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 (Copper, 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.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/power-cables-market/requestsample
Factors Affecting the Growth of the Power Cables Industry:
- Infrastructure Development:
The escalating demand for power cables due to rising infrastructure projects across the globe is offering a positive market outlook. In line with this, the increasing focus on modernizing infrastructure is impelling the growth of the market. Furthermore, the growing demand for reliable power transmission and distribution systems is positively influencing the market. Apart from this, upgrading electrical grids, building transportation networks, and creating smart cities all rely on power cables to ensure efficient energy supply. These investments not only enhance urban living but also improve overall economic productivity.
- Rising Renewable Energy Projects:
The increasing number of renewable energy projects around the world is bolstering the growth of the market. In addition, wind, solar, and other renewable energy projects require extensive power cable networks to connect energy generation sites to end users. Apart from this, the rising focus on reducing carbon footprint is supporting the market growth. Furthermore, the escalating demand for power cables to facilitate renewable energy distribution is propelling the market growth. Besides this, there is an increase in the need for sustainable energy solutions to maintain environmental sustainability.
- Technological Advancements:
Innovations in power cable materials assist in enhancing the efficiency, durability, and environmental sustainability of power cable systems. Additionally, high-temperature superconductor (HTS) materials allow for the transmission of electricity with minimal resistance and energy loss. These materials can operate at extremely low temperatures, improving overall system efficiency and reducing heat-related issues. Besides this, advancements in insulating materials are leading to the development of eco-friendly options. Moreover, bio-based and recyclable insulators reduce the environmental impact of power cable manufacturing and disposal. Furthermore, cross-linked polyethylene (XLPE) insulation is becoming standard in power cable manufacturing due to its improved electrical properties and resistance to moisture.
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:
By Installation:
- Overhead
- Underground
- Submarine Cables
Overhead represents the largest segment, which can be attributed to the rising need for cost-effective power transmission solutions.
By Voltage:
- High
- Medium
- Low
Low holds the biggest market share as it is suitable for smaller-scale projects.
By End-Use Sector:
- Power
- Oil & Gas
- Chemical
- Manufacturing
- Metals & Mining
- Infrastructure
- Transportation
- Others
Power accounts for the largest market share due to the increasing demand for electricity.
By Material:
- Copper
- Aluminum
Aluminum exhibits a clear dominance in the market on account of its recyclable nature.
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 enjoys a leading position in the power cables market, which can be accredited to rapid urbanization.
Global Power Cables Market Trends:
The rising utilization of power cables due to rapid urbanization is impelling the market growth. In line with this, there is an increase in electricity consumption as people are moving to urban areas. Furthermore, power cables are essential for supplying electricity, making them valuable components of modern city infrastructure.
Apart from this, governing agencies of various countries are investing in electrical infrastructure, which is supporting the market growth. Moreover, the rising need to replace outdated power cable infrastructure is impelling the market growth.
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.
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