Power and Control Cable Industry is set to register over a 6% CAGR between 2020 and 2026, driven by rising investments toward the development of commercial and utility infrastructure across emerging nations.
Press Release – updated: Dec 17, 2020 02:00 EST
SELBYVILLE, Del., December 17, 2020 (Newswire.com) – The power and control cable market revenue is poised to reach over USD 170 billion by 2026, as reported in the latest study by Global Market Insights, Inc. Favorable reforms to promote large-scale renewable integration along with upgrading of the existing grid networks to sustain the rising electricity demand will comprehensively enhance the product demand.
Power cables will witness significant growth on account of increasing investments toward the expansion of utility and commercial infrastructure across developing nations. Rising technological advancements coupled with rapid R&D investments by the cable manufacturer will institute a favorable business scenario. Moreover, government efforts to increase the power transmission and generation capacity will further enhance product penetration.
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The utility sector will witness substantial growth on account of the rapid expansion of utility-based distribution networks. The growing cross-border electrical network expansion coupled with the growing concerns about the energy-efficient electricity corridors across the nations will significantly drive the business trends.
A few major findings of the power and control cable market report include:
- Rising investments from public and private funding institutions coupled with regulatory provisions that cater to the rapid expansion of smart grid networks will positively influence the business outlook.
- Growing focus toward the replacement of existing electrical equipment coupled with high-quality systems will drive the market demand across the globe.
- Increasing environmental concerns coupled with the growing demand for cleaner technologies will complement the market trends.
- Soaring power demand coupled with the growing industrialization is projected to propel the product adoption.
- Ongoing reforms concerning energy efficiency along with the integration of smart networking technologies will gradually improve the existing transmission networks, which will further boost the cable market outlook.
- Prominent players operating across power and control cable market include, Prysmian Group, RPG Cables, Belden, Inc., Polycab, Nexans, KEI Industries Limited, Furukawa Electric Co., Ltd., and Southwire Company LLC amongst others.
Browse key industry insights spread across 280 pages with 445 market data tables & 30 figures & charts from the report, “Power and Control Cable Market Statistics By Product (Power Cable, Control Cable), By Voltage (HV, MV, LV), By Application (Utilities, Industrial (Power Plants, Oil & Gas, Cement)), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
The low voltage power and control cable market is set to witness considerable growth owing to rising inclination of key industry participants toward secondary power distribution and internal wiring applications. The rapid expansion of low-voltage distribution networks across the residential and commercial establishments will positively influence the LV power and control cable industry statistics. Flexible product configurations and reduced distribution losses are the prime factors which will further boost product deployment.
The Middle East & Africa power and control cable market is anticipated to register more than a 7% CAGR between 2020 and 2026. The lack of grid infrastructure across various countries along with the increasing electricity demand will accelerate product adoption. Furthermore, the re-establishment of electric grid infrastructure across the war-affected countries will significantly proliferate the industry growth.
Read the latest blog on “Increasing demand for power and control cables in utilities & industrial applications”
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Wire and Cable Market Statistics By Product (Coaxial Cable/Electronic Wire, Fiber Optics Cable, Power Cables, Signal & Control Cable, Telecom & Data Cables), By Voltage (Low, Medium High), Application (Food & Beverages, Automotive, Material Handling/Logistics, Entertainment/Leisure, Utilities, Railways, Consumer Electronics, Building Infrastructure, Others), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026
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Source: Global Market Insights, Inc.