Americas Cables Market by Polymer and Insulation Type (Semiconducting polymer, XLPE, EPR, HEPR, low Voltage Cables), Semiconducting Layer (Inner & Outer Semiconducting layer), Application, Voltage, End User & Region – Global Forecast to 2029
[281 Pages Report] The Americas Cables market is expected to grow from an estimated USD 10.9 billion by 2029 from an estimated USD 8.7 billion in 2024, at a CAGR of 4.5% during the forecast period. The demand for the Americas Cables Market is propelled by factors such as infrastructure expansion, urbanization, and industrialization. Additionally, the growing need for reliable power transmission and communication networks, particularly in sectors like energy, telecommunications, and transportation, further drives market demand. Technological advancements in cable manufacturing, such as the development of high-performance materials and smart cable systems, also contribute to the market's growth by meeting the evolving needs of various industries.
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Americas Cables market Dynamics
Driver: Integration of renewable energy sources into industrial facilities to reduce carbon footprint
Embracing renewable energy sources, such as solar and wind power, by industry players in the Americas, especially in the US, to reduce carbon footprint and energy costs is poised to significantly drive the cables market in the region. Renewable energy sources, including solar and wind farms, require extensive infrastructure that includes solar farms and wind turbines across the US. This expansion requires extensive cabling for connecting renewable energy generation facilities to the electrical grid, driving demand for power transmission and distribution cables. Also, solar and wind power generation facilities are often located in remote areas with abundant renewable resources. To transport electricity generated from these remote locations to urban centers and industrial zones with high energy demand, high-capacity transmission lines are essential. This demand for long-distance power transmission infrastructure will stimulate the market for high-voltage cables, such as 115 kV and 138 kV cables, in the US.
The US has experienced a notable decline in carbon emissions from electricity production in recent years, mostly because of a shift from coal toward natural gas and renewable energy sources. The economic viability and competitiveness of renewable energy technologies are driving this transformation in addition to environmental concerns and climate change policies. Medium and high-voltage cables play a crucial role in integrating renewable energy sources into industrial facilities, transmitting electricity from solar arrays, wind farms, and other renewable sources to power manufacturing processes.
According to the data given by US Energy Information Administration in January 2024, wind and solar energy are poised to significantly increase their contribution to US electricity production over the next couple of years. It is anticipated that due to the influx of new solar projects, solar power output in the US will surge by 75%, moving from 163 billion kilowatt-hours (kWh) in 2023 to 286 billion kWh by 2025. Similarly, wind energy production is expected to see an 11% increase, going from 430 billion kWh in 2023 to 476 billion kWh in 2025. In 2023, the US electric power sector generated 4,017 billion kWh of electricity, out of which 22% or 874 billion kWh was produced using renewable energy sources—including wind, solar, hydro, biomass, and geothermal. For the first time, renewable energy production outpaced nuclear energy in 2021 and coal-fired generation in 2022. Due to the increasing demand for renewable energy, coal-fired power generation is expected to decrease by 18% from 665 to 548 billion kWh between 2023 and 2025. Despite these shifts, natural gas is projected to remain the predominant source of electricity in the US, with its production stabilizing around 1,700 billion kWh annually for 2024 and 2025. Nuclear energy output is expected to remain steady, with a slight increase from 776 billion kWh in 2023 to 797 billion kWh by 2025.
Restraints: Volatility in raw material prices
Fluctuations in prices of raw materials, such as copper and aluminum, can impact production costs and profitability of cable manufacturing companies. Copper, aluminum, plastic, rubber, and other raw materials are extensively used by these companies. The cost of these materials is influenced by various factors, such as trade regulations, geopolitical developments, global market dynamics, and economic situations. A rise in the cost of raw materials can increase production expenses for enterprises. This can lead to higher retail pricing, which may result in lower demand for cables if customers are unwilling to pay the extra costs.
Moreover, unexpected spikes in the cost of raw materials can disrupt production plans and supply chains. This can result in delayed project completion and possible penalties for suppliers and manufacturers. Businesses find it difficult to plan their budgets and investments because of this unpredictability, which can impede their efforts to innovate and grow.
Opportunity: Strong focus on increasing power generation capacity
The world has experienced a significant rise in power generation capacities over the years, driven by increasing energy demand, economic growth, and efforts to improve access to electricity. This upward trend reflects the global need for reliable and affordable energy sources to power devices and systems used in various sectors, including residential, commercial, industrial, and transportation. Countries across the globe have been actively investing in expanding their power generation capacities through the construction of new power plants and the modernization of existing facilities. This has resulted in an increase in the overall installed capacity of power generation plants.
The rise in power generation capacities encompasses a diverse mix of energy sources, including both conventional and renewable options. Conventional sources such as coal, natural gas, and oil have historically played a significant role in power generation, providing stable and consistent electricity supply. However, there has been a growing recognition of the environmental impact associated with these fossil fuel-based technologies, leading to a shift toward cleaner and more sustainable alternatives. Renewable energy sources, including solar, wind, hydroelectric, geothermal, and biomass, have experienced remarkable growth in recent years. Advances in technology, declining costs, and supportive government policies have spurred the deployment of renewable energy projects worldwide. Solar and wind power, in particular, have witnessed substantial expansion, driven by their scalability, increasing efficiency, and decreasing costs. Many countries have set renewable energy targets and implemented incentives to encourage the adoption of clean energy technologies. In addition to renewable energy, nuclear power continues to be a significant contributor to global power generation capacities. Nuclear power plants, with their large-scale and low-carbon electricity production, offer a reliable source of baseload power. While the nuclear energy sector has faced challenges related to safety concerns and waste management, some countries have continued to invest in new nuclear projects and operate existing facilities.
Challenges: Requirement of technical know-how to develop and install advanced cable products
Developing efficient transmission and distribution (T&D) infrastructure is crucial to address energy security concerns and the need to expand power generation capacity in countries in the Americas. Manufacturers and suppliers in the cables and accessories market must focus on producing high-quality materials and products that meet the reliability standards of customers. This requires specialized knowledge and skills to select appropriate materials, design conductors, apply insulation techniques and shielding technologies. Customers often have requirements for application-specific cables with specific voltage ratings, temperature resistance, and environmental conditions. Meeting these customization needs demands in-depth technical understanding and engineering expertise. Also, ensuring the quality and reliability of cables throughout the manufacturing process is paramount. This includes adherence to industry standards, conducting rigorous testing procedures, and implementing quality control measures. Staying abreast of these emerging technologies and incorporating them into cable design and production processes requires continuous learning and technical proficiency. Lack of technical expertise can lead to quality issues and product failures. Thus, the shortage of skilled professionals with expertise in cable manufacturing, installation, and maintenance poses a significant challenge. Recruiting and retaining qualified personnel in this highly specialized field can be challenging for companies operating in the cables market. Investing in technical training, research, and development to maintain expertise in cable technologies can incur significant costs for companies. Balancing the need for technical proficiency with cost considerations presents a challenge, particularly for smaller firms with limited resources.
Americas Cables Market Ecosystem
Notable players in this industry comprise long-standing, financially robust manufacturers of Americas Cables Market and related components. These companies have a significant track record in the market, offering a wide range of products, employing cutting-edge technologies, and maintaining robust global sales and marketing networks. Prominent companies in this market include Prysmian Group (Italy), Southwire Company, LLC (US), Nexans (France), LS Cable & System Ltd (South Korea) and NKT a/s (Denmark).
Low Voltage Cables, is expected to be the fastest growing market, based on polymer and insulation type.
The demand for dependable energy distribution in residential and commercial structures is driven by growing urbanization and infrastructure development. Additionally, low voltage cables are now more durable and perform better, which appeals to end users due to scientific breakthroughs in insulating materials. Last but not least, as the region's energy landscape changes, the increased adoption of smart home devices and renewable energy systems increases demand for low voltage cables.
Industrial, by end user, to hold the second-fastest market share during the forecast period.
The industrial sector drives demand for the Americas cable market due to its extensive reliance on robust and high-performance cable solutions for power transmission, control, and communication needs. Increasing industrialization, automation, and modernization initiatives further amplify the demand for advanced cable systems to support manufacturing processes and infrastructure development.
North America is expected to account for the largest and the fastest market during the forecast period.
The renewables and commercial sectors are driving the growth of the Americas Cables market in North America. The growth of wind and solar energy projects in the renewables sector is driving demand for cables with XLPE (cross-linked polyethylene) insulation, which ensures effective power transmission. The necessity for high-performance cables with EPR (Ethylene Propylene Rubber) insulation to support dependable power distribution and communication networks is further increased by the commercial sector's modernization programs. The need for cutting-edge cable solutions in the area is rising as a result of all these variables together.
Key Market Players
The Americas Cables market is dominated by a few major players that have a wide regional presence. The major players in the market are Prysmian Group (Italy), Southwire Company, LLC (US), Nexans (France), LS Cable & System Ltd. (South Korea) and NKT A/S (Denmark). Between 2019 and 2023, Strategies such as product launches, contracts, agreements, partnerships, collaborations, alliances, acquisitions, and expansions are followed by these companies to capture a larger share of the Americas Cables market.
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Report Metric |
Details |
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Market size available for years |
2022–2029 |
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Base year considered |
2023 |
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Forecast period |
2024–2029 |
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Forecast units |
Value (USD) |
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Segments Covered |
Polymer and Insulation type, Semiconducting Layer, Voltage rating, Application, End User and Region |
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Geographies covered |
North America, South America, and Central America |
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Companies covered |
Prysmian Group (Italy), Southwire Company, LLC (US), Nexans (France), LS Cable & System Ltd. (South Korea), NKT A/S (Denmark), Trelleborg Group (South Korea), Tratos (Italy), PRAMKOR (South Korea), Hanwha Group (South Korea), Zhejiang Wanma Co., Ltd. (China), ZTT (China), HELUKABEL Group (Germany), Mixer S.P.A (Italy), Belden Inc. (US), Amphenol TPC (US), HJ Polymer China Co., (China), Avient Corporation (US), TFKable (Poland), Sumitomo Electric Industries, Ltd. (Japan), DOW (US), LEONI (Germany), Furukawa Electric Co., Ltd. (Japan), Saco Aei Polymers (US), BizLink Group (US), The Okonite Company (US), WTEC Energy Innovation (US), Electric Cable Compounds, Inc (US), and Borealis AG (Austria). |
This research report categorizes the Americas Cables market by polymer and insulation type, semiconducting layer, voltage, application, end user, and region
On the basis of polymer and insulation type:
- Semiconducting Polymer
- Cross-Linked Polyethylene (XLPE)
- Ethylene-Propylene Rubber (EPR)/ Ethylene Propylene Diene Monomer (EPDM)
- Low Voltage Cables
On the basis of Semiconducting Later:
- Inner
- Outer
On the basis of Voltage Rating:
- Upto 5 kV
- 5-8 kV
- 8-15 kV
- 15-35 kV
- 35-46 kV
- 69 kV
- 115 kV
- 138 kV
On the basis of Application:
- Underground
- Submarine
On the basis of End User:
- Industrial
- Renewable Energy Sector
- Commercial
On the basis of region:
- North America
- Central America
- South America
Recent Developments
- In December 2023, NKT secured a contract from Icelandic TSO Landsnet for over 200 km of 66 kV power cables, facilitating upgrades to Iceland's renewable energy-powered grid. This supports reliable electricity distribution, crucial during harsh winters. NKT's selection reflects their proven capability to withstand Iceland's challenging installation conditions. The contract strengthens NKT's relationship with Landsnet and enhances Iceland's grid efficiency and reliability. This collaboration aligns with European TSOs' and DSOs' investments to bolster grids for increasing electricity demands, underscoring NKT's role in supporting the transition to renewable energy and reinforcing its position in the market.
- In September 2023, Southwire Company, LLC and Resideo Technologies, Inc. underwent an agreement for the supply of Resideo’s Genesis Cable business, a provider of low-voltage wire and cable manufacturers based in Pleasant Prairie, WI.
- In June 2023, Prysmina Group entered into a 3 year agreement with National Grid for medium voltage cable framework. With this agreement Prysmian will support UK’s electricity grid in becoming capable of distributing more electricity in the future, as a key enabler for the energy transition. Medium voltage cables will be supplied primarily from the Group’s manufacturing plant in Wrexham, North Wales, and will assist National Grid to expand and modernize the network supporting the increase in demand.
- In April 2023, Nexans finalized the acquisition of Reka Cables, a Finnish manufacturer of high, medium, and low voltage cables. This strengthens their position in Nordic markets and aligns with their goal of becoming a pure electrification player by 2030. Reka's premium cables and manufacturing plants complement Nexans' existing operations, expanding their reach and expertise in the electrification value chain. This acquisition helps Nexans solidify its presence in the Nordics and advance its commitment to carbon neutrality.
Frequently Asked Questions (FAQ):
What is the current size of the Americas Cables market?
The current market size of global Americas Cables market is USD 8.4 billion in 2023.
What is the major drivers for Americas Cables market?
The global Americas Cables market is driven by i Increasing investments in renewable energy sector in the US
Which is the fastest-growing region during the forecasted period in Americas Cables market?
North America is a fastest market the Asia Pacific region emerged as a notably expanding market for Americas Cables market.
Which is the largest segment, by polymer and insulation type during the forecasted period in Americas Cables market?
Semiconducting polymer dominate the Americas Cables market by polymer and insulation type segment due to due to its crucial role in enhancing cable performance, reliability, and safety, driving the adoption of advanced cable solutions across various industries.
Which is the largest segment, by voltage during the forecasted period in Americas Cables market?
35-46 kV voltage is the largest segment of the voltage segment of the Americas Cables Market. 35-46 kV voltage are commonly used in medium-voltage power distribution systems. They are employed for various applications, including supplying power to industrial facilities, commercial buildings, substations, and renewable energy installations such as solar and wind farms. .
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The study involved major activities in estimating the current size of the Americas Cables market. Exhaustive secondary research was done to collect information on the peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of the segments and subsegments.
Secondary Research
This research study on the Americas Cables market involved the use of extensive secondary sources, directories, and databases, such as North American Submarine Cable Association (NASCA), California Cable & Telecommunications Association (CCTA), Wire & Cable Manufacturers’ Alliance, Inc. (WCMA), National Electrical Code (NEC), CEC Rule 12-604 and NR 10- Safety in electrical installations and services, to identify and collect information useful for a technical, market-oriented, and commercial study of the global Americas Cables market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.
Primary Research
The Americas Cables market comprises several stakeholders such as cables manufacturers, manufacturers of subcomponents of cables, distributors and suppliers, and end users. A combination of factors is driving the growth of the cable sector in America. Demand is driven by new building in the residential and commercial sectors, while aging infrastructure requires renovation. Transmission lines also need to be strengthened due to the increasing use of renewable energy sources like solar and wind. High-speed data cables supporting automation and smart manufacturing are in demand from industrial users. Subsea cables are essential for long-distance data transmission and offshore wind farms, while underground cables are usually employed for aesthetics and to prevent weather damage.
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Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the Americas Cables market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and market have been identified through extensive secondary research, and their market share in the respective regions have been determined through both primary and secondary research.
- The industry’s value chain and market size, in terms of value, have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Global Americas Cables Market Size: Top-down Approach
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Global Americas Cables Market Size: Bottom-Up Approach
Data Triangulation
After arriving at the overall market size from the estimation process explained above, the total market has been split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments, the data triangulation and market breakdown processes have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand- and supply sides. Along with this, the market has been validated using both the top-down and bottom-up approaches.
Market Definition
An electrical cable with one or more conductors covered in layers of insulation and protection is called a power cable. It is used to transmit and distribute electrical power. Common insulation materials include ethylene propylene rubber (EPR) and its variant, high ethylene propylene rubber (HEPR), which are known for their flexibility and durability; cross-linked polyethylene (XLPE), which has high chemical and thermal stability; and ethylene propylene diene monomer (EPDM), which is prized for its electrical insulating qualities. To control electric fields inside the cable, semiconducting polymers are layered. These cables are used by a variety of end users, such as commercial infrastructures, industrial facilities, and the renewable energy industry for the transmission of wind and solar electricity. All of these end users require dependable and effective power distribution systems.
Key Stakeholders
- Government & research organizations
- Institutional investors and investment banks
- Investors/shareholders
- Environmental research institutes
- Consulting companies in the energy & power sector
- Raw materials and component manufacturers
- Cable manufacturers, dealers, and suppliers
- Petroleum companies (diesel and natural gas suppliers)
- Power grid infrastructure companies
- Power plant project developers
- Renewable energy companies
- Manufacturers’ associations
- Process industries and power industry associations
- Refinery operators
- Manufacturing industry
- Energy efficiency consultancies
Objectives of the Study
- To define, describe, segment, and forecast the Americas Cables market, in terms of value and polymer and insulation type, semiconducting layer, voltage, application, end user, and region
- To forecast the market size for three key regions: North America, South America, and Central America, along with their key countries
- To provide detailed information about the key drivers, restraints, opportunities, and challenges influencing the growth of the market
- To strategically analyze the subsegments with respect to individual growth trends, prospects, and contributions of each segment to the overall market size
- To analyze market opportunities for stakeholders and the competitive landscape of the market
- To strategically profile the key players and comprehensively analyze their market shares and core competencies
- To analyze competitive developments, such as deals and agreements in the market
Available Customizations:
With the given market data, MarketsandMarkets offers customizations as per the client’s specific needs. The following customization options are available for this report:
Geographic Analysis
- Further breakdown of region or country-specific analysis
Company Information
- Detailed analyses and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Americas Cables Market