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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.
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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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.
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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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:
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.
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. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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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.
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