North America Power and Control Cable Market Analysis

North America Power and Control Cable Market Analysis

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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.