Selbyville, DE -- (SBWIRE) -- 01/02/2019 -- As reported in the latest study by Global Market Insights, Inc.; the Power And Control Cable Market size is set to reach USD 180 billion by 2024.

Rising investments by developing countries towards construction and infrastructure sector will drive the global power and control cable market size. Introduction of smart city initiatives across several countries including China, India and UAE will further stimulate the product demand. In 2015, the National Development Bank of China in collaboration with the Ministry of Housing and Urban-Rural Development announced an investment of over USD 12.8 billion towards the advancement of country's national smart city project.

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Growing measures to strengthen the transmission and distribution network to cater the growing electricity demand will embellish the power and control cable market. As per the U.S. Energy Information Administration, the global electricity demand has expanded over 3% from the past six years however, it is 16% lower than the generated electricity owing to inefficient grid infrastructure. Utilities across the globe are making significant investments to enhance their transmission capability with the aim to reduce the energy loss, which will positively impact the business outlook. In 2016, the U.S. Federal Government announced USD 10 billion grant to reduce the curtailment rate across their western transmission network through the development of new and improved grid infrastructure.

Asia Pacific power and control cable market size is set to exceed USD 100 billion by 2024. Ongoing rural electrification program coupled with increasing demand for reliable and safe electricity will positively impact the industry size. Positive outlook towards renewable energy with growing industrialization will further boost the product demand.

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Adoption of microgrid network and favorable government initiatives towards expansion of T&D networks to interconnect renewable sources with the central and state grids will complement the MV power and control cable market. In 2016, Belgium based Tideway B.V. awarded USD 14.19 million contract to Prysmian Group for the supply of 33kV MV inter array submarine cables for its 309 MW offshore wind farm projects.

UK power and control cable market is set to expand over 3% over the forecast timeline. Government initiatives to shift the dependency to sustainable energy sources will augment the industry outlook. The Réseau de Transport d'Electricité (RTE) and UK National Grid awarded a contract worth USD 290 million to ABB, to develop high-voltage direct current technology aimed at interconnecting electric networks between UK and France. The company will provide two high-voltage HVDC light converter stations that will be linked by a subsea cable.

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Middle East & Africa power and control cable market share is set to expand over 7% by 2024. Growing investments towards rebuilding of war affected countries including Syria along with extension of transmission and distribution network will fuel the industry size. According to Siemens, the region is set to increase its current electricity generation capacity by 66% over the next 15 years.

Notable players across the power and control cable market include Polycab, Prysmian, CMI, Havells, Nexans, LS Cable & System, Furukawa Electric, Southwire, General Cable, and Sumitomo Electric Industries.

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