Global Power Cables Market to Grow at 5.2% During 2024-2032, Impelled by Increasing Installation of Smart Grids

August 06, 2020 | Electronics and Semiconductors

According to the latest report by IMARC Group, 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 (Copper, Aluminum), and Region 2024-2032," the global power cables market reached a value of US$ 176.9 Billion in 2023. Power cables are electrical cables that are widely used for transmission and distribution of electrical energy. The three main components of these cables include the conductor, dielectric, and sheath. The inner and outer sheaths are made from polyvinyl chloride coatings that do not allow moisture to seep through. This aids in protecting power cables against mechanical, thermal and environmental conditions and external influences, such as fire, chemicals or electrochemical attacks. These cables offer long-term reliability while providing excellent insulation and current conductivity. They are installed for the transmission of extra high voltages where overhead lines are impractical to employ. They are also used as permanent wiring within buildings, for transmission purposes in submarines and for utility distribution networks in underground cabling.

Global Power Cables Market Trends:

The market is primarily driven by the increasing demand for renewable power plants on the global level. Governments of numerous countries are encouraging the utilization of clean energy in an effort to promote sustainable development. This, in turn, has led to the development of new power plants, thereby facilitating the uptake of power cables. Moreover, high voltage power cables form an essential component of the interconnector and offshore wind projects for transferring large volumes of power. Also, there has been a rising requirement for the installation of smart grids across the globe. Supported by the ever-increasing demand for uninterrupted power supply across the residential, commercial and industrial segments, this is providing a thrust to the market growth. Furthermore, technological advancements in material sciences have resulted in the development of improved synthetic insulating compounds that are manufactured using thermoplastic, thermosetting and fluorocarbon materials. These superior materials are suitable for the production of power cables with exceptional resilience and improved efficiency. Furthermore, the rising demand for ultra-high voltage networks in the manufacturing sector is acting as another major growth-inducing factor. On account of the aforementioned factors, the market is expected to exhibit a CAGR of 5.2% during 2024-2032.

Market Summary:

  • On the basis of the installation, the market has been divided into overhead, underground and submarine cables.
  • Based on the voltage, the market has been classified into high, medium and low.
  • On the basis of the end-use sector, the market has been categorized into power, oil and gas, chemical, manufacturing, metals and mining, infrastructure, transportation, and others.
  • Based on the material, the market has been bifurcated into copper and aluminum.
  • On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru and others), and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates and others).
  • The competitive landscape of the market has been examined in the report with the detailed profiles of the key players. Some of these players include 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., and TPC Wire & Cable Corp.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Installation, Voltage, End-Use Sector, Material, Region
Region Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico, Argentina, Colombia, Chile, Peru, Turkey, Saudi Arabia, Iran, United Arab Emirates
Companies Covered 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., and TPC Wire & Cable Corp
Customization Scope 10% Free Customization
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Global Power Cables Market to Grow at 5.2% During 2024-2032, Impelled by Increasing Installation of Smart Grids
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