Power and Control Cable Market - Forecasts from 2023 to 2028

The power and control cable market is expected to grow at a CAGR of 8.77% from US$103.789 billion in 2021 to US$186.990 billion by 2028.

The power and control cable market is a vital segment within the broader electrical cables industry, dedicated to facilitating the efficient transmission of electrical power and signals. This market encompasses various cable types, including power cables for transmitting electricity and control cables for managing equipment functions. Industries heavily rely on these cables for machinery and manufacturing processes, while utilities employ them for widespread power distribution. With the increasing emphasis on renewable energy, power cables play a pivotal role in connecting energy generated from sources like wind and solar farms to the grid. Market growth is driven by factors such as industrialization, and the need for infrastructure upgrades. Highlighting the global expansion efforts, LS Cable & System Ltd., South Korea's premier wire and cable manufacturer, inaugurated its second plant in India in October 2020. This expansion, aimed at meeting the surging demand for coaxial jumper cables in India and other regions, effectively doubled the annual production capacity of LS Cable & System India, a wholly-owned subsidiary of LS Cable & System.

Multiple uses of power and control cables in industrial applications

The multiple uses of power and control cables in industrial applications significantly contribute to their role as a substantial growth driver in the power and control cable market. These cables serve as the circulatory system of industrial infrastructure, providing the essential conduits for the seamless transmission of power and control signals that are fundamental to the operation of diverse machinery and equipment. The versatility of power and control cables lies in their ability to cater to a wide array of industrial needs, making them indispensable in various sectors.

According to the Ministry of Statistics and Programme Implementation, in July 2023, India's manufacturing sector witnessed 4.6% growth in comparison to 3.1% in July 2022. The robust performance underscores the strength and resilience of India's manufacturing sector reflecting sustained growth and competitiveness. This surge stands as a driving force propelling the growth of the power and cable market. This growth is intricately linked to the development of industrial infrastructure, necessitating a robust electrical network supported by power and control cables.

It is projected that the power and control cable market in the USA will grow steadily.

Power and control cables are current exporting cables that are used for transmitting and distributing electrical energy from the source to the equipment. Such cables owing to their mechanical, anti-electrical interference, and wear resistance finds high applicability in power grids, and utilities where they are used in undergrowing & overhead energy transmission and automation system. The growing energy production in the United States coupled with favourable initiatives and investments undertaken to improve the grid infrastructure has propelled the need for power and control cables for optimum energy transmission. According to the "Monthly Electricity Statistics" provided by the International Energy Agency in July 2023, electricity production in the United States reached 434,489.2 GWh which signified a 5.3% increase over July 2021's production volume.

Moreover, besides utilities the power and control cables are also utilized in various industrial applications such as mining & petrochemical refineries, airport lighting, EV charging stations, and earth-moving machineries. The favorable investments for the expansion of such applications have provided a positive outlook for the power and control market in the United States. For instance, according to the International Energy Agency, in 2021, there were 22,000 publicly available fast EV chargers in the United States which represented a significant 29.4% increase in the number of fast EV chargers.

Market Key Developments

• In January 2021, Belden Inc., a globally recognized provider of speciality networking solutions in enterprise and industrial markets, announced the acquisition of OTN Systems. This strategic move is poised to foster the international growth and scalability of OTN Systems under new ownership.

Segmentation:

By Voltage

• High Voltage
• Medium Voltage
• Low Voltage

By Application

• Utilities
• Industries

By Geography

• North America

By Voltage

By Application

By Country

• United States
• Canada
• Mexico
• South America

By Voltage

By Application

By Country

• Brazil
• Argentina
• Others
• Europe

By Voltage

By Application

By Country

• Germany
• France
• United Kingdom
• Spain
• Others
• Middle East and Africa

By Voltage

By Application

By Country

• Saudi Arabia
• United Arab Emirates
• Israel
• Others
• Asia Pacific

By Voltage

By Application

By Country

• China
• India
• Japan
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others