Control Cable Market size is projected to gain significant traction over 2021-2027, given the surging adoption of control cable components for light- to heavy-duty applications. These inclue building & construction and bulk handling equipment, along with the superior product features such as high resistance to electromagnetic interference.
This feature makes the product ideal for transferring low voltage signals and controlling electrical hazards. Material handling equipment also requires reliable and durable control cable systems to ensure safe and secure filling, packaging, assembly, and movement of goods.
Control cables are multi-conductor cables that are typically shielded with a braid shield or foil shield or both. The product is capable of sending a signal to control the functioning of equipment. It is widely used for the distribution and transmission of electrical energy across submarine, aerial, underground, indoors, and other applications.
Strong focus on process automation in several industries such as automotive and building & construction is a major trend outlining the control cables market forecast. There has been escalating demand for different types of control cables in the automation sector to support the need for unique power and data transfer of various solutions to ensure profitability and operational efficiency.
Considering the material type, control cable industry share from the PVC (Polyvinyl chloride) segment will record considerable revenue by 2027. This is attributable to its increasing deployment in electrical cable construction activities for sheathing, bedding, and insulation. Myriad other benefits such as cost-effectiveness and flame retardant properties of cables with PVC insulation will further escalate segmental expansion over the coming years.
From a regional perspective, the Asia Pacific is set to emerge as a prominent control cable market over the forecast spell, owing to the accelerating number of houses and residences, and the subsequent rise in the deployment of cables and wires in India and other developing countries. The wire and cable sector accounts for over 40% of the electrical industry in India. In addition, rising government initiatives and projects including 100 smart cities & Housing for All by 2022 are slated to proliferate the residential construction activities and in turn, boost the regional market growth in years ahead.
The global control cable market is stimulated by the presence of key participants such as Dongguan Heyi Electronics, Aceharness, Tongxiang Xinyihong Electric, Gold Cup Electric Apparatus, Wan Shun Electronics, Thermo Cables, Techno Flex Cables, TELDOR, Prysmian Group, Nexans, Orient Cables, Multi/cable Corporation, Belden, and General Cable Technologies Corporation (Prysmian), among others.
These firms are employing strategies such as innovative product launches and M&A to establish a firm presence in the competitive industry. For instance, in May 2021, Prysmian Group announced the introduction of its ECO CABLE label, the 1st proprietary green product label and next-gen of control cables, with an aim to help distributors and utilities strengthen their green supply chain & value proposition.
Meanwhile, TPC Wire & Cable, Audax Private Equity’s portfolio company, completed the acquisition of ISO 9001 certified custom cables supplier Integrated Cable Systems, Inc. (ICS) in February 2021, in an effort to deliver high-performance connectivity solutions for use in high-cost-of-failure applications.
In the wake of the COVID-19 pandemic, countries across the globe have been encountering massive economic and health crises. Governments in developing economies implemented strict regulations such as lockdown to curb the spread of coronavirus. This has adversely impacted the output of multiple industrial sectors including construction and temporary discontinuation of building projects. In 2020, nearly 5,000 construction projects across Pune City, India, came to a halt amid the COVID-induced lockdown.
However, global construction industry is expected to make a strong recovery in 2021, owing to the increasing government housing schemes as well as massive pent up demand. These factors, along with the gradual ease of lockdown measures and other restrictions, may lead to a significant increase in control cable market share over the forthcoming years.