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North America Power and Control Cable Market Size
North America power and control cable market size was anticipated at USD 29.3 billion in 2024 and is expected to witness a CAGR of 6.6% from 2024 to 2034. The North American power and control cable market is experiencing steady growth driven by the rising demand for reliable energy transmission and advanced automation technologies across industries.
The expansion of renewable energy projects, including wind and solar farms, has created a need for durable and efficient cable solutions. Additionally, the modernization of aging grid infrastructure in the region is further bolstering market demand. As industries increasingly prioritize energy efficiency and system reliability, power and control cables are becoming essential components of both traditional and renewable energy systems, contributing to the market’s robust growth trajectory.
Advancements in cable technology are also shaping market dynamics. Manufacturers are focusing on developing cables with enhanced performance characteristics, such as higher thermal stability, resistance to environmental factors, and improved safety features. Innovations like smart cables, capable of monitoring system performance and detecting faults, are gaining traction.
How big is the North America power and control cable market?
The North America power and control cable industry is projected to reach USD 29.3 billion in 2024 and grow at a CAGR of 6.6% from 2024 to 2034, driven by increasing demand for reliable energy transmission and advanced automation technologies.
What is the expected value of the power cable segment by 2034?
The power cable segment in North America is expected to surpass USD 47.3 billion by 2034, supported by growing energy demand, infrastructure modernization, and renewable energy expansion.
Who are some of the prominent players in the North America power and control cable industry?
Key players in the market include Belden, Bergen Cable Technology, Ducab, Encore Wire Corporation, Furukawa Electric, KEC International, Klaus Faber, LS Cable & System, Marmon Holdings, Nexans, and NKT.
Why is the utilities segment growing in the North America power and control cable market?
The utilities segment is anticipated to grow at a CAGR of over 6.2% through 2034, driven by the need to modernize aging grid infrastructure and enhance energy reliability.