Innovation and Infrastructural Changes in Electric Cable Segment

Industry Outlook Team

According to a recent report, the Electric Cable Manufacturing Market size is anticipated to register more than 6 percent CAGR till 2026. The major factor attributing to its growth is the ongoing investments toward the enhancement and expansion of grid infrastructure to meet rising electricity demand across the globe over the forecast period. Electric cable is being significantly used in electricity supply, instrumentation and automation purposes across various applications, as global electricity production and consumption has increased significantly; thus positively impacting the power and control cable demand.

Furthermore, the lack of efficient electric infrastructure across emerging economies along with an inclination toward the expansion of existing networks has offered a favorable market scenario for electric cable manufacturers today. Also, on account of the rising number of renewable energy projects coupled with new grid connections, the cable market demand from the high voltage segment is set to witness significant growth.

Favorable business scenario

Creating a favorable business scenario for electric cable manufacturers, the ongoing investment across large scale industries such as oil & gas, rapid expansion of railway networks and also the wide adoption of these cables across metal and mining industries is set to further the industry’s growth bandwagon. Furthermore, the rising number of renewable energy projects coupled with new grid connections is also set to aid this growth.

“Energy dilemma is going to be at the heart of an organization both economically and morally as we move ahead and that’s primarily since consumption will go up on one hand and on other hand all organizations will be in need to reduce their carbon footprint. There will be more and more digitization and computation as this will come with its share of energy challenges in form of increased demand of at least 4X and thus Energy Dilemma would be one of the key areas where decision makers would have actions to take,” says Shailendra Shukla, Director Sales & Service, Eaton India.

As major economies in the region including China and India are constantly persisting to augment the existing infrastructure and power capacities to meet the power demand, Asia Pacific power and control cable market is set to witness significant growth.

With the market looking favorable, the key players are focusing on developing new products with innovative features so as to boost their business share in the industry. Moreover, by establishing direct distribution channels to enhance their market share, leading industry players are focusing toward backward and forward integration.