1.35% CAGR in Electric Wire and Cable Market in North America by 2025
NEW YORK, Jan. 17, 2022 /PRNewswire/ — The electric wire and cable market in North America is expected to grow by USD 1.33 bn, at a CAGR of 1.35%, from 2020 to 2025. The report provides an updated analysis of the current market scenario, latest trends and drivers, and the overall market environment.
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The electric wire and cable market in North America is concentrated, and the degree of concentration will accelerate during the forecast period. Market vendors have to leverage the existing growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. Belden Inc., CommScope Holding Co. Inc., Corning Inc., Encore Wire Corp., Hitachi Ltd., Marmon Holdings Inc., Nexans SA, Prysmian Spa, Southwire Co. LLC, and Sumitomo Electric Industries Ltd. are among some of the major market participants.
The electric wire and cable market in North America report covers the following areas:
Electric Wire and Cable Market in North America 2021-2025: Key Vendor Offerings
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Belden Inc. – The company offers a line of products such as flex cable, power cable, electronic wire and cable, and hybrid copper fiber cable, among others.
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CommScope Holding Co. Inc. – The company offers a line of products such as coaxial cables, hybrid cables, power cables, and twisted pair cables, among others.
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Corning Inc. – The company offers a line of products such as closures, cables, optical fiber, and cable assemblies, among others.
Electric Wire and Cable Market in North America 2021-2025: Segmentation
By product, the power cable segment is expected to have significant market share growth during the forecast period. Power cables can be buried in the ground, run overhead, or exposed as permanent wiring within buildings.
Electric Wire and Cable Market in North America 2021-2025: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources.
Increasing investments in power transmission and distribution (T&D) to achieve target market demand has been instrumental in driving the growth of the market. The growth in the T&D network and the rise in the demand for renewable sources in countries such as the US, Canada, and Mexico will propel the growth of the electric wire and cable market in North America during the forecast period.
However, volatility in raw material prices might hinder market growth. An increase in the price of raw materials, particularly copper, has a direct impact on the profit margins of wire and cable manufacturers, thus hindering market growth.
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