Power and Control Cable Market Growth and Recent Trends by 2030

The power and control cable market size is projected to reach US$ 226.32 billion by 2030 from US$ 126.78 billion in 2022. The market is expected to register a CAGR of 7.5% during 2022–2030. Advancement in wires and cables is likely to remain a key trend in the market.

Power and Control Cable Market Analysis

Growing adoption of power and control cables in electric vehicles and increasing demand for reliable electricity are driving the market. The market is anticipated to grow during the forecast period due to the development of the transmission and distribution sector. Moreover, government investment in energy grid projects and the rising demand for data centers and cloud computing are creating lucrative opportunities for the market.

Power and Control Cable Marke Overview

Power cables transmit energy from a source to equipment. Control cables transmit signals that control the operation of devices. Power and control cables are the most popular kind of electrical cables used in residential, commercial, and industrial applications to supply power and transmit signals. Application demands for power and control cables differ in terms of voltage levels, shielding alternatives, flexibility requirements, oil resistance, and insulation types to survive environmental and operational circumstances.

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Power and Control Cable Market: Strategic Insights

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Power and Control Cable Market Drivers and Opportunities

Growing Adoption of Power and Control Cable in Electric Vehicles to Favor the Market

in August 2022, the Ministry of Economy, Trade and Industry of Japan estimated the necessity for an investment of over US$ 24 billion for developing a competitive manufacturing base for batteries used in electric vehicles (EVs) and energy storage systems. Increasing demand for EVs and government support towards the adoption of EVs is driving the market. In February 2023, the government of South Korea announced its plan to raise the number of subsidized EVs by 34%, from 160,000 units in 2022 to 215,000 cars in 2023. The growing demand for EVs is surging the need for charging infrastructure, thus promoting the need for power cables.

Government Investment in Energy Grid Projects

The growing number of industrial activities surges the demand for energy among industries and increases the adoption of power and control cables for appropriate energy transmission. The demand for energy encourages the government to take corrective steps in effective energy transmission. Following are several government investments to expand energy grid projects-

• In June 2023, the World Bank approved a US$ 268.4 million loan for the Tunisia-Italy interconnector (ELMED) project aimed at linking the energy grid of Tunisia with the European electricity network through a 600-megawatt undersea cable to Italy. The European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and German state-owned bank—KfW will finance a portion of the US$ 1.08 billion project, and the Italian TSO Terna will finance the rest.
• In March 2023, Italian TSO Terna announced plans to invest more than US$ 22.2 billion in developing Italy’s energy grid over the next ten years. The investment announcement was part of Terna’s 2023 development plan for the national grid.

Moreover, increasing government investment in energy grid projects is creating opportunities in the market during the forecast period.

Power and Control Cable Market Report Segmentation Analysis

Key segments that contributed to the derivation of the power and control cable market analysis are type, voltage, and application.

• Based on type, the power and control cable market is divided into power cable and control cable. The power cable segment held a larger market share in 2022.
• By voltage, the market is segmented into high voltage, medium voltage, and low voltage. The low voltage segment held a larger market share in 2022.
• On the basis of application, the market is divided into utilities and industrial. The utilities segment held a larger market share in 2022.

Power and Control Cable Market Share Analysis by Geography

The geographic scope of the power and control cable market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

The market in Asia Pacific is projected to expand during the forecast period. In April 2023, the Government of India announced plans to expand from 4,25,500 circuit kilometers (ckm) (existing as of May 31, 2020) to 4,54,200 ckm by 2024–2025, resulting in an addition of ~28,700 ckm under the Gati Shakti Master Plan. The addition was proposed in the Interstate Transmission System (ISTS) network and for 220kV and above voltage levels. Similarly, in February 2023, state-owned Power Grid Corporation was awarded five interstate electricity transmission projects through a tariff-based competitive bidding route, which will be completed on the build, own, operate, and transfer (BOOT) basis. Hence, government initiatives for improving electricity transmission are boosting the market in the region.

Power and Control Cable Market Regional Insights

The regional trends and factors influencing the Power and Control Cable Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Power and Control Cable Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Power and Control Cable Market Report Scope

Power and Control Cable Market Players Density: Understanding Its Impact on Business Dynamics

The Power and Control Cable Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Power and Control Cable Market News and Recent Developments

The power and control cable market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the power and control cable market are listed below:

• Sumitomo Electric Industries, Ltd. announced a plan to establish a power cable factory in Scotland, UK. (Source: Sumitomo Electric Industries Ltd, Company Website, March 2023)

Power and Control Cable Market Report Coverage and Deliverables

The “Power and Control Cable Market  Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:

• Power and control cable market  size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Power and control cable market  trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Power and control cable market  analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the power and control cable market
• Detailed company profiles