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Power Cable Market

Market Study on Power Cable: Low Voltage Handling Power Cables Projected to Gain Significant Market Share During the Period

Power Cable Market by Voltage Handling (High Voltage, Medium Voltage and Low Voltage)

Power Cable Market Outlook (2023 to 2033)

The growing demand for Power Cables Market valued at US$ 1, 82,320.1 Million in 2022 and is anticipated to reach US$ 3, 91,061.6 Million by the end of 2033. The power cables market is expected to be US$ 1, 92,712.3 Million in 2023 and will grow at a CAGR of 7.3% from 2023 to 2033.

The power cable market refers to the industry that produces, distributes, and sells cables used to transmit and distribute electrical power. Power cables are an essential component of the electrical infrastructure that connects power generators, substations, and consumers. These cables are used in a wide range of applications, from industrial settings to residential buildings, and are designed to carry high voltage electricity safely and efficiently over long distances.

The power cable market encompasses a diverse range of products, including low, medium, and high voltage cables, underground and overhead cables, and specialty cables for specific applications. It is a vital sector that supports the development and growth of various industries and plays a crucial role in ensuring the reliable and secure supply of electricity to communities worldwide.

The market for power cable was expected to be dominated by the South Asia Pacific region with a market share of 25.6% and the East Asia region with a market share of 23.1%.

Power Cable Market Size (2022)

US$ 1,82,320.1 Million

Projected Market Value (2033)

US$ 3,91,061.6 Million

Global Market Growth Rate (2023 to 2033)

7.3%

Medium Voltage Segment Growth Rate (2023 to 2033)

28.4%

United States Market Share (2022)

13.4%

Copper Segment Market Share (2022)

55.5%

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What are the Major Factor will create Growth of Power Cable Market?

“Government Initiatives Will Create Growth for Power Cable”

Governments investing in the development of smart grid infrastructure, which requires advanced power cables to enable efficient and reliable transmission of electricity. The installation of smart grids can improve energy efficiency, reduce power outages, and support the integration of renewable energy sources into the grid. As a result, governments have been incentivizing the adoption of smart grid technology, which is expected to drive the demand for power cables in the coming years.

Governments have been focusing on the development of renewable energy sources, such as wind and solar power, which require a significant amount of power cables for transmission and distribution. Governments are providing subsidies and incentives to promote the installation of renewable energy sources, which is expected to drive the demand for power cables.

Overall, favourable policies, investments in smart grid infrastructure, and support for renewable energy sources are expected to drive the demand for power cables

  • In March 2023, Hellenic cables signs contract for interconnections of lavrio-serifos and serifos-milos, Milos and Serifos' electrical connectivity with the mainland's Electricity Transmission System benefits the island's economy, energy security, and effort to cut carbon dioxide emissions. Hellenic Cables significantly aids Greece's energy transition through the cables and services it provides.
  • In November 2021, Terna Rette Italia. was awarded the contract for the new undersea cable link with Prysmian Group, as part of this project, between the power stations in Piombino and Elba island, a three core HVAC 132 kV cable with single-wire armouring and XLPE insulation is being planned, delivered, built, and then put into operation along a 34-kilometer submarine route and a 3-kilometer land route.
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What are the Trending Factors Influencing the market share of Power Cable Market in United States?

“Expansion of Renewable Energy Will Influence the Market Share in United States”

Renewable energy projects often require high voltage power cables that can handle the transmission of large amounts of electricity over long distances. This has led to the development of new and innovative power cable technologies, such as high-temperature superconducting cables, which can transmit electricity with minimal losses.

Overall, the expansion of renewable energy is likely to continue to be a major factor influencing the market share of the power cable market in the United States. As the demand for renewable energy continues to grow, so too will the demand for power cables that can support the transmission and distribution of this energy.

Due to these reasons, in 2022, the United States power cable market companies helped the country to account for a dominant share of 13.4% in the global marketplace.

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Why India is Creating Opportunities for Power Cable market?

“Advancements in Cable Power Technology along with Government Initiative in India will Create Opportunities”

The advancements in cable manufacturing technologies are also creating opportunities for the power cable market in India. Companies are developing new insulation materials and manufacturing techniques that are enabling the production of high-quality and durable power cables that can withstand India's harsh climate and operating conditions.

The Indian government has also launched several initiatives to modernize the country's power infrastructure, including the Deendayal Upadhyaya Gram Jyoti Yojana and the Integrated Power Development Scheme. These initiatives are aimed at improving the efficiency and reliability of the country's power infrastructure, which is leading to the need for new and upgraded power cables.

Overall, India's growing economy, expanding urbanization, increasing demand for electricity, and government initiatives are all contributing to the growth of the power cable market in the country, creating significant opportunities for companies operating in this sector.

Overall, India increased government support for power cable has the potential to improve power cables and outcomes for millions of people in the country. The CAGR of India for power cables markets is predicted to be around 10.2%.

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How Is the Demand for Power Cables Increasing in China?

“Deployment of Power Cables to Meet the Rising Energy Requirements in China”

The country has been constructing new electricity networks for the transmission and distribution of power from various sources through power cables. The construction of these networks involves the installation of high-voltage power lines, substations, and distribution networks across the country.

The new electricity network construction is to improve the efficiency of power transmission and distribution, thereby reducing energy loss during transmission. The use of high-voltage power lines enables power to be transmitted over long distances with minimal energy loss. The new network also incorporates smart grid technology that enables real-time monitoring and control of the electricity system, improving its reliability.

China is also increasing its use of renewable energy sources, such as wind and solar, to generate electricity. The new electricity network infrastructure has been designed to integrate these sources into the grid, enabling the efficient distribution of renewable energy across the country.

The construction of new electricity networks in China is an essential step towards meeting the country's growing demand for power. By utilizing modern technology and integrating renewable energy sources, China is building a more efficient, reliable, and sustainable electricity network that will benefit both the economy and the environment.

Due to this reason, the power cable market for the China in 2022 held a market share of 9.8% in the global power cable market.

Category-wise Insights

Which Voltage Handling Range Will Grow in Power Cable Market?

“Medium Voltage Segment will grow in Power Cable”

The medium voltage segment refers to the range of electrical power systems that operate at voltages between 1kV to 36kV. This segment is critical in the distribution and transmission of electrical power, with applications in industries such as manufacturing, infrastructure, utilities, and others.

Also the increasing demand for power, the need for energy-efficient solutions, and the rise in renewable energy sources. Governments and regulatory bodies around the world are also implementing policies to encourage the use of sustainable energy sources.

The adoption of power cable in medium voltage segment is expected to grow at a high CAGR for more than 28.4% over the forecast period.

In Material, which Segments Holds Highest Share in Power Cable market?

“Copper Holds Largest Market Share”

Copper has a high conductivity rating, which means it can carry a large amount of electrical current with minimal energy loss. This makes it ideal for applications that require the efficient transmission of electricity over long distances, such as power grids and high-voltage power cables.

Despite the many benefits of copper, the cost of the material can be a limiting factor in some cases. As a result, manufacturers and researchers are exploring alternatives such as aluminium and other materials that offer similar or improved performance at a lower cost.

Overall, copper continues to hold the largest market share in the power cable industry due to its excellent electrical and mechanical properties, reliability, and durability. As the demand for efficient and reliable power transmission and distribution systems continues to grow, copper is expected to remain a critical material in the production of power cables.

In 2022 the, copper segment share was estimate to take over the global market and account for 55.5% of the total market value share.

Competitive Landscape

Major companies investing in R&D to launch a new renewed product for power cable market. Companies focusing on strategic partnership to collab and expand in the market.

  • In October 2020, Amazon Care in the United States, giving millions of Americans rapid access to high-quality medical care and guidance around-the-clock. By establishing connections between patients and medical experts via the Amazon Care app, it provides power cable.
  • In May 2021, Lash Group, a patient support services company, and Veradigm, a division of Allscripts Healthcare, collaborated strategically. As a result of this collaboration, the enrolment process for Veradigm, Allscripts, and other EHR software vendors will be reorganised, making specialty drugs manageable within the Veradigm AccelRx platform.

Recent developments related to key players providing the power cable market have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.

Power Cable Market Report Scope

Attribute

Details

Forecast Period

2023 to 2033

Historical Data Available for

2018 to 2022

Market Analysis

US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • United Kingdom
  • France
  • Spain
  • Italy
  • China
  • Japan
  • South Korea
  • India
  • Indonesia
  • Malaysia
  • Singapore
  • Australia
  • New Zealand
  • Turkey
  • South Africa
  • GCC Countries

Key Market Segments Covered

  • Voltage Handling
  • Material
  • End Use Industry
  • Region

Key Companies Profiled

  • Prysmian Group
  • Nexans SA
  • General Cable Technologies Corporation
  • Sumitomo Electric Industries Ltd.
  • Fujikura Ltd.
  • NKT AS
  • Encore Wire corporation
  • Elmeridge Cables Limited
  • Southwire company LLC
  • Furukawa Electric Ltd.

Pricing

Available upon Request

Key Segments of Power Cable Market Research

By Voltage Handling:

  • High Voltage
  • Medium Voltage
  • Low Voltage

By Material:

  • Copper
  • Aluminium

By End Use Industry:

  • Power Transmission
  • Telecommunication
  • Refineries and Oil Rigs
  • Construction
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

- Companies Covered in This Report -

  • Prysmian Group
  • Nexans SA
  • General Cable Technologies Corporation
  • Sumitomo Electric Industries Ltd.
  • Fujikura Ltd.
  • NKT AS
  • Encore Wire corporation
  • Elmeridge Cables Limited
  • Southwire company LLC
  • Furukawa Electric Ltd.
  • Others Vendors ( as per request)

- Frequently Asked Questions -

In 2022, demand for the power cable market amounted to US$ 1, 82,320.1 Mn.

The global power cable market is estimated to grow at a CAGR of 7.3% over the forecast period.

The market for Power Cable Market is forecasted to have a market value of US$ 3, 91,061.6 Mn by 2033.

Demand for the power cable market in India is projected to rise at 10.2% CAGR over the forecast period.

In 2022, South Asia Pacific power cable market held a dominant market share of 25.6%.

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