North America Wires And Cables Market (By Voltage: Low Voltage, Medium Voltage, High Voltage; By Installation: Overhead, Underground; By End-use: Aerospace And Defense, Energy And Power) - Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2024-2033

The North America wires and cables market was estimated at USD 34.31 billion in 2023 and it is expected to surpass around USD 48.07 billion by 2033, poised to grow at a CAGR of 3.43% from 2024 to 2033.

Key Pointers

• By Voltage, the low voltage segment contributed the largest market share of 46% in 2023.
• By Voltage, the extra high-voltage is expected to expand at the highest CAGR of 5.25% from 2024 to 2033.
• By Installation, the overhead segment generated the maximum market share of 63% in 2023.
• By Installation, the underground segment is anticipated to grow at the fastest CAGR of 3.86% from 2024 to 2033.
• By End-use, the energy and power segment registered the maximum market share of 39% in 2023.
• By End-use, the building & construction segment is expected to grow at the fastest CAGR of 4.37% between 2024 to 2033.

North America Wires And Cables Market Growth Factors

The robust growth of the North America wires and cables market can be attributed to a confluence of factors propelling its expansion. Primarily, the burgeoning demand for reliable and efficient energy transmission solutions across diverse industries, including telecommunications, energy, and construction, acts as a significant growth driver. The region's ongoing infrastructure development projects and the increasing deployment of smart technologies further fuel the demand for advanced wiring and cabling systems. Technological innovations, such as the shift towards fiber-optic cables for high-speed data transmission, contribute to the market's upward trajectory by addressing the evolving connectivity needs of businesses and consumers.

Report Scope of the North America Wires And Cables Market

North America Wires And Cables Market Dynamics

Drivers

• Infrastructure Development: The continuous growth in infrastructure projects across North America, including residential, commercial, and industrial developments, serves as a primary driver for the wires and cables market. The demand for reliable power transmission and connectivity solutions to support these projects contributes significantly to market expansion.
• Rising Demand in Telecommunications: The expanding telecommunications sector, driven by the surge in data consumption, mobile connectivity, and the deployment of 5G networks, acts as a robust driver for the wires and cables market. The need for efficient and high-capacity communication infrastructure propels the demand for advanced cabling solutions.

Restraints

• Fluctuating Raw Material Prices: The North America wires and cables market faces the challenge of fluctuating prices of essential raw materials, particularly metals like copper and aluminum. Variations in raw material costs can impact profit margins for manufacturers and pose a significant restraint on the industry's overall stability.
• Regulatory Complexities: Stringent regulations and compliance standards in the wires and cables sector can present a hurdle for market participants. Adhering to diverse regulatory frameworks across different states and jurisdictions within North America requires substantial resources and may impede the agility of industry players.

Opportunities

• Renewable Energy Integration: The growing emphasis on renewable energy sources presents a significant opportunity for the wires and cables market. As North America accelerates its transition to cleaner energy solutions, there is an increased demand for specialized cables to support the transmission and distribution of energy from diverse renewable sources.
• Electric Vehicle (EV) Infrastructure: The rise in electric vehicle adoption necessitates an expanded EV charging infrastructure, driving the demand for robust and efficient wiring and cabling systems. This presents a promising opportunity for market players to cater to the evolving needs of the transportation sector.

Voltage Insights

Based on voltage, the market is segmented into low voltage, medium voltage, high voltage, and extra high voltage. The low voltage segment accounted for the largest revenue share of 46% in 2023, owing to high usage in LAN cables, appliance wires, building wires, distribution networks, and others. These wires and cables offer a better provision of electricity for the end-user and simultaneously support smart grids for good-quality transmission. The renovation of existing buildings across North America is expected to support market growth over the forecast period. Besides, the energy and power sector across the region is undergoing rapid changes. Hence, most countries are experiencing significant electricity demand and are moving towards integrating large-scale renewable resources. Thus, is attributed to the increased need for low-voltage wires and cables.

The extra high-voltage is estimated to witness the fastest CAGR of 5.25% over the forecast period owing to increasing demand from the energy and power industries. Additionally, government initiatives taken for the implementation of smart grids are significantly driving the market. In November 2023, the U.S. Department of Energy (DOE) announced new financing opportunities worth USD 13 billion to enhance and upgrade the country's electric grid. These federal investments will serve as a catalyst, unlocking substantial capital from state and private sector sources.

Installation Insights

Based on the installation segment, the market is sub-segmented into overhead and underground. The overhead segment held the largest revenue share of 63% in 2023. It is an installation method where cables are laid overhead from poles to poles for electricity transmission and distribution. The overhead installation system is the utmost used approach in less polluted countries. The overhead approach is the easiest and cheapest form of installation. Moreover, countries with a high occurrence of natural disasters like earthquakes incline to have overhead cable installations.

The underground segment is expected to grow at the fastest CAGR of 3.86% during the forecast period. The underground installation is an installation method where wires and cables are laid beneath the ground at a certain distance from the surface level for transmission and distribution purposes. It lowers maintenance costs, incurs fewer transmission losses, and efficiently absorbs the power loads. The underground wires and cables installation release no electric fields; thus, several regional states are adopting underground installation.

End-use Insights

Based on end-use, the market is segmented into aerospace and defense, building & construction, oil and gas, energy and power, IT & telecommunication, and others. The energy and power segment held the highest revenue share of 39% in 2023. Government initiatives and regulations play a significant role in driving the growth of the energy and power segment in the wires and cables market. Governments in North America have implemented various policies to promote energy efficiency, grid modernization, and renewable energy integration. In April 2023, the U.S. Department of Energy (DOE) announced USD 52 billion for 19 selected initiatives as part of President Biden's Investing in America agenda, including USD 10 billion from the Bipartisan Infrastructure Law to bolster America's local solar supply network and USD 30 billion in financing for innovations that would assist with integrating solar power into the grid.

The building & construction segment is anticipated to grow at the fastest CAGR of 4.37% over the forecast period. The growing population, along with the need for modernized infrastructure, has led to an increase in construction projects. It includes constructing residential buildings, commercial complexes, industrial facilities, and transportation infrastructure. The rising demand for wires and cables in the building and construction sector drives the market's growth.

IT and telecommunication sector is expected to grow significantly over the forecast period. In the IT and telecommunication sector, wires and cables are used for telecommunication lines, such as multiple phone lines, internet services, data and security services, and fax machines. Cables such as communication cables and power cables are widely used in the IT and telecommunication sectors. North America has seen a massive increase in data consumption, which has resulted in investments by companies such as Verizon and AT&T in fiber networks.

Oil and gas segment is expected to grow significantly over the forecast period. In the oil and gas sector, wires and cables ensure safety and operational integrity in the onshore, offshore, and subsea sectors. These products handle very harsh and severe drilling activities. Thus, these cables are needed to be replaced after a regular interval of time. Besides, the communication cables carry critical information to the stations, and variable frequency cable ensures smooth operation

North America Wires And Cables Market Key Companies 

• Belden, Inc.
• Encore Wire Corporation
• Fujikura Ltd.
• Furukawa Electric Co., Ltd.
• LEONI
• LS Cable & System Ltd.
• Prysmian Group
• Hitachi, Ltd.
• Nexans
• Siemon
• Southwire Company, LLC

Recent Development

• Omni Cable announced the acquisition of Bay Wire in September of 2023. In addition to just-in-time delivery of copper building wire and other wire and cable products, Bay Wire offers value-added services to the electrical distribution industry. Following the acquisition, Bay Wire keeps up its autonomous operations while utilizing OmniCable's assistance as needed.
• Arrow Wire & Cable was acquired by Resideo Technologies, Inc. in February 2023, expanding ADI's data communications portfolio. Arrow expands ADI's offering in this area with a large selection of copper and fiber cabling and connectivity components, connectors, racking solutions, network equipment, and more. Additionally, because the acquisition includes more warehousing and delivery facilities, it broadens ADI's global reach.

North America Wires And Cables Market Report Segmentations:

By Voltage

• Low Voltage
• Medium Voltage
• High Voltage
• Extra High Voltage

By Installation

• Overhead
• Underground

By End-use

• Aerospace and Defense
• Building & Construction
• Oil and Gas
• Energy and Power
• IT & Telecommunication
• Others