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Power And Control Cable Global Market Analysis Development Trends, Industry Growth Opportunities, Regional Demand and Forecast 2024-2033
Power And Control Cable Global Market
According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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Major Key Players of the Market:
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.
Power And Control Cable Market 2024 Key Insights:
• The power and control cable market will grow to $199.77 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Smart Grids Fueling Expansion In Power And Control Cable Sector
• The Rising Tide Of Innovation In The Power And Control Cable Market
• North America was the largest region in the power and control cable market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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