Power Cables Market 2023-2028 | Industry Trends, Share, Size, Growth and Opportunities

The latest report by IMARC Group, titled "Power Cables Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". The global power cables market size reached US$ 166.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 236.8 Billion by 2028, exhibiting a growth rate (CAGR) of 6.1% during 2023-2028.

Power cables are essential components of electrical systems, serving as conduits for the transmission of electrical energy from one point to another. These cables are essential to ensure the delivery of electricity to homes, businesses, industries, and various infrastructures. They are typically composed of copper or aluminum conductors surrounded by insulating materials. They are available in various types, each designed for specific applications. Some common common types include submarine, fiber optic, low, medium, and high-voltage power cables. For instance, low-voltage power cables are used for residential and small-scale commercial applications with insulation materials, including cross-linked polyethylene (PVC) or XLPE, to protect against electrical leakage. Additionally, medium-voltage power cables are suitable for distributing electricity within neighborhoods and industrial areas with enhanced insulation and shielding to handle higher voltage levels safely. Nowadays, power cables are manufactured to strict standards to ensure safety and reliability across the globe.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/power-cables-market/requestsample

Power Cables Market Trends and Drivers:

The power cables market is primarily driven by the growing utilities and power companies. In addition, the rising demand for power cables by utility companies to transmit and distribute electricity from power generation facilities to homes, businesses, and industries while forming the backbone of the electrical grid to ensure a reliable and continuous power supply is contributing to the market growth. Moreover, the widespread adoption of power cables in several industrial sectors to operate machinery, equipment, and manufacturing processes in mining, petrochemicals, manufacturing, and automotive sectors to power their operations efficiently represents another major growth-inducing factor. Besides this, the rising product demand in the telecommunications industry to power cell towers, data centers, and other network infrastructure and provide the electrical connections necessary for the functioning of communication systems is accelerating the market growth. Along with this, companies involved in renewable energy projects, such as wind farms and solar installations, use power cables to connect energy generation sources to the grid, further propelling the market growth.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Installation:

Overhead
Underground
Submarine Cables

Breakup by Voltage:

High
Medium
Low

Breakup by End-Use Sector:

Power
Oil & Gas
Chemical
Manufacturing
Metals & Mining
Infrastructure
Transportation
Others

Breakup by Material:

Copper
Aluminum

Market Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

Competitive Landscape with Key Player:

being Prysmian S.p.A
Belden Inc.
Encore Wire Corporation
Finolex Cables Ltd.
Fujikura Ltd.
Furukawa Electric Co., Ltd.
HENGTONG GROUP CO., LTD.
KEI Industries Limited
LS Cable & System Ltd.
Leoni AG
Nexans
NKT A/S
Southwire Company, LLC.
Sumitomo Electric Industries, Ltd.
TPC Wire & Cable Corp.

Explore full report with table of contents: https://www.imarcgroup.com/power-cables-market

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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This release was published on openPR.