Power and Control Cable Market - Shift to Clean Energy Sources Demands Innovation and Improved Transmission Methods: Industry Outlook to 2026

DUBLIN, Feb. 1, 2022 /PRNewswire/ -- The "Power and Control Cable Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.

Renewable energy expanded by 7.6 percent in 2019, adding 176 gigawatts (GW) of generating capacity globally, marginally lower than the (revised) 179 GW added in 2018, according to UNEP.

However, it accounts for only 20% of the power need, while the rest is covered by conventional sources. The shift to cleaner energy sources asks for innovation and better transmission methods. With product development and new launches, the cable market can tap these benefits eventually expanding the market.

Market Forecast:

The power and control cable market is projected to witness a CAGR of 8.15% during the forecast period to reach a market size of $187.250 billion by 2026, increasing from $108.202 billion in 2019.

Increase in power production and supply

Power and control cables are largely deployed for electricity supply, instrumentation, and automation purposes across the various application. Ongoing investments toward the enhancement and expansion of grid infrastructure to meet rising electricity demand across the globe will propel market growth over the forecast period.

COVID-19 Impact On The Power And Control Cable Market

The pandemic led to a sluggish global economic growth of the power sector resulting in lower demand especially by the commercial and industrial sector and disrupted supply chain. The COVID-19 pandemic has caused many dislocations to the power sector. As the power sector contracted, the market for cables also faced similar wrath. However, as the pandemic eases and mobility increases, economic activity is likely to go up. That will increase commercial and industrial demand for electricity in the coming years

Segmentation:

By Voltage

• High Voltage
• Medium Voltage
• Low Voltage

By Applications

• Utilities
• Industrial

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• Indonesia
• Taiwan
• Thailand
• Others

Companies Mentioned

• Belden Inc.
• Multi/cable Corporation
• Nexans
• Prysmian S.P.A.
• Orient Cables Pvt. Ltd.
• Teldor Cables & Systems Ltd.,
• Techno Flex Cables
• CMI Ltd.
• Havells
• LS Cable India Pvt. Ltd.
• Furukawa ElectricCo, Ltd.
• Southwire Company, LLC
• Sumitomo Electric Industries.
• Thermo Cables Pvt. Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/z6tnmo

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SOURCE Research and Markets