation Type, the market is segmented into Overhead and Underground. Based on Voltage, the market is segmented into Low Voltage, Medium Voltage, High Voltage and Extra High Voltage. Based on End User, the market is segmented into Energy & Power, IT & Telecommunication, Building & Construction, Aerospace & Defense, Oil & Gas and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The US market dominated the North America Underground Wires and Cables Market by Country 2019, and would continue to be a dominant market till 2026. The Canada market is experiencing a CAGR of 9.5% during (2020 - 2026). Additionally, The Mexico market would witness a CAGR of 8.6% during (2020 - 2026).
The Low Voltage market dominated the Canada Wires and Cables Market by Voltage 2019, thereby, achieving a market value of $4,399 million by 2026. The Medium Voltage market is estimated to grow at a CAGR of 7% during (2020 - 2026). Additionally, The High Voltage market would showcase highest CAGR of 8.4% during (2020 - 2026).
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include LS Cable & System Ltd., Prysmian Group, Nexans SA, LEONI Group, Furukawa Electric Co., Ltd., Belden, Inc., Encore Wire Corporation, Fujikura Ltd., KEI Industries Limited, and Southwire Company, LLC.
Scope of the Study
Market Segments covered in the Report:
By Installation Type