According to the latest research report of Industrial Market Research, a market research institution, the globalpower cable and control cable market will exceed US$180 billion by 2024.
Taking more and more measures to strengthen the transmission and distribution network to meet the increasing power demand will help the growth of the power and control cable market. According to the US Energy Information Administration, global electricity demand has expanded by more than 3% in the past six years, although demand is 16% less than power generation due to inefficient grid infrastructure.
Utilities around the world are making major investments to increase their transmission capacity and thereby reduce energy losses, which will have a positive impact on the market outlook.
In 2016, the U.S. federal government announced an allocation of US$10 billion to reduce the rate of reduction of the western transmission network through the development of new and improved grid infrastructure.
The increasing investment in the construction and infrastructure industries in developing countries will drive the scale of the global power and control cable market. Smart cities launched by several countries including China, India and the UAE will further stimulate product demand.
In 2015, the China Development Bank cooperated with the Ministry of Housing and Urban-Rural Development and announced an investment of US$12.8 billion to promote the national smart city project.
By 2024, the power and control cable market in the Asia-Pacific region will exceed US$100 billion. The ongoing rural electrification projects, coupled with the growing demand for reliable and safe electricity, will have a positive impact on the size of the regional market. Favorable prospects for renewable energy and growing industrialization will further promote product demand.
The adoption of microgrids and favorable government initiatives for the expansion of transmission and distribution networks will promote the medium voltage power and control cable market. In 2016, Belgium's Tideway B.V. awarded Prysmian a $14.19 million contract to provide 33 kV medium voltage internal array submarine cables for its 309 MW offshore wind farm project.
By 2024, the UK's power and control cable marketwill grow by more than 3%. Government initiatives to shift to sustainable energy will expand the industry's prospects.
RTE of France and National Grid of the United Kingdom awarded ABB a contract worth US$290 million to develop high-voltage DC technology for interconnecting the power grids of the United Kingdom and France. ABB will provide two light high-voltage DC converter stations, connected by a submarine cable.
The market share of power and control cables in the Middle East and Africa will increase to more than 7% by 2024. Investment in reconstruction of war-affected countries including Syria and the expansion of transmission and distribution networks will stimulate the growth of the industry. According to Siemens, the region’s power generation will increase by 66% in the next 15 years.