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Power and Control Cable Market is expected to reach US$ 226.32 billion by 2030

The power and control cable market size is projected to grow at a CAGR of 7.5% during 2022-2030, to surpass US$ 226.32 billion by 2030, from USD 126.78 billion in 2022

By The Insight Partners

Rising Demand for Reliable Electricity Connection Drives Power and Control Cable Market Growth

According to our latest study on “Power and Control Cable Market Forecast to 2030 – Global and Regional Share, Trends, and Growth Opportunity Analysis – by Type, Voltage, and Application,” the power and control cable market size was valued at US$ 126.78 billion in 2022 and is expected to reach US$ 226.32 billion by 2030; it is estimated to record a CAGR of 7.5% from 2022 to 2030.

Power cables carry energy from a source to equipment, whereas control cables send signals to control equipment operation. Power and control cables are mostly utilized in industrial, commercial, and electrical utilities. They are made of protective jackets, conductors, and insulators to resist heat, fire, and moisture. The power and control market growth is attributed to the rising demand for reliable electricity for utilities and industries. As utilities and industries expand, they require new electrical infrastructure, including power distribution networks, substations, and industrial facilities, to meet their growing power needs. The infrastructure requires power and control cables for safe and efficient operation. Moreover, several governments across the world are taking the initiative to upgrade transmission and distribution infrastructure. The US government is catalyzing the development of thousands of miles of upgraded and new transmission lines. Therefore, the rising government initiatives on developing the transmission and distribution sector drive the market growth. Aging infrastructure in many regions requires upgrades and modernization. Replacing outdated cables with newer, more efficient ones improves the reliability and stability of electrical systems, which reduces downtime and maintenance costs. Above mentioned initiatives and upgrading aging infrastructure boost the demand for power and control cables. Furthermore, rising demand for data centers and cloud computing and technological advancements in wire and cables are expected to provide lucrative opportunities for the power and control cable market in the coming years. 

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Increasing Demand for Data Center and Cloud Computing to Offer Lucrative Opportunities for Power and Control Cable Market Growth During Forecast Period

The growth of data centers and technology-driven industries propelled the need for power and control cables to ensure uninterrupted power supply and data transmission. The cables are crucial to maintain the functioning of critical infrastructure. As the demand for data storage and processing continues to rise, more data centers are being built. These facilities require extensive power and control cable systems to distribute electricity and manage various systems and equipment. Modern data centers are designed to accommodate high-power-density servers and equipment. This generates a huge scope for power cable systems capable of handling larger electrical loads safely and efficiently. Lately, several data centers have been installed. In June 2023, PT ST Telemedia Global Data Centers (Indonesia) or PT STT GDC Indonesia, a leading data center provider, officially launched its first data center facility, STT Jakarta 1, in Bekasi, Jawa Barat. The data center campus will support up to 72 megawatts (MW) of critical IT capacity, with STT Jakarta 1 supporting up to 19.5 MW. Additionally, in February 2023, AWS announced a modular data center for the US Department of Defense (DoD) Joint Warfighting Cloud Capability. The installations of data centers with high power density and critical capacities require power cables. Therefore, the growing data center industry relies heavily on power and control cables to ensure reliable, efficient, and safe operations. As data centers evolve and expand, the demand for these cables is expected to increase significantly in the coming years.

North America holds a major share of the power and control cable market. Electricity demand is promoting the requirement for the upgradation and expansion of the region's transmission and distribution (T&D) grids. Additionally, smart grids are being implemented rapidly in Canada and Mexico to modernize the safe and secure delivery of electricity. The US electric grid consists of more than 9,200 electric generating units, generating a capacity of above 1 million megawatts and connected through ~965,600 km of transmission lines. However, even with the establishment of such massive infrastructure, the electricity demand is still unmet. Hence, the US Department of Energy (DoE) is constantly focusing on improving the electricity supply infrastructure through the Grid Modernization Initiative (GMI). In August 2023, the DOE announced up to US$ 39 million for projects across DOE's National Laboratories to help modernize the electricity grid. 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. The step was undertaken for modernizing and expanding its electrical infrastructure to meet the energy demands of various industries. All such factors drive the growth of power and control cable market size in the region.

Segmental 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 a larger power and control cable market share in 2022 and is anticipated to register a higher 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 a larger power and control cable market share in 2022 and is anticipated to register a higher CAGR in the power and control cable market during the forecast period.

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.

  • In September 2023, Taihan Cable & Solution, a South Korean power cable and grid infrastructure company, was awarded a US$ 60 million high voltage power grid project by Bahrain’s state-run   Electricity and Water Authority to establish an extra high-voltage power grid in Bahrain.
  • In September 2023, Denmark-based power cable-making and installation company NKT A/S announced that it expects to receive an order for a 230 kV AC high-voltage export power cable system for the Polish project Baltic Power Offshore Wind Park with a capacity of up to 1.2 GW, worth approximately US$ 130 million.
  • 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.

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