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High Voltage Power and Control Cable Market Trends

Report ID: GMI8909
Published Date: Apr 2024
Report Format: PDF

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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.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

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.

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.

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.

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.