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Based on product, the power cable segment held a market value of more than USD 44.8 billion in 2022. Power cables play an essential role in electrical circuits as they are responsible for delivering a reliable and steady power supply to various systems. They have gained widespread prominence in the broader wires and cables industry, primarily owing to their extensive use in networks with lower-rated capacities. As infrastructure development activities have evolved significantly over time, there has been a substantial surge in the worldwide demand for cables.
Based on voltage, the Low-voltage cables are primarily used for secondary power distribution, serving the needs of both commercial and industrial environments. These cables are available in various sizes, capable of handling rated voltage capacities ranging from 50 V to 1,000 V. Notably, there has been a notable market adoption of voltage capacities that surpass these mentioned ratings, especially for use in large-scale installations with well-defined transmission requirements. The growing requirement for economical and dependable electricity supply, along with the extensive incorporation of decentralized power generation units, is anticipated to boost the Asia Pacific power and control cable market development.
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Based on application, the industries application is set to grow at a CAGR of over 7.4% through 2032. The advent of the industrial revolution in Asia Pacific nations has led to a significant upsurge in the demand for power and control cables in industrial applications. Various factors, including cost-effective labor, affordable raw material prices, and supportive government policies, have been pivotal in attracting industrialists to set up new facilities in these regions. Furthermore, strict government targets for capacity expansion and the growing need for automated and intelligent systems are expected to bolster the adoption of these cables across various industries.
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The power and control cable market across China capture around 33.2% revenue share in 2022. China's continued investment in infrastructure projects, including transportation, utilities, and urban development, drove the demand for power and control cables. These cables are essential for connecting and supplying electricity to various infrastructure components. The rapid growth of China's industrial sector, including manufacturing and automation, led to a heightened need for power and control cables. They are crucial for powering machinery and equipment in factories and industrial facilities.
China's commitment to renewable energy sources, such as wind and solar power, created opportunities for power cables used in renewable energy projects. These projects required extensive cabling for efficient energy distribution. The deployment of smart grid technology in China's energy infrastructure led to increased demand for control cables that enable efficient monitoring and management of the electrical grid.