Power And Control Cable Market Size, Share, Growth Analysis, By Voltage(Low voltage, Medium voltage, and High voltage cables), By Application(Energy, Construction, Automotive, and Telecommunications), By Region - Industry Forecast 2024-2031

Power and Control Cable Market size was valued at USD 131.61 Billion in 2022 and is poised to grow from USD 140.82 Billion in 2023 to USD 241.96 Billion by 2031, at a CAGR of 7% during the forecast period (2024-2031).

The competitive scene of the power and control cable market is made up of multiple major competitors constantly striving for the largest market share or even a place in the broad market. Prominent industry leaders like Prysmian Group, Nexans, General Cable, and Southwire Company retain their dominance using their broad offering of products, stable and efficient distribution networks, and technical innovations. These titans of the industry concentrate in strategic partnerships, mergers, and purchases to increase their market share and broaden the expanse of their product lines. 'Prysmian Group - Italy', 'Nexans - France', 'General Cable - United States', 'Southwire - United States', 'LS Cable & System - South Korea', 'Furukawa Electric - Japan', 'Sumitomo Electric Industries - Japan', 'Belden Inc. - United States', 'Lapp Group - Germany', 'Leoni AG - Germany', 'ABB Group - Switzerland', 'Encore Wire Corporation - United States', 'CME Wire and Cable - United States', 'Cable Corporation of India - India', 'NKT A/S - Denmark', 'TPC Wire & Cable Corp. - United States', 'General Cable Corporation - United States', 'Bahra Cables Company - Saudi Arabia', 'Universal Cables Ltd. - India', 'Tratos - United Kingdom'

One of the top factors driving the power and control cable market has been the ongoing trend of urbanization and the subsequent need for better development of infrastructure. As more residential buildings, workplaces, industrial factories, and new transportation networks in the fabric of cities in emerging nations, the demand for power and control cables increases gradually.

Growing Demand for Renewable Energy Infrastructure: Power and control cables were in high demand as the world shifted to putting an emphasis on renewable energy sources such as wind and solar power. The transmission of electricity through these energy sources to the grid and ultimately to the end-users is highly dependent on these cables. Power and control cable sales were predicted to rise as the world’s nations made more investments in sustainable infrastructure.

Power and control cables markets have grown significantly in North America over the years, making it a mature market segment owing to its extensive infrastructure development, continued expansion of its industrial sector, and technological improvements. The North American region’s biggest contributors in the power and control cables market are mainly the United States and Canada. Here, the market has seen a steady growth, with an emphasis on efficiency of energy and sustainability.