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Power And Control Cable Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Voltage (High Voltage, Medium Voltage, Low Voltage), By Application (Utilities, Industrial), And By Geography - Forecasts From 2021 To 2026

Published: Sep 2021 | Report Code:  KSI061610944 | Pages:  130

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.

Introduction.

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.

Market drivers.

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.

Growth Factors.

  • Increase in power production and supply.

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.

  • Growth of renewable power sources.

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.

Impact of COVID-19 on the Power and Control Cable 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.

Competitive Insights.

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,

  • Belden Inc. announced in 2021 to acquire privately-held OTN Systems N.V., provider of automation networking infrastructure solutions, for approximately $71 million.
  • Prysmian Group in 2021 completed the acquisition of EHC Global, a manufacturer of strategic components and integrated solutions for the vertical transportation industry.
  • LS Cable & System on October 6 2020 completed its second 5G communication plant in LSCI in India enabling it to double its communication component production capacity.
  • Southwire Company LLC in 2020 acquired Madison Electric Products LLC of Ohio – a manufacturer of high-quality, electrical components and accessories and Construction Electrical Products (CEP), manufacturer of temporary power distribution and portable lighting products.
  • Sumitomo Electric Industries, Ltd. had acquired in 2019 the European manufacturer of powdered metal components Sinterwerke Herne GmbH (SWH, North Rhine-Westphalia, Germany) and Sinterwerke Grenchen AG (SWG, Canton of Solothurn, Switzerland).

Power and Control Cable Market Scope:

Report Metric Details
 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
 Base year  2019
 Forecast period  2021–2026
 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

Segmentation:

  • By Voltage
    • High Voltage
    • Medium Voltage
    • Low Voltage
  • By Applications
    •  Utilities
    • Industrial
  • By Geography
    • North America
      • USA
      • Canadá
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • UK
      • Germany
      • France
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • Israel
      • Others
    • Asia Pacific
      • Japan
      • China
      • India
      • Indonesia
      • Taiwan
      • Thailand
      • Others

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.

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