Power and Control Cable Market Size

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.