Global Power Cables Market to be Aided by the Projected Global Cables Market Growth at a CAGR of 6.4% between 2024 and 2032

The global power cables market is being driven by the growth in the energy sector. Electricity was the fastest-growing energy segment, with its demand rising by 4% in 2018. Nearly 22, 572 TWh of power was consumed in 2018, and it is projected to grow further in the forecast period. By 2024, global power consumption is expected to attain 26, 330 TWh. China and the United States are the leading power markets, accounting for 70% of the growth in the global power demand. The overall cable industry is dominated by the Asia Pacific, with the North America region also being a major cable market.

With power cables finding expanding uses in interconnector and offshore wind projects and the rise in green energy initiatives, the global power cables market is finding further impetus for its growth. Power cables find their application in the renewable energy sector in the required grid extension and reinforcement. High voltage cables are used in this segment to transfer large quantities of power. Currently, 179 countries have set national or state targets for renewable energy, and 57 nations plan to eliminate carbon from their electricity sector. China, a leading power market, is also a significant market for renewable power resources, being the largest installer, producer, and exporter of wind turbines, and solar power machinery.

Nexans (OTCMKTS: NXPRF), a major player in the global power cables market, contributes to the SuperGrid Institute, a Lyon-based Institute for Energy Transition (ITE) dedicated to the development of products, technologies, and services for Supergrid. Supergrid is the concept of forming an interconnected power grid with existing alternating current systems to transport energy from remote renewable power sources like offshore wind farms to sources of consumption. The grid will help manage the irregular nature of renewable energy sources by providing stability and increase the capacity of power networks.

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Market Analysis by Material, Voltage, Application, and Region:

• Power cables can either be made of aluminium or copper.

• By voltage, they can be divided into low, medium, and high voltage.

• Power cables find their applications in power transmission, utilities, telecommunication, and infrastructure, among others. 

• The regional markets of power cables can be broadly categorised as North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global power cables market is being driven by the rise in population, rapid urbanisation, and the growing demand for electrification.

• The market will also be driven by the rising infrastructure sector globally. 

• The industry is aided by the various government initiatives encouraging the adoption of underground cables.

• The continuous maintenance of the grid and replacement projects related to old infrastructure will further aid the market.

• With electricity production plants located farther away from the consumption area, the power cables market will find further impetus for its growth.

• The rise in demand from emerging nations will propel the market forward in the coming years.

Key Offerings of the Report:

• The report by EMR presents the historical (2018-2023) and forecast (2024-2032) markets for power cables according to their materials, voltage, applications, and their regional markets.

• The report also provides an in-depth analysis of the regional price trends of power cables for the periods (2018-2023) and (2024-2032).

• It offers an analysis of the global trade data for aluminium and copper wires for 2020.

The key players in the global power cables market are Prysmian Group, Nexans Group, Belden Inc., Sumitomo Electric Industries, Nexans S.A., Furukawa Electric Co., Ltd, LS Cables & System Ltd., KEI Industries Ltd., The Okonite Company Inc., International Wire Group, Hitachi Metals, Ltd, Others. The EMR report looks into their market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions.

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