June 01, 2020
As per the report titled ‘Power And Control Cable Market Size By Product, By Voltage, By Application, Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report LLC, global power and control cable market is expected to exceed USD 190 billion by the year 2026.
Growing focus towards sustainable infrastructure development, increasing digitization of substations and monitoring control systems, coupled with mounting energy demands owing to rapid urbanization and industrialization are the major growth drivers of global power and control cable market.
Rising adoption of renewable energy sources and IoT power monitoring systems, in consort with increase in fund allocation for development of smart grid infrastructure will propel the industry growth during the forecast period. Expansion programs across railways, energy, and communication sectors along with upgradation of traditional energy systems with resonating bandwidth and frequencies to sustain volatility around renewable energy networks are further boosting the demand for power and control cables.
Additionally, increasing regulatory norms, growing customer inclination towards sustainable energy, and emergence of standardized product specifications for addressing heavily regulated platforms are expected to enhance the market growth in the coming years.
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Speaking of the voltage rating, high voltage segment is slated to observe significant growth through 2026. Bigger industries such as manufacturing facilities and power generation plants heavily rely on HV cables. Expansion of mining & heavy metal sector and amplifying railway networks will further enhance the segment growth.
Considering the regional outlook, Europe, North America, and Asia Pacific collectively held over 80% market share in 2019 and will see considerable gains over the analysis timeline. Fast fund flow via LV distribution infrastructure is major growth driver for industry in these regions. Moreover, rapid urbanization, huge sum of investments for smart infrastructure, and refurbishment of traditional T&D networks will further proliferate the demand for power and control cables.
Major players operating in global power and control cable market are Prysmian Group, Sumitomo Electric Industries Limited, Nexans, Southwire Company LLC, NKT A/S, DUCAB, KEI Industries Limited, Elsewedy Electric, Riyadh Cables Group Company, Furukawa Electric Co. Ltd., L S Cable & System Ltd., and Polycab among others.