At 7.7% CAGR, the North America Power and Control Cable Market is Projected to be Worth US$ 64,909.63 Million by 2030, Says Business Market Insights

According to Business Market Insights research, the North America power and control cable market was valued at US$ 35,882.05 million in 2022 and is expected to reach US$ 64,909.63 million by 2030, registering a CAGR of 7.7% from 2022 to 2030. Government norms on developing transmission & distribution sector and increasing demand for data center and cloud computing are among the critical factors attributed to the North America power and control cable market expansion.

Several governments across the world are taking initiatives regarding the development of transmission and distribution sector. For instance, the US government is catalyzing the development of thousands of miles of upgraded and new transmission lines to reduce electricity prices for businesses and families, prevent power outages in extreme weather, and create good-paying jobs in the clean energy economy. In November 2022, in US the Department of Energy (DOE) announced that first-round applications were open for competitive grants for smart grid grants under the Grid Resilience and Innovation Partnership Programs, which total US$ 10.5 billion in available funding. Government initiatives regarding the transmission & distribution sector drive the power and control cable market growth.

On the contrary, availability of alternative technologies hampers the growth North America power and control cable market.

Based on type, the North America power and control cable market is bifurcated into power cable and control cable. The power cable segment held 93.9% share of the North America power and control cable market in 2022, amassing US$ 33,690.16 million. It is projected to garner US$ 61,529.75 million by 2030 to expand at 7.8% CAGR during 2022-2030.

By voltage, the North America power and control cable market is segmented into high voltage, medium voltage, and low voltage. The low voltage segment held 58.3% share of the North America power and control cable market in 2022, amassing US$ 20,910.01 million. It is projected to garner US$ 39,695.87 million by 2030 to expand at 8.3% CAGR during 2022-2030.

By application, the North America power and control cable market is segmented into utilities and Industrial. The utilities segment held 61.8% share of the North America power and control cable market in 2022, amassing US$ 22,187.07 million. It is projected to garner US$ 41,147.47 million by 2030 to expand at 8.0% CAGR during 2022-2030.

Based on country, the North America power and control cable market is segmented into the US, Canada, and Mexico. The US held 84.3% share of North America power and control cable market in 2022, amassing US$ 30,255.74 million. It is projected to garner US$ 55,923.64 million by 2030 to expand at 8.0% CAGR during 2022-2030.

Key players operating in the North America power and control cable market are Belden Inc; Encore Wire Corp; Furukawa Electric Co Ltd; HENGTONG GROUP CO., LTD.; LEONI AG, Nexans SA; Prysmian SpA; Southwire Company LLC; and Sumitomo Electric Industries Ltd, among others.

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