High Voltage Power and Control Cable Market Size - By Product (Power, Control), By Application (Utilities, Industries) & Forecast, 2024 – 2032

High Voltage Power and Control Cable Market Size

High Voltage Power and Control Cable Market size was valued at USD 31.2 billion in 2023 and is forecasted to exhibit a CAGR of 7.4% between 2024 and 2032. This upward trajectory is attributed to several growth drivers including increasing urbanization and industrialization, coupled with rising demand for electricity across various sectors.
 

According to projections from the U.S. Energy Information Administration, global energy consumption in the industrial sector is expected to increase by anywhere from 9% to 62% between 2022 and 2050. Additionally, advancements in technology, such as enhanced insulation materials and manufacturing processes, are improving the performance and reliability of high voltage cables, further propelling market expansion.
 

High Voltage Power and Control Cable Market Trends

The high voltage power and control cable industry is witnessing steady growth due to increasing demand for electricity, renewable energy integration, and infrastructure development. Advancements in technology, such as improved insulation materials and efficient transmission systems, are driving market expansion. In September 2022, Nexans unveiled AXQJ Easy, a next-generation halogen-free power cable featuring a distinctive sheath material. This cable offers enhanced flexibility and ease of cutting, streamlining installation processes for faster deployment.
 

Additionally, stringent regulations promoting energy efficiency and safety standards are influencing market dynamics. With rising investments in smart grid infrastructure and electrification projects globally, the market is expected to continue its upward trajectory.
 

High Voltage Power and Control Cable Market Analysis

The power cables product segment has maintained a significant share in recent years and is projected to expand to over USD 50 billion by 2032. These cables offer numerous advantages, including efficient electricity transmission and distribution, facilitating urbanization, industrialization, and infrastructure development. Moreover, their versatility enables integration with renewable energy sources, supporting the global shift towards sustainable power generation. Technological advancements in power cable materials and designs enhance their reliability, durability, and performance, while stringent regulations drive improvements in energy efficiency and safety standards. Consequently, power cables play a pivotal role in modernizing and expanding electrical grids worldwide, positioning them as key drivers of growth in the market.
 

The high voltage power and control cable market within the utility sector is forecasted to achieve a CAGR surpassing 7.5% through 2032. This growth trajectory is driven by several factors, including escalating demand for electricity in urban and industrial settings, bolstered by infrastructure expansion initiatives.
 

Additionally, the increasing adoption of renewable energy sources necessitates robust transmission and distribution networks, further propelling market growth. Technological advancements in cable materials and designs contribute to enhanced efficiency and reliability, catering to the evolving needs of the utility sector.
 

The Asia Pacific high voltage power and control cable market is projected to cross USD 24 billion by 2032, driven by increasing infrastructure development and industrialization. Key factors include rising electricity demand, urbanization, and government initiatives for renewable energy integration.
 

According to the Statistical Review of World Energy from the Energy Institute, primary energy consumption in the Asia Pacific region climbed to 277.6 exajoules in 2022, marking a 2.1% increase compared to the previous year. Technological advancements, such as smart grid implementations, further fuel market expansion. Major players compete in offering innovative solutions, while regional dynamics and regulatory frameworks shape market trends.
 

High Voltage Power and Control Cable Market Share

Prysmian Group commands a significant share in the high voltage power and control cable industry due to its extensive product portfolio, technological innovations, and global presence. The company's expertise in designing and manufacturing reliable cables, coupled with its focus on meeting diverse customer needs, solidifies its position as a leader in the industry, driving its substantial market share.
 

High Voltage Power and Control Cable Market Companies

Some of the key market players operating across the low voltage power and control cable industry are:

• alfanar Group
• Brugg Kabel AG
• Bergen Cable Technology
• Ducab
• Elsewedy Electric
• Furukawa Electric Co., Ltd.
• Jeddah Cables
• Klaus Faber AG
• KEC International Limited
• KEI Industries Limited
• NKT A/S
• Nexans
• Prysmian Group
• Power Plus Cables Co. L.L.C.
• Riyadh Cables
• RR Kabel
• Southwire Company LLC
• Sumitomo Electric Industries Limited
• ZMS Cable Company. Ltd.
• ZTT
   

High Voltage Power and Control Cable Industry News

• In January 2023, Nexans unveiled plans for a USD 43 million investment in its Autun site in France, aiming to integrate state-of-the-art industrial technologies. This initiative will bolster the company's capacity to produce cables using recycled materials while augmenting overall production capabilities. The expansion is poised to elevate Nexans' market footprint in Europe, fostering customer growth through the provision of advanced technological offerings.
   
• In June 2021, Prysmian Group secured the SOO Green HVDC Link Project in the U.S. This pioneering 350-mile, 2,100-MW inter-regional initiative marks the inception of the national clean energy grid, linking the eastern PJM Interconnection with the MISO mid-west independent system operator. Prysmian will deploy cutting-edge ±525 kV HVDC cable, facilitating efficient, reliable, and ample transmission of renewable energy to power over 1.2 million households. This project bolsters Prysmian's project portfolio in the power and control cable industry while enhancing its market presence across the region.
   

The high voltage 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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Market, By Product

• Power cable
• Control cable

Market, By Application

• Utilities
• Industries

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico 
• Europe
  • UK
  • France
  • Netherlands
  • Italy
  • Spain
  • Germany
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Kuwait
  • South Africa
  • Egypt
• Latin America
  • Brazil
  • Argentina
  • Peru