Power and Control Cable Market
DUBLIN, February 1, 2022 /PRNewswire/ — The “Power and Control Cable Market – Forecast 2021 to 2026” report has been added to from ResearchAndMarkets.com offer.
Renewables grew by 7.6% in 2019, adding 176 gigawatts (GW) of generation capacity worldwide, slightly less than the 179 GW (revised) added in 2018, according to UNEP.
However, it represents only 20% of energy needs, the rest being covered by conventional sources. Switching to cleaner energy sources requires innovation and better transmission methods. With product development and new launches, the cable market can exploit these advantages, possibly expanding the market.
The power and control cable market is expected to witness a CAGR of 8.15% during the forecast period to reach a market size of $187.250 billion by 2026, from $108.202 billion in 2019.
Increased power generation and supply
Power and control cables are widely deployed for power supply, instrumentation and automation purposes in the various applications. Continuous investments in improving and expanding the grid infrastructure to meet the growing demand for electricity worldwide will propel the growth of the market over the forecast period.
Impact of COVID-19 on the Power and Control Cable Market
The pandemic has led to sluggish global economic growth in the electricity sector, resulting in lower demand, especially from the commercial and industrial sector, and a disrupted supply chain. The COVID-19 pandemic has caused many disruptions in the electricity sector. As the power sector contracted, the cable market also faced similar wrath. However, as the pandemic subsides and mobility increases, economic activity is expected to increase. This will increase the commercial and industrial demand for electricity in the years to come
- High tension
- Medium voltage
- Low tension
- North America
- United States
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- Belden Inc.
- Multi/cable company
- Prysmian SPA
- Orient Cables Pvt. ltd.
- Teldor Cables & Systems Ltd.,
- Techno Flex Cables
- CMI Ltd.
- LS Cable India Pvt. ltd.
- Furukawa Electric Co, Ltd.
- Southwire Company, LLC
- Sumitomo Electrical Industries.
- Thermo Cables Pvt. ltd.
For more information on this report, visit https://www.researchandmarkets.com/r/z6tnmo
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