Power And Control Cable Market to exceed $180 billion By 2024
Date: 2018-10-01   Author: Rahul Sankrityayan  Category: #market

Power And Control Cable Market to exceed $180 billion By 2024

Global Power And Control Cable Market is set to witness growth over 9% and surpass USD 180 billion by 2024. Increasing investments by developing countries toward infrastructure and construction sector will augment the industry landscape. Establishment of smart city initiatives across developing nations including India, China and UAE will further augment the business outlook. In 2015, the National Development Bank of China entered in an agreement with the Ministry of Housing and Urban-Rural Development and announced an investment of over USD 13.6 billion towards the advancement of national smart cities.

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Rising measures to bolster the transmission and distribution channel to suffice the growing electricity demand will positively impact the power and control cable market. In 2016, the U.S. Energy Information Administration projected that the global electricity generation will reach 36.5 trillion kWh and grow by 69% with reference to 2012 levels. In 2017, the European Union successfully concluded to invest above USD 510 million in energy infrastructure projects. The initiative includes 18 smart grids, electricity and gas projects across the member states connecting European energy networks.

Power and control cable market in Asia Pacific is projected to exceed USD 100 billion by 2024. Continuing rural electrification programs coupled with increasing demand for reliable electricity will augment the business growth in the country. Growing industrialization along with positive outlook towards clean energy generation will further boost the product demand.

Adoption of microgrid systems and favorable government strategies toward expansion of transmission and distribution networks to interconnect sustainable sources with the state and central grids will enhance the MV power and control cable market. In 2016, the U.S. Department of Energy (DOE) announced a Grid Modernization Multiyear Program Plan to convert traditional grid architecture to improved, reliable, cost effective and resilient grid system.

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UK power and control cable market is projected to increase above 3% by 2024. Government policies to alter the fossil fuel generations to clean energy sources will complement the business landscape. In 2017, the UK National Grid and Reseau de Transport d'Electricite (RTE) awarded a contract worth above USD 710 million to ABB and Prysmian Group to provide converter stations and power cables for interconnecting electric networks between UK and France.

Power and control cable market share in the Middle East & Africa is anticipated to upsurge above 7% by 2024. Rising investments towards renovation of war affected countries coupled with development of T&D network will enhance the industry landscape. As per Siemens, the region is expected to expand its existing electricity generation capacity by 66% over the span of 15 years.

Notable players across the power and control cable market include CMI, Polycab, Nexans, Prysmian, LS Cable & System, Havells, General Cable, Furukawa Electric, Southwire, and Sumitomo Electric Industries.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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