The power and control cable market is projected to witness a CAGR of 8.15% during the forecast period to reach a total market size of US$187.250 billion by 2026, increasing from US$108.202 billion in 2019.
Power cables transfer energy from a source to equipment and control cables send signals to control the functioning of equipment. They are used for the transmission and distribution of electrical energy for normal conditions of installation and service, either indoors, outdoors, aerial, underground, or submarine. The power cables are made up of copper and aluminum while control cables are flexible wires which are used to measure and control in the field of process automation.
Power cables have many industrial applications which make the wires a popular choice to be used in ships, airports, industrial areas, underground, hospitals, commercial centers, and many more. There are many types of control cables that are all unique in their way. The places where these exclusive cables are used include building, construction, and the railway industry. These vast arrays of applications help drive the market up. Additionally, increasing demand for power, rise in per capita income, higher purchasing power, investments and innovations, alternative power sources also push the market forward.
Geographically, the APAC region is expected to be a forerunner in the coming years due to the increase in demand for power as industrial production propels. The North-American region currently occupies the highest share due to its industrial advancements. By application, utilities have the highest market share as consumer goods, food, apparel, and auxiliary goods, have been developing on a large scale.
Power and control cables are largely deployed for electricity supply, instrumentation, and automation purposes across the various application. Ongoing investments toward the enhancement and expansion of grid infrastructure to meet rising electricity demand across the globe will propel market growth over the forecast period.
Renewable energy expanded by 7.6 percent in 2019, adding 176 gigawatts (GW) of generating capacity globally, marginally lower than the (revised) 179 GW added in 2018, according to UNEP. However, it accounts for only 20% of the power need, while the rest is covered by conventional sources. The shift to cleaner energy sources asks for innovation and better transmission methods. With product development and new launches, the cable market can tap these benefits eventually expanding the market.
The pandemic led to a sluggish global economic growth of the power sector resulting in lower demand especially by the commercial and industrial sector and disrupted supply chain. The COVID-19 pandemic has caused many dislocations to the power sector. As the power sector contracted, the market for cables also faced similar wrath. However, as the pandemic eases and mobility increases, economic activity is likely to go up. That will increase commercial and industrial demand for electricity in the coming years.
The market leaders for the Power and Control Cable Market are Belden Inc., Multi/cable Corporation, Nexans, Prysmian S.P.A., Orient Cables Pvt. Ltd., Teldor Cables & Systems Ltd., Techno Flex Cables, CMI Ltd., Havells, LS Cable India Pvt. Ltd., Furukawa ElectricCo, Ltd., Southwire Company, LLC, General Cable Technologies Corporation, Sumitomo Electric Industries., and Thermo Cables Pvt. Ltd. The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, etc. to gain a competitive advantage over their competitors. For Instance,
|Market size value in 2019||US$108.202 billion|
|Market size value in 2026||US$187.250 billion|
|Growth Rate||CAGR of 8.15% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Voltage, Applications, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Belden Inc., Multi/cable Corporation, Nexans, Prysmian S.P.A., Orient Cables Pvt. Ltd., Teldor Cables & Systems Ltd., Techno Flex Cables, CMI Ltd., Havells, LS Cable India Pvt. Ltd., Furukawa Electrico, Ltd., Southwire Company, LLC, Sumitomo Electric Industries., Thermo Cables Pvt. Ltd.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global power and control cable market?
A1. Power and Control Cable Market was valued at US$108.202 billion in 2019.
Q2. What will be the power and control cable market size by 2026?
A2. The power and control cable market is projected to reach a total market size of US$187.250 billion by 2026.
Q3. What are the growth prospects for the power and control cable market?
A3. The global power and control cable market is projected to witness a CAGR of 8.15% during the forecast period.
Q4. What factors are anticipated to drive the power and control cable market growth?
A4. Increasing demand for power, rise in per capita income, higher purchasing power, investments and innovations, alternative power sources push the power and control cable market forward.
Q5. Which region holds the maximum market share of the power and control cable market?
A5. Geographically, the APAC region is expected to be a forerunner in the coming years due to the increase in demand for power as industrial production propels.