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Global Power Cables Market Size, Share, Trends, Forecast: By Material: Aluminium, Copper; By Voltage: Low Voltage; Medium Voltage; High Voltage; By Application: Power Transmission, Utilities, Telecommunication, Infrastructure, Others; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
Global Power Cables Market Outlook
The global power cables market is expected to grow from USD 138.96 billion in 2023. The market is expected to further grow at a CAGR of 6.4% between 2024 and 2032 to attain USD 242.87 billion by 2032.
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The cables market is currently led by the Asia Pacific region which accounts for about half the global cables market. The Asia Pacific cable industry is the fastest growing regional market. In North America, the consumption of optical fibre is witnessing an expanding application.
The cable industry is dominated by cables for power/ energy transmission and telecommunication applications. Cables for application in the energy sector lead the industry, accounting for three-fourth of the market, followed by telecom cables, which accounted for over a fifth of the market. With energy cables as the major cables type being consumed, the growing energy sector becomes the principal driver for the global power cables market. The electricity demand in 2018 grew by nearly twice as fast as compared to the overall demand for energy globally. It was the fastest growth of electricity demand since 2010, with demand rising by 4% in 2018. In 2018, the global power consumption stood at about 22,572 TWh. The power consumption is projected to rise in the coming years and will reach 26,330 TWh in 2024. China and the United States were the largest power markets and accounted for 70% of the global demand growth.
Market Segmentation
Power cables are electrical cables constituting of one or more electrical conductors which are held by an overall sheath. They are primarily used for electrical power transmission. Power cables are installed within buildings as a part of the permanent wirings, or ran overhead or buried underground. They can be divided into aluminium and copper cables. By voltage, they can be categorised as:
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- Low Voltage
- Medium Voltage
- High Voltage
Power transmission, utilities, telecommunication, and infrastructure, among others are the major application sector for power cables. The EMR report also provides an insight into the regional power cables industries like North America, Europe, Middle East and Africa, LATAM, and Asia Pacific markets.
Market Analysis
The global power cables market is being driven by the rapidly growing population combined by an increase in urbanisation. While population is expected to witness a 20% growth by 2030 from 2014, urbanization is also expected to grow by 40% in the same period. With a growth in the global economy, infrastructure projects is expected to witness a rise, aiding the global power cables market. The growing urbanisation will also lead to a greater need for city electrification which will further add to the industry growth. The shift towards underground cables supported by various government initiatives will further aid the global power cables market. The industry is also being driven by the continuing maintenance of grid, and replacement of old infrastructure.
Global initiatives like various government schemes encouraging the use of green energy sources combined with the fast expansion of renewable and sustainable energy resources will also lead to the increase in the demand for power cables. Power cables are used extensively in interconnector and offshore wind projects where high voltage power cables are used to transfer large volumes of power. With the expansion of green energy projects, the associated requirement of grid extension and grid reinforcement will also aid the market globally. The displacement of electricity production with the production plants located at a greater distance from the consumption area will drive the industry growth further.
Growing demand from emerging economies will propel the industry forward in the forecast period. In Europe, the markets in Eastern European countries is expected to see a faster growth as compared to developed and mature markets like Denmark, Germany, and Sweden.
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Competitive Landscape
The report analyses the following key players in the global power cables market, looking into their capacity, market share, and latest developments like mergers and acquisitions, expansions of capacity, and plant turnarounds:
- Prysmian Group
- Nexans S.A.
- Belden Inc.
- Sumitomo Electric Industries, Ltd
- Furukawa Electric Co., Ltd
- LS Cable & System Ltd.
- KEI Industries Ltd.
- The Okonite Company Inc.
- International Wire Group
- Hitachi Metals, Ltd.
The EMR report gives an in-depth look into the global power cables market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Material |
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| Breakup by Voltage |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Power Cables Market Analysis
8.1 Key Industry Highlights
8.2 Global Power Cables Historical Market (2018-2023)
8.3 Global Power Cables Market Forecast (2024-2032)
8.4 Global Power Cables Market by Material
8.4.1 Aluminium
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Copper
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Power Cables Market by Voltage
8.5.1 Low Voltage
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Medium Voltage
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 High Voltage
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global Power Cables Market by Application
8.6.1 Power Transmission
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Utilities
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Telecommunication
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Infrastructure
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Others
8.7 Global Power Cables Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Power Cables Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Power Cables Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Power Cables Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Power Cables Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Power Cables Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Trade Data Analysis (HS Code: 8455)
16.1 Major Exporting Countries
16.1.1 By Value
16.1.2 By Volume
16.2 Major Importing Countries
16.2.1 By Value
16.2.2 By Volume
17 Competitive Landscape
17.1 Market Structure
17.2 Company Profiles
17.2.1 Prysmian Group
17.2.1.1 Company Overview
17.2.1.2 Product Portfolio
17.2.1.3 Demographic Reach and Achievements
17.2.1.4 Certifications
17.2.2 LS Cable & System Ltd.
17.2.2.1 Company Overview
17.2.2.2 Product Portfolio
17.2.2.3 Demographic Reach and Achievements
17.2.2.4 Certifications
17.2.3 KEI Industries Limited
17.2.3.1 Company Overview
17.2.3.2 Product Portfolio
17.2.3.3 Demographic Reach and Achievements
17.2.3.4 Certifications
17.2.4 The Okonite Company
17.2.4.1 Company Overview
17.2.4.2 Product Portfolio
17.2.4.3 Demographic Reach and Achievements
17.2.4.4 Certifications
17.2.5 Hitachi Metals, Ltd.
17.2.5.1 Company Overview
17.2.5.2 Product Portfolio
17.2.5.3 Demographic Reach and Achievements
17.2.5.4 Certifications
17.2.6 Belden Inc.
17.2.6.1 Company Overview
17.2.6.2 Product Portfolio
17.2.6.3 Demographic Reach and Achievements
17.2.6.4 Certifications
17.2.7 Sumitomo Electric Industries, Ltd.
17.2.7.1 Company Overview
17.2.7.2 Product Portfolio
17.2.7.3 Demographic Reach and Achievements
17.2.7.4 Certifications
17.2.8 Furukawa Electric Co., Ltd.
17.2.8.1 Company Overview
17.2.8.2 Product Portfolio
17.2.8.3 Demographic Reach and Achievements
17.2.8.4 Certifications
17.2.9 International Wire Group, Inc.
17.2.9.1 Company Overview
17.2.9.2 Product Portfolio
17.2.9.3 Demographic Reach and Achievements
17.2.9.4 Certifications
17.2.10 Nexans S.A.
17.2.10.1 Company Overview
17.2.10.2 Product Portfolio
17.2.10.3 Demographic Reach and Achievements
17.2.10.4 Certifications
17.3.11 Others
18 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Power Cables Market: Key Industry Highlights, 2018 and 2032
2. Global Power Cables Historical Market: Breakup by Material (USD Billion), 2018-2023
3. Global Power Cables Market Forecast: Breakup by Material (USD Billion), 2024-2032
4. Global Power Cables Historical Market: Breakup by Voltage (USD Billion), 2018-2023
5. Global Power Cables Market Forecast: Breakup by Voltage (USD Billion), 2024-2032
6. Global Power Cables Historical Market: Breakup by Application (USD Billion), 2018-2023
7. Global Power Cables Market Forecast: Breakup by Application (USD Billion), 2024-2032
8. Global Power Cables Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global Power Cables Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America Power Cables Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America Power Cables Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe Power Cables Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe Power Cables Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific Power Cables Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific Power Cables Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America Power Cables Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America Power Cables Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa Power Cables Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa Power Cables Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Major Importing Countries by Value
21. Major Exporting Countries by Value
22. Major Importing Countries by Volume
23. Major Exporting Countries by Volume
24. Global Power Cables Market Structure
Key Questions Answered in the Report
The growth of the global power cables market is aided by the growing cable market, which attained a value of nearly USD 138.96 billion in 2023.
The cable market, which is supporting the power cables market, is projected to grow at a CAGR of 6.4% between 2024 and 2032.
The major drivers of the market include rising demand for energy, increased adaptation of power transmissions, growing infrastructure projects, favourable government initiatives, and improving technology.
The key market trend guiding the growth of the power cables market include the adoption of smart grid technology and increase in urbanisation.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The materials used in the market include aluminium and copper.
The major segments based on voltage are low voltage, medium voltage, and high voltage.
The significant applications of the product include power transmission, utilities, telecommunication, and infrastructure, among others.
The key players in the 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, and Hitachi Metals, Ltd, among others.
Analyst Review
The global power cables market is expected to grow from USD 138.96 billion in 2023 to USD 242.87 billion by 2032, growing at a CAGR of 6.4% in the forecast period of 2024-2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on material, the power cables market can be divided into aluminium and copper. On the basis of voltage, the industry can be segments into low voltage, medium voltage, and high voltage. On the basis of application, the industry can be categorised into power transmission, utilities, telecommunication, and infrastructure, among others. The major regional markets for power cables are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include 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.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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