Electronic appliance demand to influence North American wire and cable market
Consistent need for high-speed Internet services will enhance the North American wire and cable market forecast, along with the higher adoption of IoT and smart device, according to Global Market Insights, Inc.
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 North America's wire and cable market size will reach a yearly estimation of more than $40bn 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. 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 USA.
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.
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.