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Power And Control Cable Market Trends 2018: Key Players are Prysmian, Nexans, Sumitomo Electric Industries, LS Cable & System, General Cable, Furukawa Electric, Southwire, Polycab, CMI, and Havells
Power And Control Cable Market
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Rising measures to bolster the transmission and distribution channel to suffice the growing electricity demand will positively impact the power and control cable market. In 2016, the U.S. Energy Information Administration projected that the global electricity generation will reach 36.5 trillion kWh and grow by 69% with reference to 2012 levels. In 2017, the European Union successfully concluded to invest above USD 510 million in energy infrastructure projects. The initiative includes 18 smart grids, electricity and gas projects across the member states connecting European energy networks.
Power and control cable market in Asia Pacific is projected to exceed USD 100 billion by 2024. Continuing rural electrification programs coupled with increasing demand for reliable electricity will augment the business growth in the country. Growing industrialization along with positive outlook towards clean energy generation will further boost the product demand.
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Adoption of microgrid systems and favorable government strategies toward expansion of transmission and distribution networks to interconnect sustainable sources with the state and central grids will enhance the MV power and control cable market. In 2016, the U.S. Department of Energy (DOE) announced a Grid Modernization Multiyear Program Plan to convert traditional grid architecture to improved, reliable, cost effective and resilient grid system.
UK power and control cable market is projected to increase above 3% by 2024. Government policies to alter the fossil fuel generations to clean energy sources will complement the business landscape. In 2017, the UK National Grid and Reseau de Transport d'Electricite (RTE) awarded a contract worth above USD 710 million to ABB and Prysmian Group to provide converter stations and power cables for interconnecting electric networks between UK and France.
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Power and control cable market share in the Middle East & Africa is anticipated to upsurge above 7% by 2024. Rising investments towards renovation of war affected countries coupled with development of T&D network will enhance the industry landscape. As per Siemens, the region is expected to expand its existing electricity generation capacity by 66% over the span of 15 years.
Notable players across the power and control cable market include CMI, Polycab, Nexans, Prysmian, LS Cable & System, Havells, General Cable, Furukawa Electric, Southwire, and Sumitomo Electric Industries.
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