Power Cables Market 2024 | Size, Trends, Demand, Growth and Forecast by 2032

IMARC Group's report titled "𝐏𝐨𝐰𝐞𝐫 𝐂𝐚𝐛𝐥𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐛𝐲 𝐈𝐧𝐬𝐭𝐚𝐥𝐥𝐚𝐭𝐢𝐨𝐧 (𝐎𝐯𝐞𝐫𝐡𝐞𝐚𝐝, 𝐔𝐧𝐝𝐞𝐫𝐠𝐫𝐨𝐮𝐧𝐝, 𝐒𝐮𝐛𝐦𝐚𝐫𝐢𝐧𝐞 𝐂𝐚𝐛𝐥𝐞𝐬), 𝐕𝐨𝐥𝐭𝐚𝐠𝐞 (𝐇𝐢𝐠𝐡, 𝐌𝐞𝐝𝐢𝐮𝐦, 𝐋𝐨𝐰), 𝐄𝐧𝐝-𝐔𝐬𝐞 𝐒𝐞𝐜𝐭𝐨𝐫 (𝐏𝐨𝐰𝐞𝐫, 𝐎𝐢𝐥 & 𝐆𝐚𝐬, 𝐂𝐡𝐞𝐦𝐢𝐜𝐚𝐥, 𝐌𝐚𝐧𝐮𝐟𝐚𝐜𝐭𝐮𝐫𝐢𝐧𝐠, 𝐌𝐞𝐭𝐚𝐥𝐬 & 𝐌𝐢𝐧𝐢𝐧𝐠, 𝐈𝐧𝐟𝐫𝐚𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞, 𝐓𝐫𝐚𝐧𝐬𝐩𝐨𝐫𝐭𝐚𝐭𝐢𝐨𝐧, 𝐚𝐧𝐝 𝐎𝐭𝐡𝐞𝐫𝐬), 𝐌𝐚𝐭𝐞𝐫𝐢𝐚𝐥 (𝐂𝐨𝐩𝐩𝐞, 𝐀𝐥𝐮𝐦𝐢𝐧𝐮𝐦), 𝐚𝐧𝐝 𝐑𝐞𝐠𝐢𝐨𝐧 𝟐𝟎𝟐𝟒-𝟐𝟎𝟑𝟐" The global power cables market size reached US$ 176.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 284.1 Billion by 2032, exhibiting a growth rate (CAGR) of 5.2% during 2024-2032.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐚 𝐟𝐫𝐞𝐞 𝐬𝐚𝐦𝐩𝐥𝐞 𝐜𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭: https://www.imarcgroup.com/power-cables-market/requestsample

𝐅𝐚𝐜𝐭𝐨𝐫𝐬 𝐀𝐟𝐟𝐞𝐜𝐭𝐢𝐧𝐠 𝐭𝐡𝐞 𝐆𝐫𝐨𝐰𝐭𝐡 𝐨𝐟 𝐭𝐡𝐞 𝐏𝐨𝐰𝐞𝐫 𝐂𝐚𝐛𝐥𝐞𝐬 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

𝐆𝐫𝐨𝐰𝐭𝐡 𝐨𝐟 𝐑𝐞𝐧𝐞𝐰𝐚𝐛𝐥𝐞 𝐄𝐧𝐞𝐫𝐠𝐲 𝐏𝐫𝐨𝐣𝐞𝐜𝐭𝐬:

The rising shift towards renewable energy sources like solar, wind, and hydropower represents one of the key factors impelling the market growth. The increasing commitment of countries and corporations to reduce carbon emissions and increase the share of renewables in their energy mix is driving the demand for power cables that can connect renewable energy sites to the grid. These cables need to be highly efficient and durable and often span large distances, sometimes in challenging terrains or under the sea. The need for specialized cables for offshore wind farms, solar parks, and hydropower stations is supporting the market growth.

𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐜𝐚𝐥 𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐦𝐞𝐧𝐭𝐬 𝐢𝐧 𝐂𝐚𝐛𝐥𝐞 𝐌𝐚𝐧𝐮𝐟𝐚𝐜𝐭𝐮𝐫𝐢𝐧𝐠:

The increasing technological advancements in cable manufacturing are propelling the market growth. Rising investments in research and development (R&D) by manufacturers to produce cables that are more efficient, durable, and capable of handling higher voltages is propelling the market growth. This includes the development of high-voltage direct current (HVDC) cables, which are essential for long-distance and underwater power transmission. In addition, advancements in materials science, such as the development of better insulation materials and conductors, are leading to cables that are not only more efficient but also have a smaller environmental footprint.

𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐝 𝐈𝐧𝐢𝐭𝐢𝐚𝐭𝐢𝐯𝐞𝐬:

The increasing implementation of stringent regulations and initiatives aimed at enhancing energy efficiency and reducing carbon footprints are bolstering the market growth. The governing bodies worldwide are implementing policies that mandate the upgrade of existing power infrastructure to reduce losses and improve efficiency. These policies often include incentives or directives for the adoption of advanced cable technologies, such as low-loss, high-efficiency cables. Furthermore, government-funded infrastructure projects, including the development of new power plants and grid expansion efforts, are catalyzing the demand for power cables.

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐢𝐧 𝐭𝐡𝐞 𝐆𝐥𝐨𝐛𝐚𝐥 𝐏𝐨𝐰𝐞𝐫 𝐂𝐚𝐛𝐥𝐞𝐬 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

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

𝐏𝐨𝐰𝐞𝐫 𝐂𝐚𝐛𝐥𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:

𝐁𝐲 𝐈𝐧𝐬𝐭𝐚𝐥𝐥𝐚𝐭𝐢𝐨𝐧:

Overhead
Underground
Submarine Cables

Overhead exhibits a clear dominance in the market due to its cost-effectiveness and ease of installation compared to underground systems.

𝐁𝐲 𝐕𝐨𝐥𝐭𝐚𝐠𝐞:

High
Medium
Low

Low voltage cables hold the biggest market share as they are extensively used in residential and commercial sectors for everyday electrical needs.

𝐁𝐲 𝐄𝐧𝐝-𝐔𝐬𝐞 𝐒𝐞𝐜𝐭𝐨𝐫:

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

Based on the end-use sector, the market has been segregated into power, oil and gas, chemical, manufacturing, metals and mining, infrastructure, transportation, and others.

𝐁𝐲 𝐌𝐚𝐭𝐞𝐫𝐢𝐚𝐥:

Copper
Aluminum

Aluminum represents the largest segment attributed to its lightweight nature and lower cost while providing efficient conductivity.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:

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

Asia Pacific dominates the market on account of the growing energy consumption in countries like China and India.

𝐆𝐥𝐨𝐛𝐚𝐥 𝐏𝐨𝐰𝐞𝐫 𝐂𝐚𝐛𝐥𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐞𝐧𝐝𝐬:

The rising emphasis on fire-resistant and low-smoke power cables, particularly in critical infrastructure and high-density urban settings, is supporting the market growth. The demand for these cables is driven by increasing safety regulations and the need for enhanced fire protection in buildings and industrial plants. Fire-resistant cables are designed to maintain circuit integrity and continue operating for a specified duration under fire conditions, ensuring safety and reducing the risk of fire-related damage. This trend reflects a broader shift towards prioritizing safety and resilience in power cable design, prompting manufacturers to innovate and develop cables that meet stringent safety standards and user expectations.

𝐍𝐨𝐭𝐞: 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.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬:

IMARC Group

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