North America Power and Control Cable Market Size

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 The increasing emphasis on replacing outdated electrical equipment with advanced, high-quality systems will continue to drive product demand throughout the region.

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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.