Global Power Cables Market Size to Grow at a CAGR of 6.4% in the Forecast Period of 2023-2028

The ‘Global Power Cables Market Size, Share, Price, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global power cables market, assessing the market on the basis of its segments like material, voltage, application, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.

Power Cables Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

• Historical Market Size (2022): USD 130.6 billion
• Forecast CAGR (2023-2028): 6.4%
• Forecast Market Size (2028): USD 189.5 billion

The global power cables market is expected to witness significant growth owing to the increasing population, rapid urbanisation, and surging demand for power transmissions. The growing need for electricity due to the increasing residential construction activities and the emergence of factories, workspaces, and complexes has bolstered the growth of this market. Furthermore, the deployment of durable power cables in shopping complexes, malls, and hospitals to aid the growing demand for electricity for basic functioning and remodelling activities is projected to have a positive impact on the market for power cables.

Submarine power cables transmit power generated to oil rigs and help in creating inter-country and island connections, due to which power transmission applications are expected to capture a huge market. The utilities applications of the power cables market is expected to a steady growth, owing to the rising usage of renewable sources of energy like solar and wind and the increased construction of utility systems in areas of shortages. The low voltage type of power cables is likely to grow in demand due to the increased adoption of modern consumer electronic items that require lower voltages.

Power Cables Industry Definition and Major Segments

A power cable refers to an electrical conductor, wrapped in a sheath, which is used to transfer energy from a source to equipment. Power cables have a number of applications, owing to the growing need for power transfer across different industries. Power cables can be buried underground, run overhead, or left exposed.

On the basis of material, the market is segmented into:

• Aluminium
• Copper

Based on voltage, the market is divided into:

• Low Voltage
• Medium Voltage
• High Voltage

On the basis of application, the market is classified into:

• Power Transmission
• Utilities
• Telecommunication
• Infrastructure
• Others

Based on region, the market is differentiated into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Power Cables Market Trends

The shift from conventional power infrastructure to technologically-advanced infrastructure has surged the demand for power cables and boosted growth of this market. The increased adoption of smart grids due to their benefits like automatic load balancing and reduced risk of equipment failure, is a key trend observed in this market. Growing gas and oil industries and the 100% electrification targets of certain countries have strengthened the position of the power cables market.

The surging demand for primary heating, ventilation, and air conditioning (HVAC) systems in households and commercial settings has been a major reason for the growing demand for power cables. Besides, the flourishing automotive industry has compelled the demand for aluminium and copper types of power cables. There is also a burgeoning demand for underground cables due to their additional benefits like minimised transmission losses, aesthetic appeal, and lower chances of accidents, which is boosting the power cables market. The growing concerns regarding sustainability have encouraged the need for the creation of a sustainable energy architecture, which is backed by power generation, ultimately surging the demand for power cables.

Key Market Players

The major players in the global power cables market report are:

• 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

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.