Global Power Cables Market Growth Analysis - Market Size, Share, Forecast Trends and Outlook Report (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