What Factors Propelled The Growth Of The Power And Control Cable Market In The Past?
The power and control cable market has seen considerable growth due to a variety of factors.
•The market size for power and control cables has seen considerable expansion in the previous years. There will be growth from $157.44 billion in 2024 to $167.93 billion in 2025, boasting a compound annual growth rate (CAGR) of 6.7%.
The past growth of this market can be credited to the upturn in industrialization, increase in urbanization and infrastructure advancements, the burgeoning energy sector, manufacturing scale-up, and the incorporation of renewable energy.
What Is The Projected Growth And Market Size For The Power And Control Cable Sector?
The power and control cable market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, there is a projected robust growth for the power and control cable market, with the size expected to reach "$213.82 billion in 2029 with a compound annual growth rate (CAGR) of 6.2%.
Factors contributing to this growth during the forecast period encompass continuous industrial development, smart cities endeavors, the electrification of transport modes, power grid enhancements, and expansion of the telecommunication infrastructure. The forecast period will also witness major trends such as energy storage systems, increased emphasis on energy efficiency, rigorous safety and environmental standards, and worldwide supply chain globalization.
Which Factors Are Boosting Growth In The Power And Control Cable Market?
The increased utilization of smart grid infrastructure is anticipated to drive the expansion of the power and control cable market in the future. Smart grid infrastructure consists of an electrical network that leverages digital and other advanced technologies to supervise and manage electricity transmission from all generation sources, catering to various electrical demands of end users. The power and control cables, armed with secure super grid technology, are capable of constructing a robust urban grid that conveys energy over vast distances with miniscule power losses. For example, as stated by the International Energy Agency, an independent intergovernmental organization hailing from France, investment in smart grids should more than double from roughly $330 billion annually to $750 billion by 2030 to align with the Net Zero Emissions by 2050 (NZE) Scenario, particularly in emerging market and developing economies (EMDEs). Hence, the augmented uptake of smart grid infrastructure is propelling the power and control cable market's growth.
What Key Areas Define The Segmentation Of The Global Power And Control Cable Market?
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
Subsegments:
1) By Power Cable: Low Voltage Power Cables, Medium Voltage Power Cables, High Voltage Power Cables, Underground Power Cables
2) By Control Cable: Instrumentation Control Cables, Signal Control Cables, Remote Control Cables, Other Control Cables
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How Are Emerging Trends Reshaping The Dynamics Of The Power And Control Cable Market?
The emergence of product innovations is a prominent trend that's becoming increasingly popular within the power and control cable market. To solidify their position within the market, major companies are developing innovative technologies. To illustrate, Remee Products Corporation, a company based in the US that manufactures electronic wire and cable, introduced a new line known as Activate PowerPipe distribution cables in July 2022. These cables provide a more reliable and economical Class 4 fault-managed power supply to distributed electronics that require extensive-range runs. They also support the progress of digital power technologies crucial for smart buildings and several other applications.
Who Are the Key Players in the Power And Control Cable Market?
Major companies operating in the power and control cable market include:
• 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
• Anixter International Inc.
• Tratos Ltd.
What Is The Most Dominant Region In The Power And Control Cable Market?
North America was the largest region in the power and control cable market in 2024.Asia-Pacific is expected to be the global power and control cable market report during the fastest-growing region. The regions covered in the power and control cable market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
