At 4.2% CAGR, the South & Central America Power and Control Cable Market is Projected to be Worth US$ 5,757.35 Million by 2030, Says Business Market Insights

According to Business Market Insights research, the South & Central America power and control cable market was valued at US$ 4,149.36 million in 2022 and is expected to reach US$ 5,757.35 million by 2030, registering a CAGR of 4.2% from 2022 to 2030. Expansion of smart grid and increasing demand for data center and cloud computing are among the critical factors attributed to the South & Central America power and control cable market expansion.

Grid implies to the electric grid, a network of transmission lines, transformers, and substations, that deliver electricity from the power plant to home or business. Like the Internet, the smart grid consists of computers, controls, automation, and new technologies and equipment working together. It represents an exceptional opportunity to move the energy industry into a new era of availability, efficiency, and reliability that will contribute to economic and environmental health. Moreover, the need for advanced modeling techniques has never been more pressing in an era where electric grids are undergoing rapid transformations. Traditional methods fall short in capturing the intricate dynamics of modern grids, which are increasingly integrating renewable energy sources, distributed energy resources, and power electronics-based devices. In September 2023, Oak Ridge National Laboratory announced that it is pioneering research to make high-fidelity electromagnet transient models for grid data analysis. Therefore, the expansion of smart grid is expected to emerge as a major trend in the power and control cable market in the future.

On the contrary, availability of alternative technologies hampers the growth South & Central America power and control cable market.

Based on type, the South & Central America power and control cable market is bifurcated into power cable and control cable. The power cable segment held 95.7% share of the South & Central America power and control cable market in 2022, amassing US$ 3,960.62 million. It is projected to garner US$ 5,533.98 million by 2030 to expand at 4.3% CAGR during 2022-2030.

By voltage, the South & Central America power and control cable market is segmented into high voltage, medium voltage, and low voltage. The low voltage segment held 65.4% share of the South & Central America power and control cable market in 2022, amassing US$ 2,701.13 million. It is projected to garner US$ 3,910.39 million by 2030 to expand at 4.7% CAGR during 2022-2030.

By application, the South & Central America power and control cable market is segmented into utilities and industrial. The utilities segment held 67.8% share of the South & Central America power and control cable market in 2022, amassing US$ 2,805.87 million. It is projected to garner US$ 3,994.70 million by 2030 to expand at 4.5% CAGR during 2022-2030.

Based on country, the South & Central America power and control cable market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil held 61.4% share of South & Central America power and control cable market in 2022, amassing US$ 2,546.68 million. It is projected to garner US$ 3,729.03 million by 2030 to expand at 4.9% CAGR during 2022-2030.

Key players operating in the South & Central America 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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