The global power and control cable market size is set to reach USD 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 USD 258.90 billion by the end of 2033.
Smart grid technology is driving the creation of cutting-edge power and control cables that ensure modern power grids can transmit electricity efficiently and reliably. Cables used in smart grids must be able to transmit power in both directions, share data with other network nodes, and respond to dynamic changes in energy consumption.
To meet the requirements of smart grid technology, manufacturers are creating power cables that are smarter, more flexible, and more efficient.
It is becoming increasingly important to ensure the safety and dependability of power cables due to the vital role they play in the proper functioning of electrical systems.
Because of the serious consequences that can result from even a minor failure in a power cable, this trend is of paramount importance in sectors such as aerospace, defense, and medical equipment. Therefore, producers are investing in testing and certification programmes to guarantee the dependability of their cables, and they are designing cables with higher safety and quality standards.
Demand for commercial and residential building has boosted the construction industry, which is a major consumer of control cables. Lighting, heating, elevators, and security systems are just a few of the many construction applications for power cables.
There will be more need for power and control cables in the coming years as the construction industry expands around the world.
Power and control cables have improved greatly in efficiency and dependability as a result of technological developments.
Oil and gas exploration, mining, and transportation infrastructure all benefit greatly from these cables' ability to transmit higher voltages and withstand harsh environments. Power cables are now more reliable and long-lasting than ever thanks to the use of cutting-edge materials and production techniques that have reduced their susceptibility to damage.
| Attributesh | Details |
|---|---|
| Power and Control Cable Market CAGR (2023 to 2033) | 7% |
| Power and Control Cable Market Size (2023) | USD 131.61 billion |
| Power and Control Cable Market Size (2033) | USD 258.90 billion |
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According to recent research by Future Market Insights, the power and control cable market is projected to expand at a rate of 7% during the forecast period from 2023 to 2033. The market outlook could be divided into short term, medium term and long term.
Short term (2023 to 2025): Due to the importance of power and control cables in keeping electrical systems running smoothly, there is a growing movement to improve their dependability and security.
A focus on safety and reliability in electrical systems is driving this development, especially in high-stakes sectors like aerospace, defense, and medical. To guarantee the dependability of their products, manufacturers are increasing their investment in testing and certification programs and creating cables with higher safety and quality standards.
Medium term (2025 to 2028): Demand for power and control cables is rising as more people move into cities. More people living in cities means a higher demand for utilities like power and water, as well as for infrastructure like roads and telephones.
Complexity in electrical systems is a must for cities to provide for their residents' needs in housing, transportation, and communication. Power control cables are essential for all of these systems.
Long term (2028 to 2033): Wind turbines, solar panels, and geothermal power plants are just a few examples of renewable energy systems that rely on power control cables as their popularity grows.
This movement is being fueled by a worldwide initiative to cut carbon emissions and boost the use of renewable energy. Connecting the energy produced by renewable energy systems to the electrical grid necessitates the adoption of power and control cables.
Investments in transportation, communication, and energy networks by both public and private entities have increased the need for power and control cables. Power control cable, which are used to link various systems and components, are typically in short supply for such endeavours.
To electrify a transportation network, for instance, charging stations and power lines must be set up. Likewise, fibre optic cables are needed to facilitate high-speed data transmission in 5G communication networks. Market expansion is anticipated to be propelled by rising infrastructure spending.
Improvements in materials, production methods, and design are leading to power and control cables that are more efficient, reliable, and high-performing. The operating temperature and electrical properties of cables are growing as a result of the use of novel materials like high-temperature superconductors and cutting-edge polymers.
Extrusion, braiding, and injection moulding are just a few examples of the state-of-the-art manufacturing processes that allow for the creation of cables with complex geometries and custom properties. The power and control cable market is expanding as a result of technological developments that allow for higher voltage transmission and operation in harsher environments.
The need for electricity is rising as more people move into cities. Increasing population, more electrified modes of transportation, and widespread use of electronic devices are all contributing to this pattern. The increasing need for electricity is fueling the expansion of the market for power and control cables.
There are many rules and regulations concerning the quality and safety of power cables. There may be monetary and legal repercussions for failing to comply with these regulations. Manufacturers are feeling the effects of the ever-increasing regulatory environment in the form of higher compliance costs and extended development times.
Materials like copper, aluminum, and steel are used in the production of power and control cables. Supply and demand shifts, the state of the global economy, and international politics can all have a significant impact on the cost of these materials.
Raw material price swings have the potential to reduce demand for power and control cables by cutting into manufacturers' profit margins and driving up the price of cables.
There are a lot of players in the power and control cable market, so competition is fierce. Manufacturers may find it difficult to invest in research and development and keep product quality high if their profit margins are squeezed due to intense competition. Furthermore, new entrants to the market may cause price wars, affecting the expansion of existing players.
The growing and increasing urban population of the United States has led to a surge in demand for electricity. Multiple factors, such as the proliferation of electronic devices, the expansion of the data center industry, and the increasing popularity of electric vehicles, are driving this pattern.
The increasing need for electricity is fueling the expansion of the market for power and control cables, which play a crucial role in any electrical system.
Investments in transportation, communication, and energy networks by the United States government are increasing the need for power and control cables. Power and control cables are in high demand for these projects because of the many moving parts.
Expansion of the transportation network, for example, necessitates the installation of power cables to connect charging stations for electric vehicles, and the deployment of 5G communication networks necessitates the installation of fiber optic cables to transmit high-speed data.
Higher-quality power and control cables are in high demand because India is enforcing stricter safety and quality standards. To guarantee conformity with these standards and set themselves apart in the market, Indian manufacturers are investing in testing and certification programs.
Several Indian sectors, including manufacturing, healthcare, and agriculture, are rapidly adopting automation and robotics. This shift is fueling interest in high-performance cables for use in robotic industries like manufacturing and healthcare.
Top Power and Control Cable Companies in the Indian Market are:
KEI Industries
In India, KEI Industries is the industry standard when it comes to producing power and control cables. The company has been around since 1968, and its name is well-known in the Indian marketplace.
Power cables, control cables, instrumentation cables, and specialty cables are just some of the options available from KEI. The company runs a cutting-edge factory in Rajasthan and a comprehensive distribution system all over India.
Havells India Limited
Havells is a household name in India's electrical sector, where it manufactures and sells everything from power cables to control cables. The company, which has been around since 1958, is very well-known in India and many other countries.
Havells has many different kinds of cables available, such as shielded cables, buried cables, and bundled cables for use in the air. The company is well-known for its high-quality goods and operates an extensive distribution network across India.
The power and control cable market in Japan is predicted to expand steadily over the coming years. Growth in end-use industries such as construction, transportation, and consumer electronics is fueling the market.
Demand for power and control cables is expected to rise in the technologically advanced nation of Japan due to the country's growing reliance on automation and smart technologies.
The Japanese government has launched numerous programs to spur the expansion of transportation and energy infrastructure. The government, for instance, is planning the construction of a new high-speed train network and funding renewable energy initiatives. These efforts are anticipated to generate a sizable demand for power and control cables, which will propel the expansion of the market.
Top Power and Control Cable Companies in the Japanese Market are:
Fujikura Ltd.:
Fujikura is a widely recognized name in Japan's electrical industry, and its product catalog features a wide variety of options, including power and control cables. The Japanese market is an important one for the company, but they also do very well in other countries. Fujikura provides an extensive selection of cables, such as electric wires, data cables, and optical fibers.
Hitachi Cable, Ltd.:
Hitachi Cable is a well-recognized brand in the Japanese electrical industry and provides a vast selection of power control cables. The company has a significant presence in the Japanese market and a reputation for producing high-quality goods. Hitachi Cable offers an extensive selection of cables, such as power cables, communication cables, and fiber optic cables.
The market for low-voltage power and control cables is expected to expand by nearly 7% between 2023 and 2033. The rapid expansion and development of low-voltage distribution networks across industrial establishments are major factors driving the segment's multiplication in size.
There is a wide variety of indoor and outdoor uses for LV power cables, such as in power and petrochemical plants, electric wires, and utility buildings.
In addition, the adaptability of LV control cables in process automation, communication, and panel controls for low-frequency AC signals or transmission of DC signals will contribute to the growth of this market segment.
Prysmian Group, Nexans, Sumitomo Electric Industries Limited, NKT A/S, Southwire Company LLC, DUCAB, Elsewedy Electric, KEI Industries Limited, Riyadh Cables Group Company, LS Cable & System Ltd., Furukawa Electric Co. Ltd., Belden Inc., Jeddah Cables, Polycab, and RPG Cables are just some of the major players in the power and control cable market.
Companies already established in this field have been working to improve business outcomes by forging stronger strategic ties with other participatory firms. For instance, Nexans and Trimet worked together on a research and development project in January 2023 to create a material with recycled aluminium for the production of aluminium rod used in the production of electric wires.
As the product has the potential to meet technical requirements on the mechanical properties and conductivity of the alloy, both parties are focusing on lowering the carbon footprint.
The market in 2023 is valued at USD 131.61 billion.
The CAGR from 2023 to 2033 will be 7%.
From 2018 to 2022, the market expanded at a 6% CAGR.
China will expand at a 7.5% CAGR through 2033.
Prysmian Group, Nexans, and Sumitomo Electric Industries Limited, are some key players.
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Power and Control Cable Market
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