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Power and Control Cable Market Size
Power and Control Cable Market was assessed at USD 133.9 billion in 2023 and will grow at a CAGR of 7.1% between 2024 and 2032 due to increasing demand for electricity driven by urbanization, industrialization, and technological advancements that necessitates the expansion and upgrading of power infrastructure. Renewable energy projects, such as wind and solar farms, also contribute to the rising need for high-performance cables. Additionally, advancements in automation and control systems in various industries require sophisticated control cables for efficient and reliable operation.
Multiple countries are investing significantly in different projects creating a demand for the power and control cables worldwide. For instance, In July 2022, a U.S. communications infrastructure provider initiated the Zeus subsea route, establishing a connection between the United Kingdom and continental Europe to meet growing demands from cloud service providers seeking enhanced internet speed. The growing focus on smart grids and the integration of Internet of Things (IoT) technologies further boost the market. Investments in infrastructure projects and government initiatives to modernize power distribution networks enhance market expansion.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 133.9 Billion |
| Forecast Period: | 2024-2032 |
| Forecast Period 2024-2032 CAGR: | 7.1% |
| 032 Value Projection: | USD 251.1 Billion |
| Historical Data for: | 2021-2023 |
| No. of Pages: | 115 |
| Tables, Charts & Figures: | 15 |
| Segments covered: | Product, Voltage Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Power and Control Cable Market Trends
As the world shifts towards renewable energy sources, there is a growing need for specialized cables that can withstand the unique demands of solar, wind, and hydroelectric power generation. These cables are designed to handle higher voltage levels and are more durable to cope with harsh environmental conditions. The increasing investments in renewable energy projects globally are significantly boosting the demand for power and control cables.
The development of smart grids, which aim to improve the efficiency, reliability, and sustainability of electricity distribution, is a major trend. Smart grids require advanced power and control cables to support real-time data communication, automation, and monitoring systems. These cables play a critical role in enabling intelligent infrastructure, facilitating energy management, and integrating distributed energy resources. The rise of industrial automation and the Internet of Things (IoT) has created a demand for advanced control cables capable of handling complex data and control signals.
Power and Control Cable Market Analysis
Based on product, the power cable segment is expected to cross USD 213.4 billion by 2032 due to its growing demand across various industries and infrastructure projects. Rapid urbanization and infrastructure development in emerging economies are driving the demand for power cables. As cities expand and new residential, commercial, and industrial buildings are constructed, the need for reliable power distribution systems increases, thereby boosting the power cable market. The global shift towards renewable energy sources such as wind, solar, and hydroelectric power is a significant driver for the power cable market.
Based on voltage, the market is categorized into low, medium, and high. Low voltage segment is anticipated to cross CAGR of 7% till 2032 due to the continuous growth in residential and commercial construction activities globally. These cables are essential for wiring homes, offices, retail spaces, and other commercial buildings, ensuring safe and reliable power distribution. The proliferation of consumer electronics and appliances, which operate on low voltage power, is boosting the demand for low voltage cables.
Asia Pacific power and control cable market is anticipated to surpass USD 113.6 billion by 2032 since the Governments and private sectors in the Asia Pacific region are heavily investing in renewable energy projects such as solar, wind, and hydroelectric power. These projects require specialized power and control cables to handle the specific needs of renewable energy generation and distribution. The expansion and modernization of electrical grids across the region are crucial for meeting the growing energy demands of burgeoning urban populations. Upgrading aging infrastructure and extending grid connectivity to rural and remote areas are driving the demand for power and control cables.
The U.S. is a leader in technological innovation, contributing to advancements in power and control cable technologies. American companies invest heavily in research and development, leading to the creation of more efficient, durable, and high-performance cables. These innovations set industry standards and influence global market trends.
Power and Control Cable Market Share
Companies like Prysmian, Belden, and Nexans hold a significant market share in the power and control cable industry since these companies are at the forefront of technological innovation in the cable industry. They invest heavily in research and development to create advanced cable solutions that meet the evolving needs of various sectors. Their ability to develop high-performance, durable, and efficient cables gives them a competitive edge.
Power and Control Cable Market Companies
- Bergen Cable Technology
- Belden Inc.
- FURUKAWA ELECTRIC CO., LTD.
- Havell 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
- In January 2023, Nexans and Trimet embarked on a joint development initiative aimed at creating a material made from recycled aluminum for producing aluminum rods used in electrical cables. This collaboration emphasizes minimizing the carbon footprint while ensuring the new product meets technical standards for mechanical properties and conductivity.
- In January 2023, Nexans partnered with Trimet on a joint development project to create a material using recycled aluminum for manufacturing aluminum rods used in electrical cables. Both companies are committed to reducing carbon emissions, leveraging the product's ability to meet technical standards for mechanical properties and conductivity of the alloy.
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 2032, 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, Application
- Utilities
- Industries
- Power Plants
- Oil & Gas
- Cement
- Others
The above information has been provided for the following regions across the regions:
- 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
- Sout Africa
- Egypt
- Latin America
- Brazil
- Argentina
- Peru
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