(MENAFN- PR Newswire) DUBLIN, March 29, 2024 /PRNewswire/ -- The
"North America Heat Shrink Tubing Market Forecast to 2028 - Regional Analysis - by Voltage; Material; and End User" report has been added to
ResearchAndMarkets's offering.
The North American heat shrink tubing market is expected to grow from US$ 541.06 million in 2022 to US$ 712.35 million by 2028, at a CAGR of 4.7% from 2022 to 2028.
Government Initiatives to Expand and Upgrade Transmission and Distribution Systems Drive North America Heat Shrink Tubing Market
The governments of various economies have come up with several schemes to improve the transmission and distribution infrastructure, enhance operational efficiency, and reduce transmission losses. In November 2022, the US Department of Energy (DOE) announced a financing opportunity of US$ 13 billion for the country's electric grid expansion and modernization. In June 2021, the Government of Canada announced a US$ 964 million program launch to support smart renewable energy and grid modernization projects that will lower emissions by investing in clean energy technologies. Heat shrink tubing is widely used in low- and medium-voltage transmission and distribution for insulation protection to protect all the functional parts, components, harnesses, and systems of a transmission and distribution grid.
Furthermore, ~50% of the underground power distribution system comprises installations of old paper-insulated cables. Routine maintenance and greater electrical or mechanical stress imposed on these aged systems while adding new connections will lead to cable insulation's deterioration. In such scenarios, transition joints insulated with heat shrinking tubes help in connecting the earlier and newer cables.
Additionally, bus bars are the vital components of any power distribution system and are critical component while transmitting large load currents or distributing current to varied devices. Hence, several protective shields, including heat shrinking tubing, are widely used to protect bus bar connections.
North America Heat Shrink Tubing Market Overview
North America's aerospace industry is a strong global player with the presence of major companies such as Boeing, Lockheed Martin Corporation, and Gulfstream Aerospace Corporation that are engaged in the manufacturing of both commercial and military aircraft. The continuous demand for aircraft fleets across North American airlines is majorly driven due to the massive growth in passenger volume. Further, governments, as well as private and public companies, across the region invest huge capital to enhance aircraft capabilities in order to meet the requirements during combat/non-combat scenarios. Increasing threat of terrorism, border security, and troop transportation are also creating immense need for advanced military aircraft. The rise in aircraft production across the region is directly contributing to the growing demand for several wires and cables. These factors are contributing to the North America heat shrink tubing market growth in the region, as it is important to secure wires and cables with heat shrinking tubes to ensure safety across the aircraft fleets.
North America also has a wide presence of IT & telecommunication companies and several other Fortune 500 companies. All these companies have a high rate of technology adoption such as cloud for storage and data processing. With 33% of the global data centers located in the US alone, there is an increasing demand for various data center equipment requiring wires and cables to secure seamless interconnection and enable smooth operation across businesses. Moreover, the country has experienced a rise in investment to develop new centers and commercial infrastructure.
North America Heat Shrink Tubing Market Segmentation
The North America heat shrink tubing market is segmented into voltage, material, end user, and country.
Based on voltage, the North America heat shrink tubing market is segmented into low voltage (less than 5kv), medium voltage (5-35 kv), and high voltage (above 35kv). In 2022, the low voltage (less than 5kv) segment registered a largest share in the North America heat shrink tubing market. Based on material, the North America heat shrink tubing market is segmented into polyolefin, polytetrafluoroethylene, fluorinated ethylene propylene, perfluoro alkoxy alkane, polyvinylidene fluoride, and others. In 2022, the polyolefin segment registered a largest share in the North America heat shrink tubing market. Based on end user, the North America heat shrink tubing market is segmented into energy, utilities, electrical power, infrastructure/building construction, industrial, telecommunication, automotive, aerospace, defense, mass transit and mobility, medical, petrochemical, and mining.
The utilities segment is further segmented into electricity, natural gas, steam supply, water supply, and sewage removal. The electrical power segment is further segmented into power generation, power transmission, and power distribution. The infrastructure/building construction segment is further segmented into residential & commercial, data centers, distribution, HVAC, and infrastructure. The industrial segment is further segmented into residential & commercial, data centers, distribution, HVAC, and infrastructure. The industrial segment is further segmented into industrial equipment and industrial electrical.
The telecommunication segment is further segmented into wireless, broadband, CATV, and others. The automotive segment is further segmented into heavy duty machinery and agriculture, EV vehicles, hybrid vehicles, diesel vehicles, gasoline vehicles, and autonomous vehicles. The aerospace segment is further segmented into commercial aircraft, space exploration, and others. The defense segment is further segmented into military aircraft, military equipment & machinery, and others. The mass transit and mobility segment is further segmented into mass transit and mobility. The medical segment is further segmented into high temperature (150 C>) and low temperature (<_50 />
Company Profiles
3M HellermannTyton Molex Shawcor Sumitomo Electric Industries TE Connectivity Techflex Zeus Industrial Products
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