The global power and control cable market size is set to reach US$ 131.61 billion in 2023. Overall sales of power and control cable are likely to surge at 7% CAGR, taking the forecasted market valuation to US$ 258.90 billion by the end of 2033.
Electric utilities use power control cables everywhere electricity is used, including in buildings and infrastructure. For the benefit of consumers, they are available in a wide range of voltages. In the well-known field of automation, control cables are used for monitoring or gauging, much like power cables are used to transfer electrical energy.
The global electricity markets have been significantly impacted by the depletion of conventional resources and rising concerns regarding the sustainability of the skyrocketing energy demand. As a result, producers are emphasising the creation of energy-saving and functionally adaptable parts. As technology develops and more digitised monitoring and control systems are implemented, the power and control cable industry is poised for expansion.
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The construction and railroad industries are significant consumers of the industry’s products. The rising demand for power and control cables can largely be attributed to the ongoing development of the nation’s electrical grid. The growing awareness of the need to reorganise the current electrical infrastructure can be attributed in large part to the convergence of sustainable energy networks. Market expansion is anticipated to be supported by factors such as rising demand for alternative fuels, developments in IoT power condition monitoring, and rising adoption of smart grid infrastructure.
However, it is anticipated that a high reliance on material imports will be a major factor slowing down business development throughout the predicted time frame. To meet the ever-increasing demand for transmission infrastructure expansion and upgrade, many developing and developed regions rely on component imports. Because of their reliance on imported materials, manufacturers around the world have made cutting production costs a top priority to maintain profitability and make inroads into their respective markets.
Key Takeaways
- The power and control cable market is expected to grow significantly during the forecast period due to the increasing demand for electricity and infrastructure development.
- The Asia Pacific region is expected to dominate the market due to rapid industrialization and urbanization.
- Key drivers of the market include increasing demand for renewable energy sources, technological advancements in cable manufacturing, and government initiatives for infrastructure development.
- Restraints in the market include the high cost of installation and maintenance and environmental concerns.
- Increasing demand for power and control cables in emerging markets presents opportunities for market growth.
- The market is expected to witness a shift towards eco-friendly and sustainable cable manufacturing practices.
- Rising demand for data centers and cloud computing is expected to drive the demand for power and control cables in the telecommunications sector.
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Competitive Landscape
With numerous well-established companies vying for positions in the power and control cable market, competition is fierce. Major players in the market include Prysmian Group, Nexans, General Cable, and LS Cable & System.
The power and control cable market has a limited number of startups due to the difficulty in entering the market. However, there are a few new companies on the rise that are creating ground-breaking power cable systems. These new businesses are attempting to meet the growing demand for high-speed data transmission by creating environmentally friendly and sustainable cable manufacturing practises and advanced cable technologies.
Mergers and acquisitions among major companies in the market have become increasingly common in recent years, leading to industry consolidation and fiercer competition. Due to the high capital requirements for cable manufacturing and installation, as well as the need for strong industry expertise and experience, new entrants to the market face difficulties in competing with established players.
Startups can enter the market with innovative solutions to the problem of cable manufacturing in an increasingly environmentally conscious world. In addition, there is a chance for new businesses to fill a need for more efficient and cost-effective power control cables in developing economies.
