By 2024, the global power and control cables market will exceed $180 billion by, according to a recent study by market research firm Industrial Market.
Taking more and more measures to strengthen the transmission and distribution network to meet the growing demand for electricity will contribute to the growth of power and control cable market. The global energy demand has expanded by more than 3% over the past six years, according to the US energy information administration, although demand for power grids is 16% less than electricity generation due to inefficient grid infrastructure.
Global utilities are making significant investments to improve their transmission capacity, thereby reducing energy losses, which will have a positive impact on the market outlook.
In 2016, the federal government announced an appropriation of $10 billion to reduce the transmission network's decline through the development of new and improved grid infrastructure.
Increasing investment in the construction and infrastructure sectors in developing countries will boost the size of the global power and control cable market. Smart cities introduced by several countries, including China, India and the United Arab Emirates, will further stimulate demand for products.
In 2015, the National Development Bank of China, in collaboration with the Ministry of housing and urban rural development, announced an investment of $12 billion 800 million to promote the National Smart City project.
By 2024, the Asia Pacific region's power and control cables market will exceed $100 billion. Continued rural electrification projects, coupled with the growth of demand for reliable, safe electricity, will have a positive impact on regional market size. Promising renewable energy and growing industrialization will further boost demand for products.
Adoption of microgrids and favorable government initiatives aimed at expanding transmission and distribution networks will drive the middle voltage power and control cable market. In 2016, the Belgian Tideway B.V. awarded Prysmian $14 million 190 thousand contract to provide 33 thousand volt voltage internal array submarine cable for its 309 MW offshore wind farm project.
By 2024, Britain's power and control cable market will grow by over 3%. Government initiatives to shift sustainable energy will expand industry prospects.
The French RTE and the national grid awarded ABB $290 million worth of contracts to develop high voltage direct current technology for interconnecting the UK and French power grids. The ABB will provide two light HVDC converters with a submarine cable connection.
The market share of power and control cables in the Middle East and Africa will rise to more than 7% by 2024. Investment in the war affected countries, including Syria, as well as the expansion of the transmission and distribution network, will stimulate the growth of the industry scale. According to SIEMENS company, the next 15 years, the region's electricity generation will increase by 66%.
An important participant in the global power and control cable market including Polycab, Prysmian, CMI, Havells, Nexans, LS cable, Furukawa electric, southern cable, general cable and Sumitomo electrician.
