Control Cable Market: Current Analysis and Forecast (2021-2027)

Report Description

Control cables are multiconductor cables that are frequently insulated with a foil, braid, or both of these materials. The item has the ability to transmit a signal to regulate the operation of machinery. It is extensively utilized for the distribution and transmission of electrical energy in a variety of applications, including underwater, above ground, interior, and aerial.

The Global Control Cable Market is expected to register a robust CAGR of 5% throughout 2021-2027. The market is primarily driven by an increase in the tendency toward process automation across various sectors. such as industrial, production line, robotics, etc. Control cables are also used in a variety of environments, including moist interior applications as well as dry & protected environments. Additionally, manufacturers are spending a lot of money on research and development to find new uses for control cable, which is driving up demand for control cable even more. For instance, in May 2021, Prysmian Group announced the introduction of its ECO CABLE label, the 1st proprietary green product label and next-gen of control cables, with an aim to help distributors and utilities strengthen their green supply chain & value proposition.

Belden Inc., Thermo Cables Pvt. Ltd, General Cable Technologies Corporation, Texcan, Multi/cable Corporation, Teldor Cables & Systems Ltd., Nexans, Techno Flex Cables, Orient Cables Pvt. Ltd., and Prysmian S.P.A. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst type, SY category holds the dominant position in the market”

Based on type, the market can be segregated into CY cable, YY cable, SY Cable, LiYCY cable, LiYY cable, LiHH cable, and LiHCH cable. Among all the cable types, SY cable is anticipated to dominate the global control cable market during the forecast period. This is because SY cable’s 4KV test voltage gives them the ability to offer excellent reliability and mechanical protection. Additionally, major players in the market are continuously focusing on taking strategic measures such as M&As, product launches, and expansion in new markets to gain a competitive advantage. For instance, TPC Wire & Cable acquired Integrated Cable Systems Inc. (ICS) in February 2021. This was done in an effort to provide high-performance connectivity solutions for use in high-cost-of-failure applications.

“Amongst application, a robotics category is expected to grow significantly during the forecast period”

Based on the application, the control cable market can be segmented into conveyor systems, assembly links, robotics, air conditioning systems, and others. Amongst them, the robotics segment is expected to dominate the global market during the forecast period. The factor is attributed to the growing use of AI-based robots which increases the demand for raw materials in which control cable is the major product in the manufacturing of robots which increases the demand for control cables.

“Asia Pacific to witness significant growth during the forecast period”

North America is expected to show the highest CAGR growth in the Control cable market. The major contributors to the growth of this market are the United States, Canada, and Mexico, and are expected to become the market leaders by 2027. However, the APAC region is expected to witness significant growth during the forecast period owing to the rising number of homes and households and the ensuing increase in the deployment of cables and wires in emerging nations such as China, India, and Indonesia, among others. APAC region is expected to become a significant market for control cables over the course of the projected period. Over 40% of India’s electrical business is made up of the wire and cable sector.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Control cable market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Control Cable Market Analysis (2021-2027)

Analyzing the historical market, estimating the current market, and forecasting the future market of the Control cable market were the three major steps undertaken to create and analyze the adoption of the Control cable market in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Control cable market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Control cable market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Control cable market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as type and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Control cable market. Further, we conducted factor analysis using dependent and independent variables such as type and application of the Control cable market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Control cable market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Control cable market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Control cable market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Control cable market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Control cable market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and application in the global Control cable market.

The main objective of the Global Control Cable Market Study

The current & future market trends the of global Control cable market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investment on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Control cable market in terms of Value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type and application.
• Define and analysis of the regulatory framework for the Control cable market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Control cable market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the world.
• Company profiles of the Control cable market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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