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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.
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 & 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.
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.