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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}), COVID- 19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & 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.
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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.
| Report Coverage | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | 123.54 Billion (USD) |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 7% |
| 2032 Value Projection: | 251.14 Billion (USD) |
| Historical Data for: | 2019 to 2022 |
| No. of Pages: | 290 |
| Tables, Charts & Figures: | 640 |
| Segments covered: | Product, Voltage, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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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
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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
| Voltage | Market Size, 2022 |
|---|---|
| Low Voltage | 53.6 |
| Medium Voltage | 41.1 |
| High Voltage | 28.7 |
| Total | 123.5 |
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Low voltage power & control cable market is poised to showcase nearly 7% growth rate between 2023 and 2032. The multifold segment growth is attributed to the aesthetic proximity and flexible configurations of low-voltage cables and the rapid expansion and development of low-voltage distribution networks across industrial establishments. LV power cables find significant usage in a range of indoor and outdoor applications, including power & petrochemical plants, electrical equipment, and utility buildings, further bolstering their adoption.
Furthermore, the wide range applicability of LV control cables in controlling, measuring, and regulating across process automation and communication and panel controls for low-frequency AC signals or transmission of DC signals will aid segment expansion.
Developing grid infrastructure to increase product penetration in Asia Pacific
Asia Pacific power and control cable market is expected to surpass nearly USD 110 billion in revenues by 2032. The augmenting electricity demand across developing regional economies such as India, Indonesia, and Malaysia and the subsequent efforts towards boosting their existing power capacities and infrastructure will drive regional growth. Additionally, the development of sustainable energy infrastructure, fueled by the lack of reliable and efficient electric networks across developing nations, will create a favorable business scenario in the region.
Strategic alliances to strengthen the competitive outlook
Notable players operating in the power and control cable market are Prysmian Group, Nexans, Sumitomo Electric Industries Limited, NKT A/S, Southwire Company LLC, DUCAB, Elsewedy Electric, KEI Industries Limited, Riyadh Cables Group Company, LS Cable & System Ltd., Furukawa Electric Co. Ltd., Belden Inc., Jeddah Cables, Polycab and RPG Cables.
Companies with a strong foothold in this business have been strengthening their strategic ties with other participatory firms to drive better business outcomes. For instance, in January 2023, Nexans collaborated with Trimet for a joint development project to develop a material with recycled aluminum for the manufacturing of aluminum rod that is used in electrical cables. Both participants are focusing on reducing the carbon footprint as the product has the capability to fulfill technical requirements on the mechanical properties & conductivity of the alloy.
How COVID-19 impacted the demand for power and control cables?
The power and control cable industry suffered a noticeable setback impelled by the COVID-19 pandemic, especially during the first half of 2020. The unprecedented halts in industrial and commercial activities, increasing financial stress, and supply chain constraints caused on account of strict lockdown norms implemented to contain the viral spread significantly downsized power demand. Besides, the diversion of government funds towards the R&D sector and healthcare services further limited the growth of power infrastructure, eventually leading to sluggish market growth.
However, later on, the increasing usage of digital services and smart devices due to at-home norms and flourishing remote working and learning trends increased power consumption, thus resulting in industry revival.
The power and control cable market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2019 to 2032, for the following segments:
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Market Insights, By Product
- Power Cable
- Control Cable
Market Insights, By Voltage
- High Voltage
- Medium Voltage
- Low Voltage
- LV Power Cable
- LV Control Cable
Market Insights, By Application
- Utilities
- Industries
- Power Plants
- Oil & Gas
- Cement
- Others
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- France
- Netherlands
- Italy
- Spain
- Germany
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- Kuwait
- South Africa
- Egypt
- Latin America
- Brazil
- Argentina
- Peru