According to the latest report by IMARC Group “Power Cables Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global power cables market size reached a value of US$ 156.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 224.1 Billion by 2027, exhibiting a CAGR of 6.26% during 2022-2027.
Power cables refer to an assembly of conductors used for the distribution and transmission of electrical energy. These cables involve various components, such as dielectric, arbors, insulation, conductors, and polyvinyl chloride (PVC) outer and inner sheaths. Power cables provide precise insulation, current conductivity and protection against mechanical, thermal and environmental damage. As a result, they are widely adopted in permanent wiring within buildings, utility distribution networks, and submarines.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Market Trends:
The global power cables market is primarily being driven by industrialization and urbanization, which is increasing their utilization in novel construction projects. Additionally, the growing establishment of renewable power generation plants is facilitating the demand for power cables. Rapid technological advancements in material sciences, such as the development of improved synthetic insulating compounds, have led to enhanced efficiency and resilience of power cables, which is propelling the market growth. Apart from this, an increasing number of smart grid installations across the commercial, residential, and industrial sectors, are creating a positive outlook for the market.
Breakup by Installation:
- Overhead
- Underground
- Submarine Cables
Breakup by Voltage:
- High
- Medium
- Low
Breakup by End-Use Sector:
- Power
- Oil & Gas
- Chemical
- Manufacturing
- Metals & Mining
- Infrastructure
- Transportation
- Others
Breakup by Material:
- Copper
- Aluminum
Market 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
Competitive Landscape with Key Player:
- Prysmian Group
- Belden Inc.
- Encore Wire Corporation
- Finolex Cables Ltd.
- Fujikura Ltd.
- Furukawa Electric Co. Ltd.
- Hengtong Group
- KEI Industries
- L S Cable and Systems
- Leoni AG
- Nexans
- NKT Holding
- Southwire Company
- Sumitomo Electric Industries
- TPC Wire
- Cable Corp.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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