According to market research firm Industrial Market Research latest research report, by 2024 the global power cable market size will exceed 180 billion US dollars.

To take more and more measures to strengthen the transmission and distribution network to meet the growing demand for electricity will help the power and control cable market growth. According to the US Energy Information Administration, global electricity demand has expanded by more than 3% over the past six years, despite the fact that demand is less than 16% less than power generation due to inefficient grid infrastructure.

Global utility units are making significant investments to increase their transmission capacity, thereby reducing energy losses, which will have a positive impact on market prospects.

In 2016, the US federal government announced the allocation of $ 10 billion, through the development of new and improved power grid infrastructure, designed to reduce the western transmission network reduction rate.

Increasing investment in the construction and infrastructure sectors in developing countries will drive the size of the global electricity and control cable market. Including China, India and the United Arab Emirates, including several countries, including the wisdom of the city will further stimulate product demand.

In 2015, the China Development Bank and the Ministry of Housing and Urban and Rural Construction, announced the investment of 12.8 billion US dollars to promote the National Smart City project.

By 2024, the Asia-Pacific region's electricity and control cable market will exceed $ 100 billion. Continued rural electrification projects, coupled with increased demand for reliable, safe electricity, will have a positive impact on regional market size. Prospects for renewable energy and growing industrialization will further drive product demand.

The adoption of microgrids and favorable government initiatives for the expansion of transmission and distribution networks will drive the medium voltage and control cable markets. In 2016, Belgium's TidewayB.V awarded the Prysmian $ 14.19 million contract to provide its 33-kilovolt medium-voltage internal array submarine cable for its 309 MW offshore wind farm project.

By 2024, the UK electricity and control cable market will grow by over 3%. The government move to sustainable energy will expand the industry outlook.

France RTE and the UK National Grid awarded ABB a $ 290 million contract to develop HVDC technology for interconnecting the UK and French power grids. ABB will provide two light high-voltage DC converter stations connected via a submarine cable.

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

The above is a brief introduction to the power cable market, learn more about the power cable content, please pay attention to kingsignal official website.