U.S. Wires and Cables Market Size, Share & COVID-19 Impact Analysis, By Voltage (Low Voltage, Medium Voltage, High Voltage, and Extra-High Voltage), and By End-user (Aerospace & Defense, Construction, IT & Telecommunication, Power Transmission & Distribution, Oil & Gas, Consumer Electronics, Manufacturing, Automotive, and Others), and Country Forecast, 2023-2030

The U.S. wires and cables market size was worth USD 28.85 billion in 2022 and is projected to grow at a CAGR of 5.53% during the forecast period. 

The U.S. wires and cables market has observed a significant surge in demand for wires and cables owing to the increasing energy needs across various sectors. The power distribution and generation sectors face a growing burden to expand their operational capacity. Wires and cables play a crucial role in the power generation sector, ensuring a secure and reliable electricity flow. This increasing inclination toward renewable energy is further expected to bolster market growth.

Due to the impact of the COVID-19 pandemic and lockdowns in manufacturing economies, there were widespread shortages of critical electronics components and everyday commodities. Supply chain systems faced disruption, and fears of a global recession, including stagflation, loomed as the Fed and other Central Banks increased short-term interest rates to combat historical inflation levels. Additionally, there were almost unprecedented spikes in commodity prices in response to these market dynamics.

U.S. Wires and Cables Market Trends

Increasing Preference Toward Smart Grid Technologies

This increasing preference toward smart grid technology in the U.S. includes distribution automation systems and advanced metering, aiming to lessen operational costs, enhance profit margins, and minimize power loss. Moreover, the growing demand for reliable, swift, and secure telecommunication services and data networking represents an emerging trend in the U.S. The urgency for 5G technology, offering ultra-low high-frequency latency, is expected to boost the demand driving the U.S. wires and cables market growth.

U.S. Wires and Cables Market Growth Factors

Increasing Demand for Electric Vehicles to Drive Market Development

The demand for electric vehicles is on the rise due to increasing consumer interest, leading to a surge in the need for electric vehicle cable, wire, and other components. Inside an electric vehicle, wires function as single conductors, while cables are packages of conductors. They play a crucial role in conducting electricity, powering the vehicle's battery and ensuring its operation. The electric vehicle market is growing rapidly and will continue to grow at a fast pace in the coming years. The increasing sales of electric cars in the U.S. are contributing to and driving the demand for wires and cables in this sector.

RESTRAINING FACTORS

Increasing Raw Material Prices to Hamper the Wire and Cables Market Growth

The main raw materials needed for manufacturing cables are plastic-based components such as PVC grains and rubber. Organic polymer materials are mostly silicon rubber and fluorine plastic, while copper is important for wires. An increase in raw materials prices, especially copper, directly affects manufacturers' profit margins for wires and cables, posing a challenge to market growth. Raw materials that are used for making cables have observed a sharp rise after the regeneration of the country's economies after the COVID-19 pandemic.

U.S. Wires and Cables Market Segmentation Analysis

By Voltage Analysis

Based on voltage, the market is segmented into low voltage, medium voltage, high voltage, and extra high voltage. 

The low voltage segment held the largest U.S. wires and cables market share in 2022 owing to its wide application in multiple sectors. As per Voltage, low voltage wires and cables are dominating the market due to their wide application in sound and security, automation, windmills, nuclear and thermal power stations, and more, among other applications.

The medium voltage segment is projected to hold the second largest share due to the growing application in commercial buildings, mobile substation equipment, universities, institutions, and hospitals. They are broadly used for power distribution between low voltage applications and high voltage mains power supply.

By End-user Analysis

Based on end-user industry, the market is segmented into aerospace and defense, construction, IT & telecommunications, power transmission & distribution, oil & gas, consumer electronics, manufacturing, automotive, and others.

The construction segment held the largest market share in 2022, owing to the increasing installation of electrical appliances in the commercial and residential sectors. As per the end-user industry, the construction segment dominates due to the growing need to install electrical applications in the commercial and residential sectors. The construction industry encompasses various sectors such as commercial construction, industrial construction, infrastructure construction, institutional construction, and more, making it a major contributor to the U.S. economy.

List of Key Companies in U.S. Wires and Cables Market

In terms of competitive landscape, the market depicts the presence of established and emerging wire and cable companies. Low-voltage wire and cables dominated the U.S. market in 2022. The company's apex position is attributable to the strong sales performance of its flagship hybrid offerings, offering dual purpose in one system, coupled with a greater emphasis on the adoption of advanced tools. This focus on the greater adoption of advanced and green technologies has allowed the company to streamline wires and cables, considerably improving its sales and volume shipments.

LIST OF KEY COMPANIES PROFILED:

• Southwire Company (U.S.)


• Belden Inc. (U.S.)


• Amphenol (U.S.)


• Encore Wire Corp (U.S.)


• Prysmian Group (Italy)


• Nexans (France)


• Furukawa Electric Co Ltd (Japan)


• Fujikura Ltd. (Japan)


• Sumitomo Corporation (Japan)


• LS Cable & System (South Korea)

KEY INDUSTRY DEVELOPMENTS:

• February 2023: Nexans, a French company, entered into a contract to provide subsea cables for the PacWave South site, the first grid-connected wave energy test facility in the U.S., situated in Oregon. PacWave South contains four berths that capture energy from wave motion.


• October 2022: A U.S. market leader in medical services and products, Nihon Kohden launched a Smart Cable NMT pod and disposable electrode, permitting clinicians to observe neuromuscular blockade with confidence. This technology enables clinicians to accurately monitor the situation of a patient’s paralysis during surgery.


• October 2021: TPC Wire & Cable announced the establishment of the Trexon brand, which includes the complete brand collection of TPC, Pittsburgh Wire and Cable, Integrated Cable Systems (ICS), MilRail, CiCoil, Hydro Group, and the first electronic corporation. The company is headquartered in Macedonia, Ohio.

REPORT COVERAGE

The report provides a detailed analysis of the market. It focuses on key aspects such as an overview of the technological advancements and pricing analysis. Additionally, it includes an overview of the installation scenario for companies, the number of replacements and maintenance in U.S., new product launches, key industry developments such as mergers, partnerships, acquisitions, and the impact of COVID-19 on the market. Besides this, the report also offers insights into the market trends and highlights key industry dynamics. In addition to the aforementioned factors, it encompasses several factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation