The power and control cable market size is projected to reach US$ 226.32 billion by 2030 from US$ 126.78 billion in 2022. The market is expected to register a CAGR of 7.5% during 2022–2030. Advancement in wires and cables is likely to remain a key trend in the market.
Growing adoption of power and control cables in electric vehicles and increasing demand for reliable electricity are driving the market. The market is anticipated to grow during the forecast period due to the development of the transmission and distribution sector. Moreover, government investment in energy grid projects and the rising demand for data centers and cloud computing are creating lucrative opportunities for the market.
Power cables transmit energy from a source to equipment. Control cables transmit signals that control the operation of devices. Power and control cables are the most popular kind of electrical cables used in residential, commercial, and industrial applications to supply power and transmit signals. Application demands for power and control cables differ in terms of voltage levels, shielding alternatives, flexibility requirements, oil resistance, and insulation types to survive environmental and operational circumstances.
in August 2022, the Ministry of Economy, Trade and Industry of Japan estimated the necessity for an investment of over US$ 24 billion for developing a competitive manufacturing base for batteries used in electric vehicles (EVs) and energy storage systems. Increasing demand for EVs and government support towards the adoption of EVs is driving the market. In February 2023, the government of South Korea announced its plan to raise the number of subsidized EVs by 34%, from 160,000 units in 2022 to 215,000 cars in 2023. The growing demand for EVs is surging the need for charging infrastructure, thus promoting the need for power cables.
The growing number of industrial activities surges the demand for energy among industries and increases the adoption of power and control cables for appropriate energy transmission. The demand for energy encourages the government to take corrective steps in effective energy transmission. Following are several government investments to expand energy grid projects-
Moreover, increasing government investment in energy grid projects is creating opportunities in the market during the forecast period.
Key segments that contributed to the derivation of the power and control cable market analysis are type, voltage, and application.
The geographic scope of the power and control cable market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The market in Asia Pacific is projected to expand during the forecast period. In April 2023, the Government of India announced plans to expand from 4,25,500 circuit kilometers (ckm) (existing as of May 31, 2020) to 4,54,200 ckm by 2024–2025, resulting in an addition of ~28,700 ckm under the Gati Shakti Master Plan. The addition was proposed in the Interstate Transmission System (ISTS) network and for 220kV and above voltage levels. Similarly, in February 2023, state-owned Power Grid Corporation was awarded five interstate electricity transmission projects through a tariff-based competitive bidding route, which will be completed on the build, own, operate, and transfer (BOOT) basis. Hence, government initiatives for improving electricity transmission are boosting the market in the region.
The regional trends and factors influencing the Power and Control Cable Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Power and Control Cable Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 126.78 Billion |
| Market Size by 2030 | US$ 226.32 Billion |
| Global CAGR (2022 - 2030) | 7.5% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Power and Control Cable Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Power and Control Cable Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The power and control cable market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the power and control cable market are listed below:
The “Power and Control Cable Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:
The List of Companies - Power and Control Cable Market
The global power and control cable market is estimated to register a CAGR of 7.5% during the forecast period 2022–2030.
The key players holding majority shares in the global power and control cable market are Belden Inc, Encore Wire Corp, Furukawa Electric Co Ltd, HENGTONG GROUP CO., LTD, LEONI AG, Nexans SA, Prysmian SpA, Riyadh Cables Group Co, Southwire Company LLC, Sumitomo Electric Industries Ltd.
The global power and control cable market is expected to reach US$ 226.32 billion by 2030.
Asia Pacific dominated the power and control cable market in 2022.
The growing adoption of video analytics powered by computer vision and the rising adoption of the Industry 4.0 Concept are the major factors that propel the global power and control cable market.
Advancements in wires and cable to play a significant role in the global power and control cable market in the coming years.