The North America wires and cables market (1/n)

The North America wires and cables market was worth $32.96 billion in 2022 and is expected to grow by 3.4% each year from 2023 to 2030. In recent years, there have been many changes in the wires and cables industry. The rise in renewable energy sources, like solar and wind, is expected to impact how electricity is traded, leading to large investments in building high-capacity power lines. This will likely boost the market during the coming years. Several regional governments in the U.S. and Canada are becoming leaders in renewable energy and energy-saving initiatives. By focusing on renewable technologies, these areas are positioning themselves as key players in the green energy sector

Additionally, the fast growth of the economy and cities is expected to boost the infrastructure and construction industries. Many sectors like commercial, residential, telecom, energy, power, and automotive are driving the need to expand and improve infrastructure. This will likely increase the demand for wires and cables. Updating old infrastructure and building new homes and commercial spaces are also expected to contribute to the overall growth of the market.

Smart grids help lower the costs of traditional power grids, including reducing power losses, which increases profits for electricity companies. The U.S. government is also taking steps to promote the use of smart grids. For example, the New York state government, through NYSERDA, has made big investments in developing smart energy technologies. The goal is to expand clean energy, keep energy costs low, reduce carbon emissions, and make the power grid more reliable. These government efforts to adopt smart grids are a major factor in boosting the wires and cables market in North America.