Power and Control Cables Market Size, Share, Growth, And Industry Analysis, By Type (Power Cable & Control Cable) By Application (Utilities, Industrial (Power Plants, Oil & Gas, Cement), Regional Insights, and Forecast From 2024 To 2032

Updated On: 29 April 2024

Power and Control Cables Market Report Overview

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The global power and control cables market size was valued at USD 137910 million in 2022. As per our research, the market is expected to reach USD 208480 million by 2028, exhibiting a CAGR expansion of 7.1% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the Power and Control Cables Market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Power and control cables are essential components of electrical systems used to transmit electrical power and control signals from one point to another. They play a crucial role in a wide range of applications across various industries, including power generation, transmission and distribution, industrial manufacturing, construction, transportation, telecommunications, and more.

The power and control cables market was a significant and thriving sector driven by the increasing demand for electricity and the growing industrialization and urbanization in various parts of the world. Power and control cables are essential components in electrical systems, used to transmit electrical power and control signals in various applications, including power generation, transmission and distribution, industrial manufacturing, construction, and transportation.

COVID-19 Impact: Market Faced a Fall in Demand Due to Fluctuating Demand During the Pandemic

There was no single sector unaffected by COVID-19. The power and control cables market was affected as well. The pandemic caused fluctuations in electricity consumption patterns. While residential electricity demand increased with people staying at home, industrial and commercial consumption declined in some regions due to lockdowns and business closures.

Latest Trends

"Development of Smart Grids to Improve the Efficiency of Data Transmission in the Market"

The Power and Control Cables market is as dynamic as any market. In the market, there is everyday development to add more benefits to it. Recently, in the market, the development of smart grids, which use digital communication and automation to optimize electricity generation, distribution, and consumption, is gaining momentum. These grids require advanced power and control cables capable of handling increased data transmission and accommodating bidirectional electricity flows.

Power and Control Cables Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into power cable & control cable.

In terms of services, power cable is the largest segment, as it holds the maximum share of the market.

• By Application Analysis

Based on application, the market can be divided into utilities & industrial (power plants, oil & gas, cement.

Driving Factors

"Urbanization and Industrial Development Have Increased Demand in the Market"

 The growth of urban areas and ongoing construction projects necessitate power and control cables to supply electricity to buildings, transportation systems, and infrastructure. The expansion of industries across various sectors, including manufacturing, oil and gas, mining, and construction, drives the need for power and control cables to power machinery and equipment. Investments in infrastructure projects, including power generation plants, transmission lines, substations, and distribution networks, create a substantial demand for power and control cables.

"Electrification of Transportation Has Influenced the Demand in the Market"

Ongoing research and development in cable technologies, including higher voltage capacity, improved insulation materials, and enhanced fire-resistant properties, drive the market forward. The increasing adoption of electric vehicles and the electrification of transportation systems create demand for charging infrastructure and specialized power cables. This contributes to the Power and Control Cables market growth.  

Restraining Factors

"Competing Technologies can Lead to a Declining Trend in the Market "

Advancements in wireless and wireless power transmission technologies may provide alternative solutions for specific applications, potentially impacting the demand for traditional power and control cables. As a consequence, there will be a declining trend in the Power and Control Cables market. 

Power and Control Cables Market Regional Insights

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"North America Region Dominates the Market as it has Robust Industrial and Infrastructural Development  "

North America, has a well-established industrial base and significant infrastructural development, leading to a consistently high demand for power and control cables in various sectors such as energy, manufacturing, construction, transportation, and telecommunications. The region is at the forefront of technological innovations and research and development in the power and cable industry. This includes the development of advanced materials, smart grid technologies, and high-performance cables to meet the demands of modern power systems. North America has one of the highest electricity consumption rates globally due to its large population, urbanization, and energy-intensive industries. This high demand for electricity drives the need for power and control cables. Supportive government policies and initiatives in North America promote investments in power infrastructure, renewable energy integration, and smart grid deployment, which further boost the demand for power and control cables.

Key Industry Players

"Key Players Focus On Collaborations and Research & Development of Products For Global Reach"

Leading companies invest in research and development to develop innovative cable technologies, improve cable performance, enhance safety features, and adapt to changing market needs. This helps them stay ahead of the competition and meet evolving industry standards and regulations.  Key players often collaborate with industry associations and organizations to influence policies, advocate for the interests of the power and control cables market, and address regulatory challenges.  Key players employ competitive pricing strategies to gain a competitive advantage while maintaining profitability. They also implement effective marketing and sales strategies to promote their products and establish brand recognition. Leading companies actively monitor and adopt emerging technologies, such as smart grid solutions, high-temperature superconductors, and advanced cable materials, to stay at the forefront of the industry.

List of Market Players Profile

• Prysmian(Italy)
• Nexans(France)
• General Cable (United States)
• Sumitomo Electric(Japan)
• NKT Cables Group(Denmark)
• Finolex Cables
• Bahra Advanced Cable
• Caledonian Cables
• DUCAB
• Hebei New Baofeng Wire & Cable
• Riyadh Cables Group
• Southwire Company
• Havells India
• El Sewedy Electric
• Jeddah Cables
• RPG Cables
• Kei Industries
• Sterlite Power Transmission
• Diamond Power Infrastructure
• Gupta Power Infrastructure
• Universal Cables
• The Kerite Company
• Reka Cables
• Synergy Cables
• TELE-FONIKA Kable
• Furukawa Electric
• Polycab
• CMI

Report Coverage

The report brings together extensive research on the qualitative and quantitative factors affecting the market. It gives an overall macro and micro view of the online reputation service industry. This research profiles a report with extensive studies on the online reputation management services market that describe the firms affecting the forecasting period. Detailed studies also offer a comprehensive analysis by inspecting factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc.

Furthermore, the post-COVID-19 pandemic’s effect on international market restrictions and a deep understanding of how the industry will recover and strategies are also stated in the report. Finally, the competitive landscape has also been examined in detail to provide clarification of the competitive landscape.