Power and Control Cable Market Is Set to Exceed USD 170 Billion By 2026 With 6.1% CAGR
March 1, 2021
Power and Control Cable Market size was valued at over USD 140 billion in 2019 and is anticipated to register more than 6% CAGR between 2020 and 2026. Ongoing investments toward the enhancement and expansion of grid infrastructure in order to meet rising electricity demand across the globe will propel the market growth over the forecast period. Power cable accounted for dominant market share in 2019.
Power and control cable are largely deployed for electricity supply, instrumentation and automation purposes across various application. In the recent past, global electricity production and consumption has increased significantly which in turn has positively impacted the power and control cable demand. Lack of efficient electric infrastructure across emerging economies along with an inclination toward the expansion of existing networks has instituted a favorable market scenario for power and control cable industry.
However, the ongoing COVID-19 pandemic has resulted in the large scale economic disruption across several developing & developed nation around the world. The global economic slowdown coupled with declined GDP of leading countries till Q3 of FY2020 on account of the pandemic is anticipated to hinder the industry growth. Labor shortage and lockdown of manufacturing operations are few prominent factors that will limit the installation of power and control cables. Even with the economy slowdown, the market demand is expected to recover by the Q4 of FY2020, as the operation recommence after the lockdown.
The study describes a detailed analysis of industry trends across the globe segmented on a regional & country basis across product, voltage and application. Moreover, the market forecasts & estimates are aligned with the data signified by authorities including the Electric Power Research Institute (EPRI), Energy Information Administration (EIA), National Fire Protection Association (NFPA), World Bank, International Energy Agency (IEA), government regulatory functioning bodies, and company reports.
Growing adoption of renewable energy resources along with rising inclination toward energy efficient grid integration will fuel the power cable demand
The power cable segment of the market is anticipated to witness a growth of over 6% through 2026. Power cables will achieve wide penetration across the overall wire and cable industry pertaining to large scale applications, which will propel the market demand. In the recent past, a significant transformation has been witnessed across the infrastructural development activities, which has considerably augmented the market share. Moreover, governmental focus toward the power generation and transmission capacity addition will further stimulate the market outlook during the forecast timeframe.
Rising demand for bulk electricity transmission over extended distances to fuel power and control cable market from high voltage segment
Power and control cable market demand from high voltage segment is set to witness significant growth on account of rising number of renewable energy projects coupled with new grid connections. Ongoing investment across large scale industries including oil & gas and manufacturing will foster the high voltage segment of the market. Rapid expansion of railway networks coupled with wide adoption of these cables across metal and mining industries will create a favorable business scenario. In addition, positive consumer and regulatory inclination toward the incorporation of sustainable electricity networks will further complement the power and control cable industry outlook.
Exponential rise in demand for energy accelerated by flourishing industrial sector will positively influence the power and control cable market trends
Increasing dependency on manufactured goods along with the rapid industrialization across developing economies will propel the power and control cable demand across the globe. Food, apparel, day-to-day products, auxiliary consumables, and similar manufacturing facilities have been developed on a large scale, which will fuel the demand for effective electrical components across these establishments. In addition, rapid urbanization coupled with favorable government reforms for renewable integration across the residential sector along with large scale commercialization across emerging nations will drive the business landscape.
Rising electricity demand from industrial sector across Asia Pacific region will drive the market growth of power and control cable
Asia Pacific power and control cable market is set to witness significant growth on account of positive outlook toward power generation, oil & gas, cement industry amongst others. Major economies in the region including China and India are favorable markets as they persist to augment the existing infrastructure and power capacities to meet the power demand. According to BP Outlook, in 2019 China’s electricity generation increased by 340 TWh, which accounted for more than 95% of net global growth of 360 TWh. Changing power consumption outlines in households and commercial establishments will boost the market statistics. Moreover, the growing concerns toward grid safety and reliability have significantly raised the power and control cable demand.
Strategic partnerships and collaborations acting as the pivotal point for prominent market players
The key market participants are focusing on developing new products with innovative features to boost their business share in the industry. In addition, long term contracts and agreements are among the major strategies followed by the market giants to achieve a competitive edge in the global market. Moreover, leading industry players are focusing toward backward & forward integration by establishing direct distribution channels to enhance their market share.
The vital players profiled in the power and control cable market report includes Sumitomo Electric Industries, Ltd., Prysmian Group, KEI Industries Limited, Nexans, Belden, Inc., Polycab, Furukawa Electric Co., Ltd., LS Cable & System Ltd., amongst other players.
Power and control cable market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘USD” from 2015 to 2026, for the following segments:
By Product
- – Power Cables
- – Control Cable
By Voltage
- – High Voltage
- – Medium Voltage
- – Low Voltage
By Application
- – Utilities
- – Industrial
- – Power Plants
- – Oil & Gas
- – Cement
- – Others
The above information has been provided for the following regions and country:
- – North America
- – U.S.
- – Canada
- – Mexico
- – Europe
- – UK
- – France
- – Netherlands
- – Italy
- – Spain
- – Sweden
- – Denmark
- – Belgium
- – Germany
- – Russia
- – Asia Pacific
- – China
- – India
- – Japan
- – South Korea
- – Australia
- – Indonesia
- – Philippines
- – New Zealand
- – Malaysia
- – Thailand
- – Middle East & Africa
- – Saudi Arabia
- – UAE
- – Qatar
- – Kuwait
- – Turkey
- – South Africa
- – Egypt
- – Nigeria
- – Latin America
- – Brazil
- – Argentina
- – Peru
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