Power and Control Cable Market Updates by 2030
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.
Power and Control Cable Market Analysis
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 and Control Cable Marke Overview
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.
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Power and Control Cable Market: Strategic Insights
Power and Control Cable Market
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![CAGR](https://www.theinsightpartners.com/assets/images/rd_int_img/cagr.png)
CAGR (2022 - 2030)
7.5%
-
Market Size 2022
US$ 126.78 Billion
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Market Size 2030
US$ 226.32 Billion
Market Dynamics
GROWTH DRIVERS
- Government Investment in Energy Grid Projects
FUTURE TRENDS
- Growing Adoption of Power and Control Cable in Electric Vehicles
OPPORTUNITIES
- Advancement in wires and cable
Key Players
- 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
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Type
- Power Cable and Control Cable
Voltage
- High Voltage
- Medium Voltage
- Low Voltage
Application
- Utilities and Industrial
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Power and Control Cable Market: Strategic Insights
-
CAGR (2022 - 2030)7.5% -
Market Size 2022
US$ 126.78 Billion -
Market Size 2030
US$ 226.32 Billion
![The Insight Partners - Logo](https://www.theinsightpartners.com/assets/images/rd_int_img/tip-logo.jpg)
Market Dynamics
- Government Investment in Energy Grid Projects
- Growing Adoption of Power and Control Cable in Electric Vehicles
- Advancement in wires and cable
Key Players
- 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
Regional Overview
![Regional Overview](https://www.theinsightpartners.com/assets/images/rd_int_img/ig-regional.png)
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
![Market Segment](https://www.theinsightpartners.com/assets/images/rd_int_img/cust_bullet_danger.png)
- Power Cable and Control Cable
![Market Segment](https://www.theinsightpartners.com/assets/images/rd_int_img/cust_bullet_warning.png)
- High Voltage
- Medium Voltage
- Low Voltage
![Market Segment](https://www.theinsightpartners.com/assets/images/rd_int_img/cust_bullet_primary.png)
- Utilities and Industrial
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Power and Control Cable Market Drivers and Opportunities
Growing Adoption of Power and Control Cable in Electric Vehicles to Favor the Market
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.
Government Investment in Energy Grid Projects
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-
- In June 2023, the World Bank approved a US$ 268.4 million loan for the Tunisia-Italy interconnector (ELMED) project aimed at linking the energy grid of Tunisia with the European electricity network through a 600-megawatt undersea cable to Italy. The European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and German state-owned bank—KfW will finance a portion of the US$ 1.08 billion project, and the Italian TSO Terna will finance the rest.
- In March 2023, Italian TSO Terna announced plans to invest more than US$ 22.2 billion in developing Italy’s energy grid over the next ten years. The investment announcement was part of Terna’s 2023 development plan for the national grid.
Moreover, increasing government investment in energy grid projects is creating opportunities in the market during the forecast period.
Power and Control Cable Market Report Segmentation Analysis
Key segments that contributed to the derivation of the power and control cable market analysis are type, voltage, and application.
- Based on type, the power and control cable market is divided into power cable and control cable. The power cable segment held a larger market share in 2022.
- By voltage, the market is segmented into high voltage, medium voltage, and low voltage. The low voltage segment held a larger market share in 2022.
- On the basis of application, the market is divided into utilities and industrial. The utilities segment held a larger market share in 2022.
Power and Control Cable Market Share Analysis by Geography
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.
Power and Control Cable Market Report Scope
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 |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Power and Control Cable Market News and Recent Developments
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:
- Sumitomo Electric Industries, Ltd. announced a plan to establish a power cable factory in Scotland, UK. (Source: Sumitomo Electric Industries Ltd, Company Website, March 2023)
Power and Control Cable Market Report Coverage and Deliverables
The “Power and Control Cable Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:
- Power and control cable market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Power and control cable market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Power and control cable market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the power and control cable market
- Detailed company profiles
![Report Coverage](https://www.theinsightpartners.com/assets/rdimages/report_coverage.png)
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
![Segment Covered](https://www.theinsightpartners.com/assets/rdimages/segment_covered.png)
Segment Covered
Type, Voltage, and Application
![Regional Scope](https://www.theinsightpartners.com/assets/rdimages/regional_scope.png)
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
![Country Scope](https://www.theinsightpartners.com/assets/rdimages/country_scope.png)
Country Scope
This text is related
to country scope.
Frequently Asked Questions
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.
The List of Companies - Power and Control Cable Market
- Belden Inc
- Encore Wire Corp
- Furukawa Electric Co Ltd
- HENGTONG GROUP CO., LTD
- LEONI AG
- Nexans SA
- Prysmian SpA
- Riyadh Cables Group
- Southwire Company LLC
- Sumitomo Electric Industries Ltd