The Power And Control Cables Market is being driven by Increasing demand from renewable energy sector
The Power And Control Cables Market is expected to grow at a CAGR of 6.8% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 55.4 billion. The global power and control cables market is witnessing a significant shift towards sustainability, with companies prioritizing extended product life cycles, reuse, and enhanced recycling processes to foster a circular economy. Nexans, a key player in this market, is spearheading this trend through comprehensive cable sorting and recovery initiatives. This involves a joint venture with a waste management company in northWestern France, enabling the effective repurposing and recycling of used cables, thereby reducing the industry's reliance on virgin resources and minimizing carbon emissions associated with electrification.
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The market is segmented based on segments_for_ai.nslist
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
197 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.8% |
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Market growth 2025-2029 |
USD 55.4 billion |
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Market structure |
Fragmented |
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YoY growth 2024-2025(%) |
5.5 |
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Key countries |
China, US, India, Japan, Germany, UK, South Korea, Canada, France, and Brazil |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Power and Control Cables Market caters to various industries, including industrial machinery, marine applications, and vehicle operation, providing electrical conductivity through flexible cables and cable accessories such as connectors. Electrical safety, cable insulation, and cable selection are crucial factors in cable installation for industrial control systems, heavy equipment, and building automation. Cable durability, cable specifications, and cable performance are essential for infrastructure development and renewable energy integration. Electrical engineering considers physical properties, cable flexibility, and cable shielding for information transmission in industrial automation and smart city solutions. Underground cable, power system design, and fiber optic cable play significant roles in energy security and the future of energy. Cable testing, maintenance, and adherence to cable standards ensure optimal cable functionality and reliability in various applications.
The Power and Control Cables market is a significant segment of the larger electrical components and equipment market. This market caters to the demand for power and control cables used in various industries, including construction, automation, and transportation. Key players in this market include manufacturers of power and control cables for construction plants, industrial automation systems, vehicles, and electrical apparatus. The global electrical components and equipment market encompasses revenue generated by manufacturers of water heaters and accessories, motors, motor control, encoder and amplifier, automation solutions, electrical distribution and protection equipment, small generators, wire and cable accessories, power supplies and conditioners, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, test and measurement equipment, switches, transmitters and receivers, HVAC, and safety components. Additionally, the market includes rental and leasing of electrical components and equipment to industrial, commercial, and residential end-users.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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