Power Cables Market Predicted to Exceed USD 289.9 Billion by 2034, Rising at a CAGR of 4.98%

Market Overview:

According to IMARC Group's latest research publication, "Power Cables Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2026-2034", The global power cables market size reached USD 186.5 Billion in 2025. Looking forward, IMARC Group expects the market to reach USD 289.9 Billion by 2034, exhibiting a growth rate (CAGR) of 4.98% during 2026-2034.

This detailed analysis primarily encompasses industry size, business trends, market share, key growth factors, and regional forecasts. The report offers a comprehensive overview and integrates research findings, market assessments, and data from different sources. It also includes pivotal market dynamics like drivers and challenges, while also highlighting growth opportunities, financial insights, technological improvements, emerging trends, and innovations. Besides this, the report provides regional market evaluation, along with a competitive landscape analysis.

How AI is Reshaping the Future of Power Cables Market

● AI transforms power cable infrastructure by enabling predictive maintenance that reduces equipment failures by 30%, with utilities like Germany's E.ON preventing outages through machine learning algorithms.

● Grid operators utilize AI to optimize daily planning calculations 12 times faster, reducing processing time from 10 minutes to 60 seconds for cost-effective electricity dispatch across transmission networks.

● Smart cable systems with AI-powered sensors enable real-time fault detection and temperature monitoring, with 18% of new high-voltage cable projects globally incorporating these technologies in 2024.

● AI-driven dynamic line ratings help utilities reduce transmission congestion costs by over $20 billion annually in the United States, adjusting capacity based on weather-aware predictions.

● Machine learning models enhance cable design optimization, with graph convolutional neural networks preventing transmission line overloads and generating fewer errors than conventional control systems.

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Key Trends in the Power Cables Market

● Renewable Energy Integration Accelerates: Global renewable energy capacity additions surge with solar installations reaching 200 GW in China alone in 2023, requiring extensive high-voltage and submarine cables. Europe and North America plan 165 GW of renewable capacity through 2028, demanding specialized transmission infrastructure for offshore wind and solar connections.

● Electric Vehicle Infrastructure Boom: EV charging cable market valued at USD 1.5 billion in 2024 grows at 17.8% CAGR, driven by 3.5 million EV registrations in the U.S. by September 2024. China installed 4 million new charging points in 2024, with high-voltage cables essential for fast-charging networks across urban and rural areas.

● Smart Grid Modernization Expands: Advanced cable installations with embedded sensors constitute 18% of new high-voltage projects, enabling real-time monitoring and fault detection. U.S. Department of Energy allocates $3 billion in grants for smart grid initiatives, while flat conductor cables save 40% space in switchgear configurations.

● Superconducting Cable Innovation: NKT launches SuperLink, the world's longest superconducting power cable system in Munich, enabling high-density transmission through streamlined structures. Advanced XLPE insulation and composite conductor technologies achieve 20% weight reduction while improving thermal endurance and efficiency.

Growth Factors in the Power Cables Market

● Surging Electricity Demand: Global electricity demand increases 4% annually, the fastest growth in 20 years, with urbanization driving 50% of world population to cities.
China's electricity usage rises 7% in 2024, fueled by industrial sectors producing solar panels, batteries, and electric vehicles requiring robust transmission networks.

● Infrastructure Modernization Investments: U.S. Infrastructure Investment and Jobs Act allocates $65 billion for grid modernization, replacing aging transformers with 70% over 25 years old. Germany's Corridor A-Nord project deploys 525kV HVDC underground cables across 300 km, supporting energy transition and renewable integration.

● Data Center Expansion: Data centers account for 2% of global electricity consumption in 2022, with AI-driven facilities projected to increase demand 160% by 2030. Medium and high-voltage cables essential for powering computational infrastructure as ChatGPT queries require ten times more electricity than Google searches.

● Government Policy Support: European Union's Green Deal targets 1 million public charging points by 2025, requiring extensive cable infrastructure. India's grid expansion initiatives and tax exemptions for EVs until 2027 drive cable demand, while subsidies support manufacturers in developing charging networks.

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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.

Power Cables Market Report Segmentation:

Breakup By Installation:

● Overhead
● Underground
● Submarine Cables

Overhead accounts for around 45.6% of market share in 2024, driven by cost-effectiveness and ease of deployment for long-distance power delivery.

Breakup By Voltage:

● High
● Medium
● Low

Low voltage leads the market with around 43.7% share in 2024, extensively used in residential, commercial, and small industrial applications.

Breakup By End-Use Sector:

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

Power leads with around 40.0% of market share in 2024, as this sector relies heavily on cables for electricity generation, transmission, and distribution.

Breakup By Material:

● Copper
● Aluminum

Aluminum dominates in 2024 due to cost-effectiveness, lightweight properties, and excellent electrical conductivity for long-distance transmission applications.

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

Asia Pacific enjoys the leading position with over 43.8% market share, driven by rapid urbanization, industrialization, and renewable energy investments in China and India.

Recent News and Developments in Power Cables Market

● October 2025: Prysmian Group obtained the contract to design and implement a submarine high voltage direct current cable system for the Italy-Tunisia electrical interconnection project, ELMED. The contract is worth up to EUR 460 million and features a preliminary activation phase contingent on certain conditions.

● August 2025: Telangana government announced a INR 13,500-crore plan to substitute 25,000 km of overhead power lines with underground cables throughout core urban areas, including Greater Hyderabad. The project seeks to improve safety, decrease monsoon outages, and lower maintenance expenses.

● June 2025: Sumitomo Electric Industries, Ltd. began implementation of its 525kV XLPE High-Voltage Direct Current (HVDC) underground cable system for the Corridor A-Nord initiative in Germany, supporting the nation's Energy Transition strategy to incorporate renewable energy and lower carbon emissions.

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