Power and Control Cable Market size to exceed $170bn by 2026
Published Date: December 11, 2020 Authors: Ankit Gupta, Nikhil Paranjape
Power and Control Cable Market size is anticipated to surpass USD 170 billion by 2026, as reported in the latest study by Global Market Insights, Inc.
Power and control cable industry will witness significant growth owing to rising power demand from residential and commercial establishment along with soaring investment toward the expansion of smart grid infrastructure. A radical change toward IT integration across the power sector will significantly foster the smart grid deployment, thereby positively influencing the market share. In addition, consumer tendencies toward deployment of flexible and fire resistant cables with an aim to safeguard the living environment along with extended life expectancy of the products will complement the business outlook of power and control cables.
However, the unanticipated pandemic of COVID-19 has led to a substantial turmoil in the power and control cable market. Lockdowns imposed by respective governments have not only hampered the production statistics of power and control cable manufacturers but also flattened the demand across end use applications. Although, the situation has recovered considerably and it has been anticipated that by 2021, the industry will regain its strength and witness significant growth during the forecast timeframe.
Soaring demand for monitoring and controlling of equipment along with transmission of electrical signals will boost the market demand for control cable
Control cable installation is set to witness significant growth on account of rising demand to monitor the functioning of electrical equipment. These cables are deployed across wide array of applications which include airport lighting, electric vehicle charging and street lighting, which will stimulate the market statistics. Over the coming years, the adoption of smart technologies in utility and industrial application will further enhance the control cables demand during the forecast timeline.
Browse key industry insights spread across 280 pages with 445 market data tables & 30 figures & charts from the report, “Power and Control Cable Market Analysis By Product (Power Cable, Control Cable), By Voltage (HV, MV, LV), By Application (Utilities, Industrial (Power Plants, Oil & Gas, Cement)), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2020 – 2026”in detail along with the table of contents:
Large scale demand for electricity coupled with the ongoing expansion of T&D networks will fuel the market statistics of medium voltage power and control cables
Medium voltage power and control cable market is anticipated to register over 5% through 2026. In the recent years, growing electricity demand coupled with rising urbanization across Asia Pacific region will proliferate the industry dynamics. Medium voltage cables have gained a significant impetus subject to the large-scale commercial expansion and refurbishment of the small-scale industrial platforms across emerging economies. Moreover, the suburban migration has further led to the expansion of residential complexes and large multi-story apartments, thereby augmenting the market demand for medium voltage power cables.
Rising industrialization across the Middle East and Asia Pacific region will augment the market demand of industrial power and control cables during the forecast timeframe.
Industrial power and control cable market exceeded 60 billion in 2019. Growing industrialization coupled with increasing power demand is projected to fuel the product penetration. Soaring demand for manufactured products has led to the expansion of processing plants which is boosting the product demand. In addition, efforts toward reducing T & D losses along with rising demand for sustainable technologies will stimulate the market trends over the forecast timeline.
Shifting trends toward adoption of energy-efficient technologies will drive the installation of power & control cable across Europe
European power and control cable market share is projected to witness over 5% CAGR through 2026. European countries are witnessing an increase in the product demand due to the increased spending on the development of long-distance transmission networks & refurbishment of domestic distribution infrastructure. Rising electricity consumption across industrial sector in Europe will positively stimulate the industry demand. Furthermore, ongoing replacement of traditional electrical equipment with advanced systems will further boost the market outlook across the region.
Eminent players operating across power and control cable market include Nexans, Prysmian Group, Sumitomo Electric Industries, Ltd., Southwire Company LLC, NKT A/S, KEI Industries Limited, and Elsewedy ELECTRIC amongst others. Long term supply contracts and strategic partnerships along with technological advancements are the vital strategies followed by major market players to achieve a competitive edge over other competitors in power and control cable industry.
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