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Power and Control Cable Market size exceeded USD 133.9 billion in 2023 and is projected to expand at more than 7.1% CAGR from 2024 to 2032.The initiation of stringent energy efficiency reforms by several governments and policymakers globally will escalate the demand for power and control cables.
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 Attribute | Details |
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Base Year: | 2023 |
Power and Control Cable Market Size in 2023: | USD 133.9 Billion |
Forecast Period: | 2024 to 2032 |
Forecast Period 2024 to 2032 CAGR: | 7.1% |
2032 Value Projection: | USD 251.1 Billion |
Historical Data for: | 2019 to 2023 |
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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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.