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North America's Heat Shrink Tubing Market Expects Skyrocketing Growth by 2028
DUBLIN, March 29, 2024 – The cutting-edge report titled "North America Heat Shrink Tubing Market Forecast to 2028 - Regional Analysis - by Voltage; Material; and End User" has been meticulously added to the vast database of ResearchAndMarkets.com, a premier industry source for market research and data.
The report unveils that the North American market for heat shrink tubing is poised for substantial growth. The market size, which was valued at US$ 541.06 million in 2022, is projected to escalate to an estimated value of US$ 712.35 million by 2028. This rise reflects a robust Compound Annual Growth Rate (CAGR) of 4.7% during the span from 2022 to 2028.
Strategic government policies across North America are significantly influencing the market surge. Officials have launched initiatives aiming to revamp and augment both the transmission and distribution frameworks. These endeavors are designed to increase operational effectiveness and diminish transmission losses. In November 2022, the US Department of Energy announced an impressive investment of US$ 13 billion directed towards the upgrade and expansion of the country's electric grid. Similarly, in June 2021, the Canadian Government unveiled a substantial program worth US$ 964 million to foster smart renewable energy and grid modernization projects. These projects will contribute to the reduction of emissions by employing innovative clean energy technologies. Heat shrink tubing finds critical usage in insulating connections within the low- and medium-voltage transmission and distribution sectors, safeguarding the grid’s various components, systems, and harnesses.
Maintenance and upgrading tasks have underscored that approximately half of the underground power distribution systems include outdated, paper-insulated cables. The routine upkeep, coupled with the added electrical or mechanical strains from incorporating new connections, can result in the deterioration of cable insulation. In such instances, transition joints wrapped with heat shrink tubing provide an efficient means of connecting older cables with newer ones.
Furthermore, bus bars stand as essential elements of any power distribution system, particularly when transmitting large load currents or allocating currents across devices. Consequently, a multitude of protective solutions such as heat shrink tubing are widely adopted to shield bus bar connections.
The presence of dominant players in the aerospace sector, such as Boeing, Lockheed Martin Corporation, and Gulfstream Aerospace Corporation, establishes North America as a formidable global competitor. This sector’s growth is primarily fueled by a soaring demand for aircraft fleets among North American airlines, a demand that is driven by the exponential increase in passenger volumes.
Public and private entities commit significant capital towards enhancing aircraft capabilities to meet the critical requirements of various scenarios, ranging from combat to non-combat. The escalating concern over terrorism, border security, and troop mobility has generated an urgent demand for advanced military aircraft. The escalated production of such aircraft within the continent directly boosts the demand for wiring and cabling components. Heat shrink tubing plays a vital role within this infrastructure, ensuring the safe and secure harnessing of wires and cables across the fleets.
The North American region also boasts a substantial footprint of IT & telecommunications companies as well as a host of Fortune 500 establishments. These companies exhibit a high technology adoption rate, utilizing cloud services extensively for storage and data processing capabilities. With a notable 33% of global data centers situated in the US, there emerges a concurrent rise in demand for various data center hardware. This equipment requires dependable wires and cables to maintain seamless interconnectivity and facilitate smooth business operations. Additionally, the United States is witnessing a rise in investments aimed at conceiving new data centers and commercial infrastructure.
Delving deeper, the North American heat shrink tubing market is segmented by several criteria, including voltage, material, and end user, as well as geography.
Voltage-based division of the market presents categories such as low voltage (less than 5kv), medium voltage (5-35 kv), and high voltage (above 35kv). In the year 2022, the low voltage segment captured the largest market share. When segmented by material, varieties such as polyolefin, polytetrafluoroethylene, fluorinated ethylene propylene, perfluoro alkoxy alkane, polyvinylidene fluoride, and others are identified. Polyolefin material notably stood out as the dominant share holder that same year.
The division by end-user is categorically split into diverse sectors. These sectors span energy, utilities, electrical power, infrastructure/building construction, industrial, telecommunication, automotive, aerospace, defense, mass transit and mobility, medical, petrochemical, and mining, each experiencing its own unique trends and growth.
To explore the utility segment in greater detail, it encompasses sub-segments like electricity, natural gas, steam supply, water supply, and sewage removal. The electrical power facet is further parsed into three distinct segments: power generation, power transmission, and power distribution. Infrastructure and building construction is divided among residential & commercial, data centers, distribution, HVAC, and infrastructure.
Additionally, the industrial segment targets areas such as industrial equipment and industrial electrical. The telecommunication segment is dissected into wireless, broadband, CATV, and other branches. The automotive sector diversifies into subdivisions such as heavy-duty machinery and agriculture, EV vehicles, hybrid vehicles, diesel vehicles, gasoline vehicles, and autonomous technology. The aerospace and defense categories include segments like commercial aircraft, space exploration, military aircraft, military equipment & machinery. Mass transit and mobility and medical segments cater to their respective specialized areas, with medical further divided, setting apart high temperature (150 C>) from low temperature (<50 C) shrink tubing options.
Within the market report, prominent companies such as 3M, HellermannTyton, Molex, Shawcor, Sumitomo Electric Industries, TE Connectivity, Techflex, and Zeus Industrial Products are mentioned. These industry titans are recognized as key contributors to the market's current trajectory and strategic growth.
For a comprehensive understanding and in-depth analysis, interested stakeholders are encouraged to delve into the market report's insights. The complete report is accessible online through ResearchAndMarkets.com by visiting North America Heat Shrink Tubing Market Report.
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