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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.
Why is the demand for high voltage power and control power cables growing?
The power cables segment is expected to cross over USD 50 billion by 2032, due to its advantages such as efficient electricity transmission and distribution, facilitating urbanization, industrialization, and infrastructure development.
What is the size of the high voltage power and control cable market?
The market size of high voltage power and control cable reached USD 31.2 billion in 2023 and is set to witness 7.4% CAGR from 2024-2032, owing to the increasing urbanization and industrialization, coupled with rising demand for electricity across various sectors worldwide.
Who are the key leaders in the high voltage power and control cable market?
Jeddah Cables, 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., and ZTT, are some of the major high voltage power and control cable companies worldwide.
How big is the North America high voltage power and control cable industry?
North America market is expected to reach USD 24 billion by 2032, due rising electricity demand, urbanization, and government initiatives for renewable energy integration in the region.