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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}) & Forecast, 2023 - 2032

  • Report ID: GMI1502
  • Published Date: Feb 2023
  • Report Format: PDF

Industry Statistics

Power and Control Cable Market size exceeded USD 123 billion in 2022 and is projected to expand at more than 7% CAGR from 2023 to 2032. The initiation of stringent energy efficiency reforms by several governments and policymakers globally will escalate the demand for power and control cables.

Power and Control Cable Market

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The depletion of conventional resources and rising concerns pertaining to the sustainability of the skyrocketing energy demand have considerably influenced the electricity markets worldwide. This has prompted manufacturers to focus on developing energy-efficient and operationally flexible components. Moreover, the evolving technological landscape and rapid integration of digitized monitoring and control systems have instituted a favorable growth scenario for the power and control cable business.

For instance, the International Energy Agency (IEA), in compliance with its overall strategic focus, has designated energy efficiency as the prominent factor ensuring a reliable, safe, and sustainable energy system. Henceforth, IEA supports international organizations and governments in implementing and understanding energy efficiency policies. Similarly, regulators across the European sub-continent introduced their energy efficiency directive to suffice their target of 32.5% energy-efficient networks by 2030. Thus, increasing constraints related to energy efficiency will foster the refurbishment demand for a comparatively inefficient electrical component, which, in consequence, will favor the industry growth.

Heavy import dependency to act as a growth-restraining factor

High dependency on material imports is, however, seen as a leading factor restraining business progression through the estimated timeframe. A large community of developing and developed regions rely on component imports to sustain the rising demand for expansion and upgradation of transmission infrastructure. Besides, manufacturers globally have continuously been focusing on reducing their overall production costs to ensure sustainable profitability and apt industry penetration, which owing to material import dependency, will impede business growth.

Improving technological outlook to boost the demand for control cables

Power and Control Cable Market Share By Product

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In terms of product, the power and control cable market value from control cable segment is anticipated to reach over USD 35 billion by 2032, owing to the extensive utilization of control cables in the building and construction sector for energy distribution and signal transmission. In addition, the integration of smart technologies, such as IoT, in several industrial and utility applications will accelerate business progression through the ensuing years.

Increased emphasis on rural electrification to drive demand in utility applications

Power and control cable market size from the utility applications segment is predicted to observe approximately 7% gains through 2032. The utility sector, comprising both power transmission and distribution, has attracted numerous government aids and investments on account of an increased emphasis on enhancing the existing T&D network. The ongoing development of HVDC and UHVDC systems, in tandem with the escalating rollouts of various rural electrification programs, will stimulate industry revenue streams.

Low voltage power and control cables to gain traction due to expanding low voltage distribution networks

Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

The market size of power and control cable recorded a valuation of over USD 120 billion in 2022 and is estimated to depict over 7% gains through 2032 driven by the implementation of strict energy efficiency norms across numerous economies.

The control cable segment is poised to amass revenues of over USD 35 billion by 2032, attributed to the extensive usage of smart technologies, such as IoT, in several industrial and utility applications.

The utility applications segment is set to observe 7% growth rate through 2032, given the expanding grid infrastructure and escalating rural electrification trends.

The Asia Pacific market is expected to cross more than USD 110 billion by 2032 owing to the skyrocketing demand for electricity and the subsequent investments to expand existing power infrastructure.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 640
  • Countries covered: 24
  • Pages: 290
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