Pune, India, Sept. 29, 2023 (GLOBE NEWSWIRE) -- Several governments across the world are taking initiatives regarding the development of transmission and distribution sector. The US government is catalyzing the development of thousands of miles of upgraded and new transmission lines to reduce electricity prices for businesses and families, prevent power outages in extreme weather, and create good-paying jobs in the clean energy economy.
Power and Control Cable Market in terms of revenue was estimated to be worth $126.78 billion in 2022 and is poised to reach $226.32 billion by 2030, growing at a CAGR of 7.5% from 2022 to 2030 according to a new report published by The Insight Partners.
Rising demand for reliable electricity and government norms on developing transmission & distribution sector are the driving factors impacting the power and control cable market.
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Global Power and Control Cable Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 126.78 Billion in 2022 |
| Market Size Value by | USD 226.32 Billion by 2030 |
| Growth rate | CAGR of 7.5% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Type, Voltage, Application, and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Government Norms on Developing Transmission & Distribution Sector Drives Power and Control Cable Market Growth:
In August 2023, in the US, the Department of Energy (DOE) announced funding up to US$ 39 million for projects across DOE's National Laboratories to help modernize the electricity grid. In November 2022, DOE announced that first-round applications were open for competitive grants for smart grid grants under the Grid Resilience and Innovation Partnership Programs, which total US$ 10.5 billion in available funding. Similarly, in April 2023, the Mexican government agreed to purchase 13 power plants from Spanish energy giant Iberdrola in a deal worth ~US$ 6 billion. Correspondingly, various countries such as India, China, etc. are taking such initiatives.
Power and Control Cable Market: Segment Overview
The power and control cable market is segmented on the basis of type, voltage, and application. Based on type, the power and control cable market is bifurcated into power cable and control cable. The power cable segment held the largest power and control cable market share in 2022 and is anticipated to register the highest CAGR in the power and control cable market during the forecast period. Based on voltage, the power and control cable market is segmented into low voltage, medium voltage, and high voltage. The low voltage segment held the largest power and control cable market share in 2022 and is also anticipated to register the highest CAGR in the power and control cable market during the forecast period. Based on application, the power and control cable market is bifurcated into utilities and industrial. The utilities segment held the largest power and control cable market share in 2022 and is anticipated to register the highest CAGR in the power and control cable market during the forecast period. By region, the power and control cable market is segmented into North America, Europe, Asia Pacific, MEA, and SAM.
In 2022, APAC held the largest global power and control cable market share, followed by North America and Europe. The Europe power and control cable market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Electricity transmission networks have become progressively interconnected across Europe, creating one of the largest T&D systems in the world. The region has been heavily investing in upgrading its T&D network. In February 2022, EU countries agreed on a Commission proposal to invest US$ 1.18 billion in five cross-border infrastructure projects under the Connecting Europe Facility (CEF) program for trans-European energy networks. CEF was to provide financial support, and the largest amount, i.e., US$ 746 million, was assigned to the EuroAsia interconnector project to support the first electricity T&D interconnection between the European grid and Cyprus.
Europe has a functioning internal energy market (IEM) for the development and operation of the grid. When developing new infrastructure assets, Individual Transmission System Operators (TSOs) cooperate to facilitate the integration of the IEM under the European Network of Transmission System Operators for Electricity (ENTSO-E). It promotes a harmonized approach toward developing T&D infrastructure across the region. In July 2023, the Agency for Cooperation of Energy Regulators (ACER) received a proposal for TSOs to amend the congestion income distribution (CID) methodology to ensure financial settlements are allocated when congestion occurs in the grid for European electricity markets. While such amendments promote a better interpretation of revenue and energy sharing among the member states, they also offer an opportunity that supports the growth in demand for various cables to uplift the grid.
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Power and Control Cable Market: Competitive Landscape and Key Developments
Encore Wire Corporation, Furukawa Electric Co Ltd, Hengtong Group, Leoni AG, LS Cable and System Ltd, Nexans SA, Prysmian Group, Riyadh Cables Group, Southwire Company LLC, and Sumitomo Electric Industries Ltd are among the key players profiled during the power and control cable market study. Various other companies are introducing new product offerings to contribute to the power and control cable market size proliferation. Several other important players were also analyzed during this market research to get a holistic view of the global market and its ecosystem. The leading power and control cable market players focus on feature upgrades, expansion and diversification, collaboration, and acquisition strategies, which enable them to grab new business opportunities.
Recent Developments:
In April 2023, Sumitomo Electric Industries, Ltd. announced plans to establish a power cable factory in Scotland, UK. The plans were announced based on the anticipated growth in demand for cables in the region. Per the company, the demand for cables is increasing in Europe due to wider acceptance of renewable energy and rise in interconnected national and regional lines for achieving a decarbonized society. The company decided to establish a factory in the UK to capture the increasing demand for high-end cables in the region and plans to supply cables for offshore wind farms and further grid connections.
In March 2023, Chinese power cable manufacturer Orient Cable was awarded an Engineering, Procurement, Construction and Installation (EPCI) contract worth ~US$ 250 million for a 1 GW offshore wind project developed by Guangdong Energy in Yangjiang, Guangdong Province, China. The contract included engineering, transportation, installation, and pre-commissioning of two 500 kV 3-core export cables of 60 km length. In February 2023, the company commenced the construction of its 170,000 sqm factory in Yangjiang, for an estimated investment of ~US$ 145 million.
In February 2022, Prysmian Group announced the finalization of the purchase of Brayton Point site in Massachusetts, US, for a new submarine power cable plant worth US$ 200 million
Go through further research published by The Insight Partners:
Automotive Control Cable Market - Global Analysis and Forecast to 2030.
Submarine Power Cable Market - Global Analysis and Forecast to 2028.
Levant Power Cable Market - Global Analysis and Forecast to 2030.
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