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To 2024 Power And Control Cable Market Will Exceed $180 Billion
- May 18, 2017 -

The global power and control cables market will exceed $180 billion by 2024, according to the latest research report by market research institutes, Industrial Market Research.

More and more measures are taken to strengthen the transmission and distribution network to meet the increasing demand for electricity, which will help the power and control cable market growth. According to the US Energy Information Administration, global electricity demand has widened over 3% percent over the past six years, although the demand for inefficient power grids has led to less than 16% per cent of electricity.

Public utilities worldwide are making major investments to boost their transmission capacity, thereby reducing energy losses, which will have a positive impact on market prospects.

2016, the federal government announced $10 billion to reduce the rate of Western power transmission networks by developing new and improved grid infrastructure.

Increasing investment in construction and infrastructure industries in developing countries will drive the global power and control cable market. Several countries, including China, India and the UAE, will further stimulate demand for the wisdom of the city.

2015, China's National Development Bank, in cooperation with the Ministry of Housing and Urban and rural construction, announced the investment of $12.8 billion to boost the country's intellectual city project.

By 2024, the Asia-Pacific region's power and control cable market will exceed $100 billion. Ongoing rural electrification projects, coupled with increased demand for reliable and secure electricity, will have a positive impact on the size of the regional market. The promising and growing industrialization of renewable energy will further boost product demand.

The adoption of micro-grid and the favorable government initiative for the expansion of distribution network will promote the market of medium-voltage power and control cables. 2016, Tideway B.V, Belgium, awarded Prysmian 14.19 million of billions of dollars in contracts for its 309 MW offshore wind farm project to provide 33,000 kv internal-medium-voltage array submarine cables.

By 2024, the UK's electricity and control cables market will grow by over 3%. Government initiatives to shift to sustainable energy will expand the industry's prospects.

The French RTE and the British National Grid awarded ABB a $290 million contract to develop high-voltage DC technology for interconnection between the UK and France. ABB will provide two light high voltage DC converter stations through a submarine cable connection.

The market share of power and control cables in the Middle East and Africa will increase to more than 7% percent by 2024. Rebuilding investment in the affected countries of war, including Syria, and the expansion of the distribution network will stimulate growth in the industry. According to Siemens, the region's electricity generation will increase by 66% over the next 15 years.

Key players in the global power and control cable market include Polycab, Prysmian, CMI,Havells, Kerssen, LS cable, Old River electrician, southern Cable, general cable and Sumitomo electrician.