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Report Overview
The power cables market attained a value of USD 147.85 Billion as of 2024 and is anticipated to grow at a CAGR of 6.40% during the forecast period of 2025 to 2034. Growing use of renewable energy sources is propelling the demand for high-performance power cables, such as HVDC and submarine cables, to facilitate efficient transmission of energy, grid stability, and less power loss in green infrastructure projects. The market is thus expected to reach a value of nearly USD 274.94 Billion by 2034.
2024
Base Year
2018-2024
Historical Year
2025-2034
Forecast Year
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The growth of solar and wind power projects is fueling demand for high-performance cables, such as HVDC and submarine cables. B2B buyers look for high-quality, high-performance power cables to improve efficiency and reduce transmission losses in renewable energy systems.
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With the advancements in power grids, B2B buyers are investing in new-age cables that have higher conductivity and longer shelf life. Efficient smart grid-ready cables enhance productivity, allow for real-time observation, and contribute to energy transition objectives, rendering them a mandatory element for tomorrow's electrical systems, thereby increasing the growth of the power cables market.
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Industries prefer fire-resistant and low-smoke halogen-free cables in terms of safety and compliance with regulations. Also, green, recyclable power cables are in vogue, as companies move in tandem with sustainability initiatives, minimize environmental footprint, and prepare for the future against changing global standards.
Compound Annual Growth Rate
Value in USD Billion
6.4%
2025-2034
Power Cables Market Outlook
*this image is indicative*
Power Cables Market Growth
The market for power cables is growing rapidly, spurred by the rising demand for electricity, urbanization, and the growth of renewable energy initiatives. The increasing requirement for efficient power transmission and distribution infrastructure is triggering investments in high-performance cables for residential, commercial, and industrial purposes. Governments around the globe are upgrading old power grids and implementing smart grid technology, increasing the demand in the power cables market.
Growth in renewable energy, especially in solar and wind power, is providing opportunities for dedicated cables such as submarine cables and underground cables to link off-shore wind farms and megawatt-sized solar farms with the grid. Use of high-voltage direct current (HVDC) cables is also gathering momentum because it reduces power loss over long-distance transmission.
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Also, the pressure for sustainable solutions is promoting the creation of environmentally friendly, recyclable cables with lower carbon footprints. Industry players are concentrating on innovative materials like high-purity copper and aluminum to improve conductivity, durability, and efficiency. Increased investments in electrification initiatives in emerging economies also add to power cables demand growth.
With rising technological innovation, regulatory assistance, and rising energy demands, the power cables market is poised to experience consistent growth, offering profitable opportunities for manufacturers, suppliers, and energy and utility industry stakeholders.
Key Trends and Recent Developments
Power cable trends include fire-resistant cables, superconducting technology, lightweight flexible designs, and eco-friendly materials for enhanced safety, efficiency, and sustainability, thus shaping the power cables market dynamics and trends.
Growing Demand for Fire-Resistant Cables
As safety regulations continue to rise, utilities and industries are implementing fire-resistant power cables to avoid electrical accidents. The cables provide constant power supply in mission-critical infrastructures such as hospitals, tunnels, and skyscrapers by maintaining their function under intense heat and avoiding failures due to fires, thus pushing the growth of the power cables market.
Advancements in Superconducting Cables
Superconducting power cables are being considered for their potential to transmit higher currents with little energy loss. The cables improve grid efficiency and are being piloted in urban power grids to address increasing energy needs while minimizing transmission losses and overheating problems in traditional copper and aluminum cables.
Increasing Use of Lightweight and Flexible Cables
Industries are moving towards high-performance, lightweight cables using advanced materials to enhance installation ease and durability. Flexible power cables are especially useful in robotics, automation, and aerospace industries where rigid cables are not ideal for dynamic movements and space limitations, thereby helping to create new trends in the power cables market.
Rise of Green and Recyclable Power Cables
Sustainability is prompting the creation of environment-friendly power cables with recyclable components and lead-free insulating materials. Manufacturers are turning to minimizing carbon footprints by implementing biodegradable cable sheathing and maximizing energy efficiency in alignment with world environmental policies and the growing inclination for green energy options in power distribution systems.
Power Cables Market Trends
The global power cables market is witnessing fast growth with the growth of renewable energy infrastructure. As there are growing investments in wind and solar power schemes, the need for high-performance power cables is growing to facilitate the efficient transmission of electricity from production points to the grid with limited energy loss. Moreover, the use of high-voltage direct current (HVDC) cables is increasingly popular, as they facilitate long-distance transmission of power with lower energy losses, thus shaping new trends in the power cables market.
Governments and utilities are investing significantly in HVDC grids to stabilize the grid and incorporate renewable energy sources efficiently. In addition, the growth of smart grids and digitalization is revolutionizing power cable management. IoT-based monitoring systems ensure real-time tracking of data, increasing efficiency, reducing failure, and prolonging cable life, and creating more robust and intelligent power networks.
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Power Cables Industry Segmentation
The EMR’s report titled “Power Cables Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Market Breakup by Material
- Aluminium
- Copper
Market Breakup by Voltage
- Low Voltage
- Medium Voltage
- High Voltage
Market Breakup by Application
- Power Transmission
- Utilities
- Telecommunication
- Infrastructure
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
Power Cables Market Share
Aluminum cables are gaining popularity because of their light weight, economic price, and high conductivity-to-weight ratio, which makes them suitable for overhead power transmission and distribution systems. As per the global power cables market analysis, the demand for renewable energy and grid expansion schemes increases, aluminum is used extensively in long-distance transmission lines because of its low cost and resistance to corrosion.
As per the power cables industry analysis, copper cables, owing to their higher conductivity, high durability, and flexibility, are still the preferred option for industrial and underground usage. Increasing EVs, smart grids, and high-performance electric system adoption is propelling the demand for copper cables, transmitting power efficiently with negligible energy loss.
Competitive Landscape
Major power cables market players are prioritizing innovation, sustainability, and efficiency to address increasing energy needs. They are investing in low-loss, high-performance cables for enhanced transmission, growing renewable energy integration with niche solutions, and increasing grid reliability with advanced materials and intelligent monitoring technologies. Power cables companies are also prioritizing environmentally friendly production, recyclable materials, and high-voltage DC transmission to enable long-distance power transmission. Strategic alliances and international expansions are fueling market growth and technological innovation.
Prysmian Group
Prysmian Group, founded in 1872 and based in Milan, Italy, supplies a wide assortment of high-voltage, medium-voltage, and low-voltage power cables. The cables underpin energy transmission and distribution systems, providing reliability for utilities, industrial usage, and renewable energy schemes.
Nexans S.A.
Nexans S.A., established in 2000 and headquartered in Paris, France, supplies power cables to different industries, such as utilities, infrastructure, and offshore wind farms. Their offerings range from high-performance energy cables for efficiency, sustainability, and durability in harsh conditions to serving the worldwide energy transition.
Belden Inc.
Belden Inc. was founded in 1902 with its headquarters in Missouri, United States, and is a high-quality power and industrial cable specialist. Its solutions provide durability, flexibility, and advanced shielding for critical industries such as automation, transportation, and data centers.
Sumitomo Electric Industries, Ltd.
Sumitomo Electric Industries, Ltd., established in 1897 and headquartered in Osaka, Japan, produces an extensive range of power cables for transmission and distribution. Their leading-edge technologies are enabled for high-voltage uses, smart grids, and integration of renewable energies in order to enhance energy efficiency and sustainable electrification globally.
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other key players in the power cables market report include Furukawa Electric Co., Ltd, LS Cable & System Ltd., KEI Industries Ltd., The Okonite Company Inc., International Wire Group, and Hitachi Metals, Ltd., among others.
*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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Key Questions Answered in the Report
In 2024, the power cables market reached an approximate value of USD 147.85 Billion.
The market is assessed to grow at a CAGR of 6.40% between 2025 and 2034.
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.
The market is estimated to witness healthy growth in the forecast period of 2025-2034 to reach a value of around USD 274.94 Billion by 2034.
Report Summary
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2024 |
| Historical Period | 2018-2024 |
| Forecast Period | 2025-2034 |
| 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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