Asia Pacific Power and Control Cable Market Size - By Product (Power Cable, Control Cable), By Voltage (Low Voltage {LV Power, LV Control}, Medium Voltage, High Voltage), By Application (Utilities, Industries {Power Plants, Oil & Gas, Cement) & Forecast, 2023 – 2032

Asia Pacific Power and Control Cable Market Size

Asia Pacific Power and Control Cable Market was valued at USD 53.6 billion in 2022 and is set to observe more than 7.7% CAGR between 2023 and 2032. The increase in Purchasing Power Parity (PPP) in the last ten years has had a positive impact on the demand for electricity. Consumers' inclination towards adopting a sustainable energy mix, in line with ongoing electrification initiatives in suburban areas, underscores the need for cost-effective solutions. In densely populated urban areas with skyscrapers, the demand for power is substantial, and there is a pressing need for innovative and reliable methods to supply electricity safely in city centers.
 

The exponential surge in energy demand, driven by the thriving industrial sector, is propelling the expansion of high-voltage grid networks. The rapid deployment of high-voltage infrastructure to meet the escalating needs of various industries is, in turn, boosting the demand for related products. Notably, countries like India, Indonesia, and China have attracted substantial investments from global manufacturers in recent years. The increasing demand for manufactured goods, combined with the rapid growth of manufacturing facilities, has compelled industry players to expand and enhance their operations within the region.
 

Various developing and developed regions around the world depend on imported components to fulfill the increasing requirements for expanding and enhancing their transmission infrastructure. International manufacturers have consistently prioritized cost reduction in their production processes to ensure lasting profitability and successful market penetration. However, the limited availability of raw materials has necessitated that local installers and component suppliers rely on imports to address the growing demand for energy.
 

COVID-19 Impact

The pandemic caused significant disruptions in worldwide supply chains, resulting in interruptions in the manufacturing and delivery of power and control cables. Production facilities were temporarily closed, and transportation was hindered, impacting the accessibility of these products.
 

Asia Pacific Power and Control Cable Market Trends

The rapid advancement of digitalization and the increasing adoption of intelligent artificial intelligence systems have left a significant mark on the region. While some industries have managed to evade the sweeping changes brought about by digitalization, the electricity sector has largely remained on the periphery of this transformation. Investments in information technology (IT) within the power sector have been somewhat restrained, with major players primarily focused on expanding their capacity within their respective domains. Nevertheless, this trend is gradually evolving due to rising consumer demand for interactive and intelligent services. There is a discernible shift towards the integration of IT into the electricity sector, which is set to substantially facilitate the deployment of smart grids.
 

Asia Pacific Power and Control Cable Market Analysis

Based on product, the power cable segment held a market value of more than USD 44.8 billion in 2022. Power cables play an essential role in electrical circuits as they are responsible for delivering a reliable and steady power supply to various systems. They have gained widespread prominence in the broader wires and cables industry, primarily owing to their extensive use in networks with lower-rated capacities. As infrastructure development activities have evolved significantly over time, there has been a substantial surge in the worldwide demand for cables.
 

Based on voltage, the Low-voltage cables are primarily used for secondary power distribution, serving the needs of both commercial and industrial environments. These cables are available in various sizes, capable of handling rated voltage capacities ranging from 50 V to 1,000 V. Notably, there has been a notable market adoption of voltage capacities that surpass these mentioned ratings, especially for use in large-scale installations with well-defined transmission requirements. The growing requirement for economical and dependable electricity supply, along with the extensive incorporation of decentralized power generation units, is anticipated to boost the Asia Pacific power and control cable market development.
 

Based on application, the industries application is set to grow at a CAGR of over 7.4% through 2032. The advent of the industrial revolution in Asia Pacific nations has led to a significant upsurge in the demand for power and control cables in industrial applications. Various factors, including cost-effective labor, affordable raw material prices, and supportive government policies, have been pivotal in attracting industrialists to set up new facilities in these regions. Furthermore, strict government targets for capacity expansion and the growing need for automated and intelligent systems are expected to bolster the adoption of these cables across various industries.
 

The power and control cable market across China capture around 33.2% revenue share in 2022. China's continued investment in infrastructure projects, including transportation, utilities, and urban development, drove the demand for power and control cables. These cables are essential for connecting and supplying electricity to various infrastructure components. The rapid growth of China's industrial sector, including manufacturing and automation, led to a heightened need for power and control cables. They are crucial for powering machinery and equipment in factories and industrial facilities.
 

China's commitment to renewable energy sources, such as wind and solar power, created opportunities for power cables used in renewable energy projects. These projects required extensive cabling for efficient energy distribution. The deployment of smart grid technology in China's energy infrastructure led to increased demand for control cables that enable efficient monitoring and management of the electrical grid.
 

Asia Pacific Power and Control Cable Market Share

Prysmian Group holds a significant presence in the Asia Pacific power and control cable industry, known for its extensive expertise in the development and production of a wide range of cable technologies, including power cables and control cables. With a deep-rooted history in the cable industry, the company has provided cable solutions across a diverse array of applications, serving various industries and utilities.
 

Some of the key market players operating across the Asia Pacific power and control cable industry are:

• Prysmian Group
• Nexans
• Southwire Company LLC
• Belden Inc.
• KEC International Ltd.
• FURUKAWA ELECTRIC CO., LTD.
• LS Cable & System Ltd.
• NKT A/S
• Sumitomo Electric Industries, Ltd.
• Ducab
• Klaus Faber AG
• Bergen Cable Technology
• Encore Wire Corporation
• TPC Wire & Cable
• The Okonite Company
• Marmon Holdings, Inc.

Asia Pacific Power and Control Cable Industry News

• In April 2022, KEI Industries Limited supplied low & high voltage cables worth over USD 2.8 million to the Konkan Railway Corporation. Konkan railway route is considered to be the biggest route across the Indian railways, which recently has completed electrification of its 741-km route between Roha and Thokur from Maharashtra to Karnataka. This supply contract enhanced the company’s presence across the region and strengthen its market position across the power and control cable industry.
   

This Asia Pacific power and control cable market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2019 to 2032, for the following segments:

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By Product

• Power Cable
• Control Cable

By Voltage

• Low Voltage
  • LV Power Cable
  • LV Control Cable
• Medium Voltage
• High Voltage

By Application

• Utilities
• Industries
  • Power Plants
  • Oil & Gas
  • Cement
  • Others

The above information is provided for the following countries:

• China
• India
• Japan
• South Korea
• Australia