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Power And Control Cable Market Trends, Top Companies, Share, Growth And Forecast 2033
Power And Control Cable Market
The Business Research Company offers in-depth market insights through Power And Control Cable Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The power and control cable market size has grown strongly in recent years. It will grow from $147.25 billion in 2023 to $157.44 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to industrialization boom, urbanization and infrastructure development, energy sector growth, manufacturing expansion, renewable energy integration.
The power and control cable market size is expected to see strong growth in the next few years. It will grow to $199.77 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to continued industrial growth, smart cities initiatives, electrification of transportation, upgradation of power grids, telecommunication infrastructure growth. Major trends in the forecast period include energy storage systems, electrification of transportation, focus on energy efficiency, stringent safety and environmental standards, globalization of supply chains.
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Market Segmentation:
The power and control cable market covered in this report is segmented -
1) By Product Type: Power Cable, Control Cable
2) By Voltage Type: High Voltage, Medium Voltage, Low Voltage
3) By Application: Utilities, Industries, Power, Oil And Gas, Cement, Other Applications
Major Driver - Smart Grids Fueling Expansion In Power And Control Cable Sector
The rising adoption of smart grid infrastructure is expected to propel the growth of the power and control cable market going forward. Smart grid infrastructure is an electricity network that employs digital and other cutting-edge technology to monitor and regulate the transmission of electricity from all generation sources to meet the various electrical needs of end users. The power and control cables consist of secure super grid technology, potent for building a dense urban grid that transports energy over long distances with minimal power losses. For instance, according to the International Energy Agency, a France-based autonomous intergovernmental organization, the US investment spending on electricity grids increased by 9.09% from $77 billion in 2020 to $84 billion in 2021. Therefore, the rising adoption of smart grid infrastructure is driving the growth of the power and control cable market.
Competitive Landscape:
Major companies operating in the power and control cable market report are Prysmian SpA, Nexans SA, Polycab India Limited, NKT A/S, Dubai Cable Company Pvt. Ltd., KEI Industries Limited, LS Cable & System Ltd., Sumitomo Electric Industries Ltd., Belden Incorporated, Furukawa Electric Co. Ltd., Southwire Company LLC, Riyadh Cables Group Company, General Cable Technologies Corporation, KEC International Ltd., Encore Wire Corporation, Hengtong Group, Leoni AG, Tyler Madison Inc., Okonite Company, TPC Wire & Cable Corp., Fujikura Ltd., Hitachi Cable Ltd., Walsin Lihwa Corp., Bahra Cables Company, Brugg Cables AG, Prysmian Group SpA, Anixter International Inc., Tratos Ltd.
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Top Trend - The Rising Tide Of Innovation In The Power And Control Cable Market
Product innovations are a key trend gaining popularity in the power and control cable market going forward. Major companies operating in the power and control cable market are developing innovative technologies to strengthen their position in the market. For instance, in July 2022, Remee Products Corporation, a US-based manufacturer of electronic wire and cable launched the ActivateTM line of PowerPipeTM distribution cables. These cables deliver distributed electronics requiring long-distance runs a more dependable, cost-effective Class 4 fault-managed power supply. Also, they will assist in advancing digital power technologies that are necessary for smart buildings and a variety of other applications.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Power And Control Cable Market Characteristics
3. Power And Control Cable Market Trends And Strategies
4. Power And Control Cable Market - Macro Economic Scenario
5. Power And Control Cable Market Size And Growth
…..
27. Power And Control Cable Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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