North America Power and Control Cable Market Size - By Product (Power Cable, Control Cable), By Voltage (Low Voltage {LV Power, LV Control}, Medium Voltage, High Voltage), By Application (Utilities, Industries {Power Plants, Oil & Gas, Cement) & Forecast, 2024– 2032

North America Power and Control Cable Market Size

North America Power and Control Cable Market was valued at USD 27.3 billion in 2023 and is poised to witness more than 6.8% CAGR from 2024 to 2032. Demand for products in North America, encompassing countries like the United States, Canada, and Mexico, experienced a surge as a result of heightened investments in the expansion of long-distance transmission networks and the revitalization of domestic distribution infrastructure. The increasing emphasis on replacing outdated electrical equipment with advanced, high-quality systems will continue to drive product demand throughout the region.
 

Over the years, traditional technologies in this field have evolved significantly in response to growing electricity demand and the expansion of the grid. These products, being stationary devices, mitigate mechanical losses but are susceptible to electrical losses. These losses related to transmission components can lead to grid instability and reduced efficiency. Consequently, the primary strategic focus for major market players has revolved around maintaining energy efficiency by minimizing product losses and ensuring operational flexibility.

Many developing and developed regions worldwide rely on imported components to meet the growing need for expanding and upgrading their transmission infrastructure. Global manufacturers have consistently emphasized reducing their overall production costs to secure sustainable profits and effective industry penetration. Nevertheless, the scarcity of raw materials has compelled local installers and component suppliers to depend on imports to meet the increasing energy demand.
 

COVID-19 Impact

The pandemic disrupted global supply chains, leading to delays in the production and delivery of power and control cables. Manufacturing facilities were temporarily shut down, and transportation was hampered, affecting the availability of these products.
 

North America Power and Control Cable Market Trends

The rapid pace of digitalization and the increasing adoption of smart artificial intelligence systems have significantly shaped the region. While some industries have managed to avoid the sweeping changes brought about by digitalization, the electricity sector has, for the most part, remained on the outskirts of this transformation. Investments in information technology (IT) have been relatively limited within the power sector, as major players have primarily focused on expanding their capacity in their respective segments. There is a noticeable shift towards integrating IT into the electricity sector, which is poised to significantly promote the deployment of smart grids.
 

North America Power and Control Cable Market Analysis

Based on product, the power cable segment held a market value of more than USD 21.6 billion in 2022. Power cables play a crucial role in electrical circuits by delivering a consistent and dependable power supply network to various systems. They have become widely prevalent in the broader wires and cables industry, primarily due to their extensive use in lower-rated capacity networks. Over the years, there has been a significant shift in infrastructure development activities, leading to a substantial increase in the global demand for cables.
 

Based on voltage, the low-voltage cables are predominantly employed for secondary power distribution in both commercial and industrial settings. They come in a wide range of sizes and are designed to handle rated voltage capacities spanning from 50 V to 1,000 V. Additionally, there has been a substantial market uptake of voltage capacities exceeding the mentioned ratings, primarily due to their suitability for large-scale installations with defined transmission capacities. The increasing need for cost-effective and reliable electricity supply, coupled with the extensive integration of decentralized power generation units, is expected to enhance the demand for these cables.
 

Based on application, the industries application is set to grow at a CAGR of over 6.2% through 2032. The onset of the industrial revolution in North American countries has substantially increased the need for power and control cables within industrial applications. Factors such as cost-effective labor, affordable raw material costs, and supportive government policies have played a critical role in enticing industrialists to establish new facilities in these regions. Additionally, stringent government targets for capacity expansion, coupled with a rising demand for automated and intelligent systems, are anticipated to further drive the adoption of these cables in various industries.
 

The power and control cable market across the U.S. held a market share of over 73.8% in 2022. The U.S. continued to invest in upgrading and modernizing its infrastructure, including the electrical grid and industrial facilities. The growth of renewable energy sources, such as wind and solar power, led to increased demand for power and control cables. The adoption of industrial automation and smart manufacturing technologies increased the demand for control cables. These cables are crucial for transmitting data and control signals in automated systems. The expansion of data centers for cloud computing and online services resulted in a higher demand for power and control cables.
 

North America Power and Control Cable Market Share

Prysmian Group commands a substantial share in the North America power and control cable industry, distinguished for its extensive experience in engineering and producing diverse cable technologies, encompassing power cable, control cable, among others. With a rich history deeply rooted in the cabling sector, the company has delivered cable solutions across a broad spectrum of applications, spanning various industries and utilities.
 

Some of the key market players operating across the North America power and control cable industry are:

• Prysmian Group
• Nexans
• Southwire Company LLC
• Belden Inc.
• KEC International Ltd.
• FURUKAWA ELECTRIC CO., LTD.
• LS Cable & System Ltd.
• NKT A/S
• Sumitomo Electric Industries, Ltd.
• Ducab
• Klaus Faber AG
• Bergen Cable Technology
• Encore Wire Corporation
• TPC Wire & Cable
• The Okonite Company
• Marmon Holdings, Inc.

North America Power and Control Cable Market News:

• In March 2022, Prysmian Group was awarded a contract by the AP&T Company to supply, test, and install two submarine cable links across Southeast Alaska. The project known as SEALink was undertaken to improve the communication across Southeast Alaska, by bringing broadband to the unserved rural areas. This link will create a submarine fiber optic cable of 214-mile from Juneau to Prince of Wales Island.
   
• In November 2021, Nexans launched an enhanced installation solution that enables, secures, and simplifies smart cable installations. This company’s new solution is an addition to the Mobiway range that offers benefits for cable installers. The new technique is designed to simplify the installation procedures by utilizing smarter cabling, ensuring that the process is safer, quicker, easier, and cost-efficient.
   

North America power and control cable market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2019 to 2032, for the following segments:

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By Product

• Power Cable
• Control Cable

By Voltage

• Low Voltage
  • LV Power Cable
  • LV Control Cable
• Medium Voltage
• High Voltage

By Application

• Utilities
• Industries
  • Power Plants
  • Oil & Gas
  • Cement
  • Others

The above information is provided for the following regions and countries:

• U.S.
• Canada
• Mexico