Market Overview:

According to IMARC Group's latest research publication, "Power Cables Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2026-2034", The global power cables market size reached USD 186.5 Billion in 2025. Looking forward, IMARC Group expects the market to reach USD 289.9 Billion by 2034, exhibiting a growth rate (CAGR) of 4.98% during 2026-2034.

This detailed analysis primarily encompasses industry size, business trends, market share, key growth factors, and regional forecasts. The report offers a comprehensive overview and integrates research findings, market assessments, and data from different sources. It also includes pivotal market dynamics like drivers and challenges, while also highlighting growth opportunities, financial insights, technological improvements, emerging trends, and innovations. Besides this, the report provides regional market evaluation, along with a competitive landscape analysis.

How AI is Reshaping the Future of Power Cables Market

• AI optimizes cable manufacturing by predicting material defects and improving quality control, reducing production waste by 15% through real-time monitoring systems.
• Smart grid technology powered by AI enhances power distribution efficiency, with utilities implementing predictive maintenance that reduces cable failures by 20% and extends infrastructure lifespan.
• Machine learning algorithms analyze power transmission data to optimize cable routing and voltage management, improving energy efficiency by 12% in modern power networks.
• AI-driven design tools help engineers develop advanced cable insulation materials that withstand higher voltages and extreme temperatures, supporting the transition to ultra-high-voltage transmission systems.
• Automated inspection systems using AI and computer vision detect cable deterioration and potential failures in underground networks, preventing 85% of catastrophic grid outages before they occur.

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Key Trends in the Power Cables Market

• Renewable Energy Integration Boom: The global shift toward clean energy is driving massive demand for power cables to connect solar and wind farms to grids. Governments are investing heavily in green projects, with initiatives like the U.S. Inflation Reduction Act allocating billions for renewable infrastructure. Prysmian Group secured major contracts for submarine cables connecting offshore wind farms, serving millions of households.
• Smart Grid Modernization Wave: Utilities worldwide are upgrading aging infrastructure with smart grid technology, requiring advanced cable systems with digital monitoring capabilities. The U.S. Infrastructure Investment and Jobs Act allocated $65 billion for grid modernization, driving demand for high-performance cables. Europe's grid operators ordered over 5,200 km of high-voltage cables in 2024.
• Electric Vehicle Infrastructure Expansion: The rapid adoption of EVs is fueling unprecedented demand for charging infrastructure and grid enhancements. With over 3.5 million EV registrations in the U.S. by September 2024 (140% increase since 2023), extensive cable networks are needed to support charging stations. Asia Pacific saw 25% growth in EV-related cable installations.
• Underground and Submarine Cable Preference: Urban areas are increasingly favoring underground cable installations for aesthetic reasons and enhanced reliability. Submarine cable orders increased by 28% year-over-year in 2024, driven by offshore wind projects and island interconnections. Europe added approximately 18,000 km of underground cables for renewable energy connections.
• High-Voltage Direct Current (HVDC) Technology Rise: Long-distance transmission projects are adopting HVDC systems for improved efficiency, with 30% of new interconnections across Asia and Europe utilizing this technology. HVDC cables reduce transmission losses over distances exceeding 1,000 km and are essential for connecting remote renewable energy sites to urban centers.

Growth Factors in the Power Cables Market

• Surging Global Electricity Demand: The worldwide need for electricity is growing at approximately 4% annually, the fastest rate in 20 years, driven by industrialization, urbanization, and digitalization. China's electricity consumption increased by 7% in 2024, while global demand is expected to reach 26,330 TWh. This growth necessitates massive investments in transmission and distribution infrastructure.
• Renewable Energy Revolution: Wind and solar energy installations are booming globally, requiring extensive high-capacity cable networks for grid integration. In 2023 alone, China added over 200 GW of solar capacity, more than double the previous year. Offshore wind projects in Europe increased submarine cable installations by 30%, exemplified by the UK's Dogger Bank Wind Farm.
• Infrastructure Modernization Push: Governments are investing billions to upgrade aging power grids and expand rural electrification. India's Integrated Power Development Scheme and Europe's Trans-European Networks for Energy (TEN-E) initiative are driving cable demand. RTE in France secured contracts worth nearly €1 billion for 5,200 km of underground cables through 2028.
• Advanced Cable Technology Development: Innovations in materials like superconductors and sophisticated insulation are enabling higher voltage transmission and lower energy losses. KEI Industries Limited is investing INR 1,700-1,800 crore in a greenfield project expanding capabilities in LT, HT, and Extra-High Voltage Cables, with commercial production beginning in FY 2024-25.
• Cross-Border Interconnection Projects: International electricity trading and shared renewable energy resources are spurring construction of high-voltage interconnection lines. Projects like the Viking Link (connecting UK and Denmark) and Champlain Hudson Power Express (delivering 1,250 MW of hydropower to New York) require specialized high-capacity cables for long-distance transmission.

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:

Breakup By Installation:

• Overhead
• Underground
• Submarine Cables

Overhead accounts for the majority of shares (45.6% in 2024) due to lower cost, ease of deployment, and accessibility for maintenance in remote and rural regions.

Breakup By Voltage:

• High
• Medium
• Low

Low voltage dominates the market (43.7% in 2024) as these cables are extensively used in residential, commercial, and small industrial applications.

Breakup By End-Use Sector:

• Power
• Oil & Gas
• Chemical
• Manufacturing
• Metals & Mining
• Infrastructure
• Transportation
• Others

Power leads the market (40.0% in 2024) as this sector relies heavily on power cables for electricity generation, transmission, and distribution infrastructure.

Breakup By Material:

• Copper
• Aluminum

Aluminum dominates the market in 2024 due to its cost-effectiveness, lightweight properties, recyclability, and suitability for long-distance power transmission.

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

Asia Pacific enjoys the leading position (43.8% market share in 2024) owing to rapid urbanization, industrialization, and massive investments in renewable energy and infrastructure projects, particularly in China and India.

Recent News and Developments in Power Cables Market

• August 2024: Prysmian Group finalized the acquisition of U.S.-based Encore Wire for $4.2 billion, significantly enhancing its presence in the North American market and strengthening its position as a global leader in cable manufacturing.
• August 2024: Elia Transmission Belgium awarded contracts worth €135 million to NKT, Nexans, and Prysmian for 945 km of onshore AC cables (70 kV, 110 kV, and 150 kV) to meet demands of over 120 projects in its 2024-2034 Federal Development Plan.
• November 2024: RTE (France) secured underground power cable supplies from five European suppliers (Prysmian, Nexans, NKT-SolidAl, and Hellenic Cables) worth nearly €1 billion, covering 5,200 km of cables for projects through 2028, with one-third produced in France.
• May 2024: TenneT began production of 525 kV DC cables with 2GW transmission capacity at LS Cable facility in South Korea for BalWin4 and LanWin1 offshore wind projects, representing advancement in high-voltage submarine cable technology.

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