Electronic Appliance Demand to Influence North America Wire and Cable Market Forecast
The consistent need for high-speed internet services will enhance North America’s wire and cable market forecast, along with the higher adoption of IoT and smart devices. There has been a surge in the use of internet and telecommunication services as well as the incorporation of renewable energy sources with the expansion of the industrial sector.
Increasing demand for power supply from residential and commercial buildings and soaring investments in the implementation of smart grid infrastructure will boost the consumption of various types of electrical components in the coming years. Estimates suggest that the North American wire and cable market size will reach a yearly estimation of more than USD 40 billion by 2026.
High voltage networks will witness considerable deployment across the manufacturing sector owing to the rising need for bulk electricity transmission over long distances. The steady incline in developmental investments for various clean energy generation projects and augmenting demand for HVDC systems will stimulate the development of high voltage wire and cables in the U.S.
Furthermore, the rising production of power cables can be attributed to the intensifying governmental focus on generation as well as the transmission capacity of the cable components. Annual revenue from coaxial wire and cable technology in the North American market is anticipated to reach a significant share through the coming years owing to their high durability and ease of installation. Coaxial wire and cables ensure the transmission of large volumes of data at significant speeds and are extensively accessed by the internet and service providers in the region to effectively transmit video and audio data.
Consumer electronic applications are likely to gain traction in the overall industry over the coming years owing to the jump in household incomes and the decrease in electronic product costs. There has been a significant deployment of smart systems across the region. Consistent developments in the electronics sector have pushed the demand for multiple low-voltage components for products like smartphones, earphones, and Bluetooth speakers.
Wire and cable manufacturers in the North American geography are focused on new product launches, mergers, and acquisitions to gain a competitive edge over other participants while expanding their global presence. For instance, Belden, a leading wire and cable distributor, introduced the 10GXW Cable, a new CAT 6A cable that works on multi-gigabit connectivity and offers reliable connectivity infrastructure solutions that can be optimized for smart buildings.
The ongoing COVID-19 could have considerably influenced the regional trends owing to the excessive demand for high-speed internet with the regulation of work from home policies. Educational, healthcare, and services industries have brought in significant demand for reliable connectivity, putting a focus on strong cable infrastructure. Cablel Hellenic Cables Group, LAPP North America, Polycab, and Furukawa Electric Co. Ltd., are some of the major firms producing and supplying robust wires and cables across America.
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