Large-scale integration of renewable projects coupled with upgradation of existing grid networks to sustain increasing electricity demand could drive power and control cable market growth. Robust technological advancements as well as R&D investments pumped by cable manufacturers is projected to fuel industry expansion.
Power cables are in huge demand owing to government efforts to raise power generation and transmission capacity. There is also a focus towards using high quality cables and replacement of existing electrical equipment. Environmental concerns driving the adoption of cleaner technologies could subsequently raise product demand across renewable projects.
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Driven by surging demand, power and control cable manufacturers are working on new product development initiatives. For instance, in 2020, major cable producer, Nexans announced the extension of its product range with the launch of the innovative MOTIONLINE Servo Motor Premium 90 degree cables, which are designed to withstand harsh environments and higher temperatures in fast-moving automation applications such as machine tools and drag chains.
With such innovations, Global Market Insights, Inc., estimates that the power and control cable market may surpass USD 170 billion by 2026. This growth can be credited to increasing industrialization and investments towards the expansion of commercial and utility infrastructure throughout developing nations.
Mentioned below are some of the key trends that may propel power and control cable market outlook:
- Increasing adoption of low-voltage distribution networks
The low voltage power and control cable segment is anticipated to grow substantially owing to increasing preference towards secondary power distribution and internal wiring applications. The adoption of low-voltage distribution networks is quickly expanding across commercial and residential establishments. Reduced distribution losses and flexible product configurations are likely to boost product usage.
- Expansion of utility-based distribution networks
Rising cross-border electrical network expansion is driving rapid adoption of utility-based distribution networks. Concerns regarding energy-efficient electricity corridors across nations is expected to fuel industry expansion over the forecast timeframe.
- MEA emerging as a lucrative revenue ground
The Middle East & Africa power and control cable market is projected to grow over 7% on account of robust electricity demand and lack of grid infrastructure across certain countries. The re-establishment of electric grid infrastructure in the war affected countries is likely to have a significant positive impact on the regional power and control cable market.
Apart from product launches, several market players are focusing on business expansion strategies. For example, in 2018, Indian wire and cable manufacturer, KEI Industries announced its plans to grow its network to 120 direct and 1300 retail outlets by 2020-2021, in order to achieve the company’s target of rupees 200 crore of retail business.
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