Power Cables Market Report and Forecast 2023-2028

According to the report, the global power cables market reached a value of USD 130.6 billion in 2022. Aided by the burgeoning demand for energy, infrastructural advancements, and urbanisation trends, the market is projected to further grow at a CAGR of 6.4% between 2023 and 2028 to reach a value of USD 189.5 billion by 2028.

Power cables, essentially utilised for electricity transmission and distribution, come in various compositions and types to serve different requirements. Their primary function is to transport electrical energy between two points, making them indispensable in modern infrastructure, be it for homes, offices, or industrial settings. The intrinsic qualities of power cables - such as their resistance to heat, oil, moisture, and adverse weather conditions - render them crucial in ensuring seamless and efficient energy distribution.

One pivotal force propelling the global power cables market growth is the rapid urbanisation seen in emerging economies. As cities expand and rural areas develop, the demand for stable and efficient electricity distribution networks surges. Moreover, the revitalisation and retrofitting of old, dilapidated electricity grids in developed countries present a significant market opportunity.

The global shift towards renewable energy sources is a key driver adding value to the power cables market size. As countries pivot from fossil fuels to green energy, there's an evident rise in the construction of renewable energy facilities, like solar farms and wind turbine installations. These facilities require extensive cabling, both for internal operations and for connecting to the main grid, thus bolstering the demand for power cables.

Furthermore, technological advancements in the sector have resulted in cables that are not only more efficient but also environmentally friendly. Innovations such as superconductive cabling and smart grid technology have further augmented the potential applications of power cables, driving market growth.

The industrial sector, with its mammoth energy needs, generates a significant power cables market demand. As industries grow, especially in regions like Asia-Pacific, their energy demands rise concomitantly, leading to the expansion of internal electrical distribution networks. Additionally, projects like smart cities, which envisage a future of interconnected infrastructures powered by sophisticated electrical grids, underscore the crucial role of power cables in upcoming urban development strategies.

Market Segmentation

The market can be divided based on material, voltage, application, and region.

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

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global power cables market. Some of the major players explored in the report are as follows:

• Prysmian Group
• LS Cable & System Ltd.
• KEI Industries Limited
• The Okonite Company
• Hitachi Metals, Ltd.
• Belden Inc.
• Sumitomo Electric Industries, Ltd.
• Furukawa Electric Co., Ltd.
• International Wire Group, Inc.
• Nexans S.A.
• Others

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*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.