Power and Control Cable Market Size - By Product, By Voltage, By Application, Analysis, Share, Forecast, 2025 - 2034

Power and Control Cable Market Size

The power and control cable market size was valued at USD 144.8 billion in 2024 and is estimated to reach the value of USD 281.2 billion by 2034, growing at a CAGR of 6.7% from 2025 to 2034. It is linked to the rising demand from the industrial, commercial, and utility segments. The market is propelled by urbanization, the spreading of electricity, automation in industry, and the growth of infrastructure, especially in developing countries.
 

Increased power requirements and the expansion of the electricity grid remain two of the market growth catalysts. Modernizing old T&D networks to increase efficiency and decrease power losses has become a priority for many countries around the world. China is set to invest amount of approximate USD 800 billion over the next few years, bringing the huge scope for the utilization of power and control cable.
 

The power and control cable market growth is also driven by the industrial and commercial segments. The rising automation and adoption of robotics and IoT in Industry 4.0 requires high-level control cables which have precise signal transfer capabilities. Power supply for factories, civil work development, and large projects construction need comprehensive electrical wiring systems within buildings.
 

The transition to renewable energy is on the way with new prospects since the Governments and private companies are pouring investments into solar and wind farms as well as hydroelectric plants, all of which require high voltage power transmission cables. The International Energy Agency reported, in 2023, that there will be an addition of more than 5,500 gigawatts of renewable capacity globally by the year 2030.
 

The development of smart grids is another factor propelling power and control cable market growth. To enhance energy management and electricity monitoring, power systems are linked with smart communication technologies. These technologies will demand much more infrastructure cabling, thereby increasing the demand for power and control cables.
 

Power and Control Cable Market Trends

• The power and control cable industry is undergoing significant transformation driven by advancements in energy infrastructure, industrial automation, and technological innovations. The need for effective and resilient cabling systems across utilities, industries and businesses is continuously growing which in turn is driving the development of the market.
   
• The need for power cables is increasing at a rapid pace due to adoption of renewable energy sources like wind and solar power. Countries all over the world are investing in vast scale renewable projects which require efficient cabling solutions for power transmission. In 2024, solar capacity in the United States is projected to increase by 30% amplifying the total capacity to 131 GW.
   
• The integration of robotics, AI-Inspired processes, and IoT technologies within manufacturing facilities are the basic components of Industry 4.0. Among the numerous advancements in AI, predictive maintenance stands out as one of the most beneficial in power and control cable industry. Typically, cable faults are identified only when they have deteriorated considerably, or even after they have totally failed, and the factory consequently incurs expensive downtimes. Therefore, these technologies will significantly contribute the value in the growth of power and control cable market.
   
• Governments and private companies are investing heavily in the construction of EV charging stations, which require specialized high-voltage power cables to aid in fast charging. Adoption of electric vehicles (EVs) around the globe is growing rapidly. In 2024, global sales of electric vehicles reached 17.1 million, which is a 25% increase compared to 2023. It indicates the promising future for the power and control cable market across the world.
   
• Integration of offshore wind energy and global power grids and their efficient functionality in power distribution on a larger scale is achievable through the advancement is HVDC cables and superconducting cables which allows for power transmission over long distances at an efficient rate and minimal loss of energy. Therefore, the rising number of wind energy projects will also create a strong need for the market worldwide.
   

Power and Control Cable Market Analysis

• The power and control cable market was valued at USD 123.5 billion, USD 133.9 billion and USD 144.8 billion in 2022, 2023 and 2024 respectively. This development is mainly driven by the growing multiple end use industries across the world. The growing industrialization is remarkably creating a strong potential for the market to grow in coming years.
   
• The power cable segment is anticipated to grow up to more than USD 238.3 billion by 2034 and will significantly grow in coming years mainly due to the rising preference for renewable energy across the world. IEA said that the renewable share is anticipated will jump from 30% in 2023 to 46% in 2030, where solar and wind will be extremely crucial for the growth.
   
• The control cable segment is also expected to grow more than USD 42.6 billion by 2034, due to growing demand for the automation and process industry industrial as well as commercial sectors are dependent on relaying of signals, supervision of systems, and guarantee of seamless operation. Within manufacturing plants, control cables enable appropriate intercommunication and interaction between advanced robotic systems, artificial intelligence, and IoT devices.
   
• These segments are also finding large demand since the number of projects in renewable energy are growing at a higher pace. For instance, the EIB announced that it is helping financially for the 3Sun’s gigafactory expansion to 3 GW by the end of 2024, making it the largest solar factory in Europe. These initiatives will subsequently increase the market for power and control cables in the coming years.
   
• The companies in this industry are also investing massive amounts expand their business, creating a strong platform for the power and control cable market in coming decades. The European Investment Bank (EIB) and Prysmian, in the power and telecom cables sector, have signed a new, USD 450 million finance contract to facilitate electricity transmission and distribution in Europe.
   

• In the power and control cable market, based on voltage, the low voltage segment is anticipated to grow with CAGR of more than 6.7% by 2034 and will be further projected to grow in the coming years. This growth will continue to happen due to growing demand for the wire and cable in infrastructure industry. In 2023, China alone invested approximately USD 59 billion in electric power grid construction projects.
   
• The medium voltage segment also projected to cross USD 91 billion by 2034. The power and control cable market continues to be strong owing to the simultaneous efforts towards upgrading electrical grids, modernizing utilities and replacing inadequate infrastructure.
   
• The industrial segment bears the importance with the growing consumption of energy globally. Projects in this area are increasing rapidly all over the globe. For instance, in 2025, Meta has proposed its best plans yet for a subsea cable Project Waterworth which will be over 50,000 km long, reach five major continents, and use the best technology available. As a result, it will become the longest subsea cable project in the world.
   
• The ongoing development in the advanced technology including cloud technology, and the IoT has also boosted the data consumption worldwide. The communication cables are critical in providing broadband penetration and high-speed data transmission services across continents to satisfy the ever-growing insatiable demand. India is the world's second-largest telecommunications market with a total telephone subscriber base stood at 1,203.69 million, making it the crucial region for the market growth.
   
• This industry will be aided further as number of companies are reportedly making significant investments in those sectors. This is expected to grow the power and control cable market all over the world. For instance, in March 2023, the Italian power transmission system operator, Terna, declared an investment exceeding USD 21 billion in over the Italian transmission grid in 2023 to help speed energy transition efforts and decarbonization across Italy.
   

• The U.S. power and control cable market in 2022, 2023 and 2024 was valued at USD 18.2 billion, USD 19.6 billion and USD 21 billion respectively. The U.S. is investing significant amount in the electrical infrastructure, helping the market to grow in coming years. In 2023, the U.S. utilities allocated USD 17.4 billion toward overhead infrastructure such as poles, lines, and towers. This spending will drive the global market.
   
• The North America is stepping ahead in the utilization of renewable energy, growing the demand for power and control cable market. The IEA projects that over 6,000 GW of new renewable electricity generation will be required by 2040 to address increasing global net zero commitments This rising need will further create the necessity of extensive wiring and cable, thereby boosting the market.
   
• The telecommunication industry also plays a vital role in the growth of power and control cable market since they are highly preferred in multiple applications. Over the past decade, the telecommunications sector has invested an average of USD 50 billion per year in order to modernize and adapt network capabilities to anticipate and meet the growing demand for broadband-intensive digital services.
   
• The APAC region is also experiencing a noteworthy rise in industrialization, thus increasing the need for overhead and control cables. In 2023, the Asia Pacific’s real GDP amounted to USD 56.6 trillion, constituting 61% of the globe's total. In this year Asia Pacific region exported USD 11.7 trillion worth of merchandise goods, and USD 2.7 trillion worth of commercial services.
   
• China is also progressing along with the multiple ongoing projects and investments. In 2024, It is taking massive efforts in constructing multiple electrical infrastructure projects. These projects will create a need for the wire and cable, thereby raising the demand for power and control cable across the Asia Pacific.
   

Power and Control Cable Market Share

Top 4 companies including Prysmian, Belden, Nexans, Sumitomo Electric hold more than 40% market around the world. The major companies consistently work on new products and solutions which makes them a crucial part of the industry globally. These companies place a high focus on investment, especially on research and development. Besides, these companies apply different methods of market development in order to obtain considerable shares in the industry.
 

Power and Control Cable Market Companies

• In January 2023, Nexans with TriMet started a project to co-develop a tooling material based on recycled aluminum for use in producing rods for cables. The partnership focuses on lowering carbon emissions while ensuring the product adheres to the technical requirements for the mechanical properties and conductivity.
   
• In September 2022, With the i-check system, LS Cable & System has disclosed that it will enable remote monitoring and management of cables utilizing IoT technology, making this launch the first out in the market. The innovation can potentially minimize instances of fires that result from short-circuiting and powering failures.
   

Major players operating in the power and control cable industry are:

• Bergen Cable Technology
• Belden Inc.
• FURUKAWA ELECTRIC CO., LTD.
• Havells India Ltd
• KEI Industries Limited
• Klaus Faber AG
• LS Cables
• Leoni Cables
• NKT A/S
• Polycab
• Prysmian Group
• RR Kabel
• Riyadh Cables
• Sumitomo Electric Industries, Ltd.
• Southwire Company LLC
• Top Cables
• Thermo Cables
• ZM Cables
   

Power and Control Cable Industry News

• May 2023: The LS cable and systems announced the completion of an HVDC submarine cable factory in Donghae, Gangwon Province. It is the only HVDC submarine cable factory in Korea. The factory unit was completed with an ultra-high-rise manufacturing tower standing at 172 m tall with a floor area of 34,816 ?.
   
• In 2023 January, Nexans had the sales of approximately USD 6.8 billion, significantly influencing the power and control cable sector. Nexans joined Authentic Vision in fighting cable counterfeiting through the adoption of Meta-Anchor technology, showing the industry’s fidelity towards product verification and supply chain security.
   
• In July 2024, Prysmian S.p.A completed the acquisition of Encore Wire Corporation, a U.S.-based cable producer. This acquisition will significantly create a strong impact on the cable industry, since Prysmian has a strong leverage for the technology, which will be helping them to gain considerable market share in the power and control cable market in coming decades.
   
• In April 2024, Amphenol TPC, Inc., one of the leading suppliers of high-performance cables, wire, connectors, and assemblies designed for harsh industrial environments, announced the introduction of ATPC Medium Voltage Cables. The new cables are a product line extension to the company’s existing medium voltage cables, featuring greater variations in insulation, conductor, and jacket material options.
   

The power and control cable market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2021 to 2034, for the following segments:

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Market, By Product

• Power Cable
• Control Cable

Market, By Voltage

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

Market, By Application

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

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