Global Power and Control Cable Market was valued $ 81.5 Bn in 2017 and is estimated to reach US$ 152 Bn by 2026, at a CAGR of 8.1 % during the forecast period.
Global Power and Control Cable Market
Global power and control cable market is segmented by product, by voltage, by application and by geography. In terms of product type, global power and control cable market is divided into power cable and control cable. Based on voltage, global power and control cable market high voltage, medium voltage and low voltage. Utilities and industrial are application segments of global power and control cable market. Geographically, global power and control cable market report covers analysis of North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Growing investments towards the development of electric and communication network is driving the global power and control cable market. Renewable energy generation capacity has increase due to encouraging policies of various governments. In addition shifting trends from conventional to sustainable energy for electricity generation will accelerate the power and control cable market growth. Installation of electric vehicle charging station Medium Voltage in various emerging countries offers a lucrative opportunity for power and control cable market.
Power control segment grabs 80 % of market share owing to its wide acceptance across Medium Voltage and grid integration projects. Whereas control cable market is fuelled by introduction of IoT across the industries coupled with growing investment toward implementation of smart grid network.
LV power and control cable market share is projected to gain market at CAGR of 10 % by 2026. Strengthening and expansion of distribution network with rising demand for electricity from renewable energy will stimulate the product landscape.
These cables are primarily used for secondary power distribution and internal wiring applications across High Voltage and small scale manufacturing units.
Growing industrialization along with increasing investment toward offshore wind projects will further boost the demand for MV cables. Development of LV distribution to cater the growing urban demand will enhance the industry size by 2026. Increasing spending towards the development of transmission Medium Voltage to carry bulk electricity from generating stations to substation will drive the HV power and control cable market.
North America holds major share of market in 2017 and expected to dominate the market throughout the forecast period. Rising investments pertaining to the development of EHV and UHV network will embellish industry growth. Ongoing measures towards the development of micro grid coupled with replacement of ageing electric Medium Voltage will fuel the product demand. Rapid industrialization across the Asia Pacific countries will further augment the Power and Control Cable Market size. Countries including China, India, and Brazil are aggressively investing towards the expansion and up gradation of the manufacturing sector with the aim to reduce their dependency on imports. In 2014, Government of India launched Make in India concept in the line of strengthening their manufacturing capability. This will lead to robust growth of Asia Pacific region.
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