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.
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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.
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.
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