Press release
Power And Control Cable Global Market Report 2024 - By Growth, Share, Industry Size, Forecast To 2033
Power And Control Cable Market
The power and control cable market size is expected to see strong growth in the next few years. It will grow to $199.77 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to continued industrial growth, smart cities initiatives, electrification of transportation, upgradation of power grids, telecommunication infrastructure growth. Major trends in the forecast period include energy storage systems, electrification of transportation, focus on energy efficiency, stringent safety and environmental standards, globalization of supply chains.
Market Overview -
The power and control cable refers to the cable that is used to transfer energy from its source to the machinery and transfer signals for measurement, regulation, and automation control. Its primary function is to transmit power from distribution stations to various electrical and measurement devices.
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Smart Grids Fueling Expansion In Power And Control Cable Sector
The rising adoption of smart grid infrastructure is expected to propel the growth of the power and control cable market going forward. Smart grid infrastructure is an electricity network that employs digital and other cutting-edge technology to monitor and regulate the transmission of electricity from all generation sources to meet the various electrical needs of end users. The power and control cables consist of secure super grid technology, potent for building a dense urban grid that transports energy over long distances with minimal power losses. For instance, according to the International Energy Agency, a France-based autonomous intergovernmental organization, the US investment spending on electricity grids increased by 9.09% from $77 billion in 2020 to $84 billion in 2021. Therefore, the rising adoption of smart grid infrastructure is driving the growth of the power and control cable market.
Competitive Landscape -
Major companies operating in the power and control cable market report are Prysmian SpA, Nexans SA, Polycab India Limited, NKT A/S, Dubai Cable Company Pvt. Ltd., KEI Industries Limited, LS Cable & System Ltd., Sumitomo Electric Industries Ltd., Belden Incorporated, Furukawa Electric Co. Ltd., Southwire Company LLC, Riyadh Cables Group Company, General Cable Technologies Corporation, KEC International Ltd., Encore Wire Corporation, Hengtong Group, Leoni AG, Tyler Madison Inc., Okonite Company, TPC Wire & Cable Corp., Fujikura Ltd., Hitachi Cable Ltd., Walsin Lihwa Corp., Bahra Cables Company, Brugg Cables AG, Prysmian Group SpA, Anixter International Inc., Tratos Ltd.
The Rising Tide Of Innovation In The Power And Control Cable Market
Product innovations are a key trend gaining popularity in the power and control cable market going forward. Major companies operating in the power and control cable market are developing innovative technologies to strengthen their position in the market. For instance, in July 2022, Remee Products Corporation, a US-based manufacturer of electronic wire and cable launched the ActivateTM line of PowerPipeTM distribution cables. These cables deliver distributed electronics requiring long-distance runs a more dependable, cost-effective Class 4 fault-managed power supply. Also, they will assist in advancing digital power technologies that are necessary for smart buildings and a variety of other applications.
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Key Segments -
The power and control cable market covered in this report is segmented -
1) By Product Type: Power Cable, Control Cable
2) By Voltage Type: High Voltage, Medium Voltage, Low Voltage
3) By Application: Utilities, Industries, Power, Oil And Gas, Cement, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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