Power and Control Cable Market size worth $250 Bn by 2032

Power and Control Cable Market size is set to surpass USD 250 billion by 2032, according to a new research report by Global Market Insights Inc. The study predicts that the increasing investments focused on refurbishing the prevailing grid infrastructure to ensure grid stability will propel the demand for power and control cables.
 

The massive population growth coupled with the rapid commercialization and industrial development has resulted in the expansion of renewables on a large scale. For Instance, in July 2022, the Government of India introduced the Revamped Distribution Sector Scheme proposing an investment worth USD 38 billion to assist the distribution companies (DISCOMs) in improving their operational efficiencies along with enhancing the quality, affordability, and reliability of electricity supply to the consumers.
 

This apart, the ongoing reforms and policy rollouts focused on leveraging cutting-edge technologies and modernizing the existing grid networks to make them more resilient and smarter by integrating advanced equipment, controls, and technologies will complement the industry outlook.
 

Expanding power generation and transmission infrastructure to spur demand for power cables

In terms of product, the power and control cable market from power cables segment is poised to register at over 7% CAGR between 2023 and 2032. Power cables are predominantly deployed in electric circuits to supply power to the systems while maintaining a continuous & reliable supply network. The increasing penetration of these cables across the electronics industry, owing to their large-scale application across the comparatively lower-rated capacity network, will augment segment revenues. Moreover, the growing emphasis on boosting power generation and transmission capacity will drive product demand.
 

Burgeoning demand for long-distance power transmission to foster the adoption of high voltage power and control cables

The high voltage segment accounted for more than 20% share of the power and control cable market in 2022. The accelerating demand for bulk electricity transmission over long distances has stimulated the sales of high-voltage cables. In addition, rising investments in several offshore energy generation projects and the aggressive competition among leading product manufacturers, including Nexans and General Cable to develop enhanced high-capacity cables specific to these projects will escalate business expansion.
 

Browse key industry insights spread across 290 pages with 616 market data tables & 24 figures & charts from the report, “Power and Control Cable Market Size By Product (Power Cable, Control Cable), By Voltage (HV, MV, LV {LV Power, LV Control}), By Application (Utilities, Industrial {Power Plants, Oil & Gas, Cement}), COVID- 19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/power-and-control-cable-market
 

Growing energy efficiency concerns to proliferate product demand in industrial applications

Industrial power and control cable market is projected to witness nearly 6% CAGR through 2032. Increasing focus on incorporating wide range frequency distribution links, in association with the rising concerns for energy efficiency, will bolster the industry progression. Additionally, the rising demand for ultra-high voltage networks and the increasing public-private investments across developing countries to support several electrification programs and initiatives will further complement industry expansion.
 

Replacement of traditional electric equipment to boost industry growth across North America

North America power and control cable market held over 20% of the revenue share in 2022. North American economies, such as the U.S., Canada, and Mexico, have witnessed a visible surge in power and control cable demand due to increased spending on the development of long-distance transmission networks & refurbishment of domestic distribution infrastructure. The increasing focus on the replacement of conventional electric equipment with advanced high-quality systems will further fuel the product demand across the region.
 

Acquisitions to define the competitive landscape

Prominent enterprises in the power and control cable market include Prysmian Group, Nexans, Sumitomo Electric Industries Limited, NKT A/S, Southwire Company LLC, DUCAB, Elsewedy Electric, KEI Industries Limited, Riyadh Cables Group Company, LS Cable & System Ltd., Furukawa Electric Co. Ltd., Belden Inc., Jeddah Cables, Polycab and RPG Cables.
 

These players have been actively incorporating numerous growth tactics, including strategic alliances and new product development, to strengthen their global foothold. For example, in November 2022, Nexans inked an agreement with Reka Industrial plc to acquire the latter, a Finland-based manufacturer of medium and low-voltage cables for distribution and usage applications. The acquisition deal was worth over USD 57 million in equity price, including net debt of more than USD 7 million. This transaction will enhance the company's market presence across the region and strengthen its position in the industry.