At 8.7% CAGR, the Asia Pacific Power and Control Cable Market is Projected to be Worth US$ 99,175.60 Million by 2030, Says Business Market Insights

According to Business Market Insights research, the Asia Pacific power and control cable market was valued at US$ 50,903.14 million in 2022 and is expected to reach US$ 99,175.60 million by 2030, registering a CAGR of 8.7% from 2022 to 2030. Technological advancements in wires and cables and government norms on developing transmission & distribution sector are among the critical factors attributed to the Asia Pacific power and control cable market expansion.

Technological advancements in wires and cables are taking place in different application industries, backed by changing government standards and constant innovations. In the wires & cables industry, including power and control cables, technological development is divided into insulation and voltage grade. By offering better quality polymers and reducing thickness, the desired electrical and mechanical properties can be achieved, along with higher voltage. Cables made from advanced insulation materials can handle higher temperatures, resist moisture and chemicals, and offer better electrical performance. Nanotechnology has also been explored to enhance material properties. Technological advancements such as High Voltage DC (HVDC) cables allow electricity transmission to reduce energy losses. This technology has improved with higher voltage ratings and better insulation. Moreover, power and control cables are increasingly being combined with fiber optics for communication and monitoring purposes. This allows for real-time data transmission alongside power delivery. In terms of transmission, capacity, and speed to transfer low-power signals, communication and monitoring are technological advancements over jelly-filled cables. A single cable can carry signals ranging from a few kilobytes to hundreds of gigabytes. Fiber optics is a popular technology for local area networks (LAN). Furthermore, telephone providers are gradually replacing traditional phone lines with fiber optic cables. These cables are gaining popularity over typical metal communication cables as they can provide better bandwidth than metal cables, allowing them to transmit more data. Furthermore, fiber optic cables are substantially smaller, lighter than metal wires, and less interference sensitive. These advancements collectively contribute to safer, more efficient, and environmentally friendly power and control cable systems, supporting the evolving needs of various industries and applications. Therefore, advancements in power and control cables are expected to create lucrative opportunities for the Asia Pacific power and control cables market during the forecast period.

On the contrary, availability of alternative technologies hampers the growth Asia Pacific power and control cable market.

Based on type, the Asia Pacific power and control cable market is bifurcated into power cable and control cable. The power cable segment held 92.3% share of the Asia Pacific power and control cable market in 2022, amassing US$ 47,002.19 million. It is projected to garner US$ 92,660.18 million by 2030 to expand at 8.9% CAGR during 2022-2030.

By voltage, the Asia Pacific power and control cable market is segmented into high voltage, medium voltage, and low voltage. The low voltage segment held 55.8% share of the Asia Pacific power and control cable market in 2022, amassing US$ 28,402.43 million. It is projected to garner US$ 58,962.45 million by 2030 to expand at 9.6% CAGR during 2022-2030.

By application, the Asia Pacific power and control cable market is segmented into utilities and industrial. The utilities segment held 60.8% share of the Asia Pacific power and control cable market in 2022, amassing US$ 30,966.89 million. It is projected to garner US$ 61,996.51 million by 2030 to expand at 9.1% CAGR during 2022-2030.

Based on country, the Asia Pacific power and control cable market is segmented into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. China held 36.9% share of Asia Pacific power and control cable market in 2022, amassing US$ 18,788.47 million. It is projected to garner US$ 41,039.58 million by 2030 to expand at 10.3% CAGR during 2022-2030.

Key players operating in the Asia Pacific power and control cable market are Belden Inc; Furukawa Electric Co Ltd; HENGTONG GROUP CO., LTD.; LEONI AG, Nexans SA; Prysmian SpA; and Sumitomo Electric Industries Ltd, among others.

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