U.S. power and control cable market to generate a sizable revenue by 2024, high demand from industrial applications to stimulate the regional growth
Power and control cable market is anticipated to generate profitable gains over the years ahead, owing to the high product demand to create an efficient electric grid and communication network. To reduce the dependency on non-renewable energy sources, the world is treading toward the adoption of renewable and sustainable energy. Favorable government support and initiations taken by countries across the globe to replace old transmission systems will influence power and control cable industry size significantly. According to Global Market Insights, Inc., “Power and Control Cable Market collected a revenue of USD 80 billion in 2016 and will register an annual growth rate of more than 9% over the coming years of 2017 to 2024.”
Russia Power And Control Cable Market, By Voltage, 2016 (USD Billion)
Taking into account the product landscape, power and control cable market primarily comprises control cables and power cables. Power cable dominated the product segment by covering more than 80% of the total revenue share in 2016 and will exhibit noticeable growth rate over the coming seven years. The increasing usage of this product for various grid integration and infrastructure projects will generate noticeable revenue.
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The industrial and utility sectors are the prominent applications of power and control cable market. Industrial application segment is anticipated to record a CAGR of more than 8% over the years ahead. Growing industrialization along with the surging requirement for electricity will augment the industry growth. The utility application will surpass a revenue collection of USD 90 billion by 2024, owing to the surging installation of low voltage distribution substation to fulfill the energy requirement.
Based on the voltage, power and control cable market is mainly divided into low voltage (LV), medium voltage (MV), and high voltage (HV). Low voltage power and control cable market is slated to register an annual growth rate of more than 9% over the period of 2017 to 2024. The prominent usage of this product across the small-scale manufacturing units and the residential sector will fuel the demand for the product notably. Shifting trends toward the adoption of renewable energy to fulfill the huge requirement of electricity will also impact power and control cable market size significantly.
Considering the regional landscape, China power and control cable market covered more than 40% of the revenue share of APAC region in 2016 and will register a noticeable growth rate over the coming seven years. China is investing heavily to expand its electric grid capacity. The State Grid Corporation of China planned to invest USD 350 billion in the expansion and upgradation of their grid infrastructure. In addition to this, the surging requirement of sustainable energy will also influence the regional power and control cable industry share significantly.
MEA power and control cable market will exhibit an annual growth rate of more than 7% over the period of 2017 to 2024. The growth can be attributed to the escalating investments in the renovation activities across the war affected regions such as Syria.
U.S. power and control cable industry size is predicted to record a CAGR of more than 6% over the coming years of 2017 to 2024. High investments in UHV and EHV network development will stimulate the product demand considerably. Moreover, implementation of regulations regarding the replacement of old electric boards and systems along with the development of micro-grids will propel power and control cable market size.
The noteworthy business players in power and control cable market are Nexans, LS Cable & System, The Furukawa Electric Co., Ltd., Prysmian Group, General Cable, Polycab, Sumitomo Electric Industries, Havells, Southwire, and CMI Limited.
Author Name :Sunil Hebbalkar