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 grid management with predictive analytics, enabling utilities like Germany's E.ON to cut cable failure-related outages by 30% through early fault detection and preventive maintenance.
• Smart cable systems with embedded sensors use AI for real-time temperature and load monitoring, with 18% of new high-voltage cable projects in 2024 incorporating these intelligent systems.
• Machine learning algorithms enhance demand forecasting accuracy by analyzing weather patterns and consumption data, allowing grid operators to prevent 15% more power line outages through proactive resource allocation.
• AI-powered grid planning tools help utilities optimize renewable energy integration, with companies like Duke Energy using AWS-driven analytics to improve transmission capacity by routing electricity efficiently during demand spikes.
• Predictive maintenance powered by AI prevents cable failures before they occur, processing sensor data to detect wear, thermal anomalies, and vibrations, reducing downtime in solar farms and industrial facilities by 12%.

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Key Trends in the Power Cables Market

• Renewable Energy Integration Surge: The global push toward clean energy drives massive demand for specialized power cables connecting wind farms and solar installations to grids. Prysmian secured major contracts like the Viking Link project with 525 kV DC submarine cables serving 1.4 million households between the UK and Denmark.
• Smart Grid Technology Adoption: Utilities deploy smart cable systems with real-time monitoring capabilities, representing 18% of new high-voltage projects in 2024. These intelligent cables feature embedded sensors for fault detection and temperature monitoring, enhancing grid reliability and operational efficiency.
• Electric Vehicle Infrastructure Expansion: EV adoption accelerates cable demand globally, with 17.1 million electric vehicles sold in 2024, marking a 25% increase. This growth requires extensive charging infrastructure backed by specialized high-voltage cables for fast-charging stations across urban and highway networks.
• Underground Cable Installations Rising: Urbanization drives preference for underground cables over overhead systems, with governments launching initiatives to replace aging infrastructure. India's Telangana state plans INR 13,500-crore investment to replace 25,000 km of overhead lines with underground cables.
• Advanced Cable Technologies Emerging: Manufacturers develop high-temperature superconducting cables and HVDC systems for efficient long-distance transmission. KEI Industries invests INR 1,700-1,800 crore in Sanand facility expansion for LT, HT, and Extra-High Voltage Cable production capabilities.

Growth Factors in the Power Cables Market

• Rapid Urbanization and Industrialization: Over half the global population resides in cities, projected to reach two-thirds by 2050, creating massive infrastructure demand. Construction projects and industrial facilities require robust power distribution systems, with low-voltage cables dominating residential applications at 43.7% market share.
• Renewable Energy Investments Soaring: Solar capacity in the United States alone increased 30% in 2024, reaching 131 GW total capacity. Global renewable energy production contributed 29.1% of electricity in 2022, requiring specialized cables for intermittent source transmission over long distances.
• Grid Modernization Initiatives: Governments invest heavily in upgrading aging transmission infrastructure, with China allocating approximately USD 800 billion for grid improvements. The U.S. Department of Energy initiated USD 3.5 billion programs spanning dozens of states to reinforce electricity grids against climate disruptions.
• Electric Vehicle Market Expansion: EV registrations in the United States surged to 3.5 million by September 2024, representing a 140% increase since early 2023. This adoption necessitates extensive charging infrastructure buildout, with specialized cables connecting stations to power grids nationwide.
• Technological Advancements in Materials: Cable manufacturers develop innovative materials like superconductors and advanced insulation, enabling higher voltage transmission with reduced energy losses. Companies invest in R&D for self-healing cables and high-temperature superconducting technologies for improved performance and reliability.

The power cables market forecast offers insights into future opportunities and challenges, drawing on historical data and predictive modeling.

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 with around 45.6% market share due to cost-effectiveness and ease of deployment for long-distance power transmission.

Breakup By Voltage:

• High
• Medium
• Low

Low voltage dominates with 43.7% market share, extensively used in residential, commercial, and small industrial applications requiring basic power transmission needs.

Breakup By End-Use Sector:

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

Power leads with 40.0% market share, driven by increasing global energy demand requiring investments in power generation, transmission, and distribution infrastructure.

Breakup By Material:

• Copper
• Aluminum

Aluminum dominates the market due to cost-effectiveness, lightweight properties, recyclability, and suitability for long-distance transmission in renewable energy projects.

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 with over 43.8% market share, driven by rapid urbanization, industrialization, renewable energy adoption, and government infrastructure investments.

Recent News and Developments in Power Cables Market

• October 2025: Prysmian Group secured a contract worth up to EUR 460 million for the ELMED Italy-Tunisia electrical interconnection project, featuring submarine high voltage direct current cable systems for cross-border power transmission.
• September 2025: Xlinks launched Sila Atlantik project with E.ON and Uniper support, planning innovative underwater cable networks to transmit Morocco's solar and wind energy directly to German consumers.
• August 2025: Telangana government announced INR 13,500-crore initiative to replace 25,000 km of overhead power lines with underground cables across urban areas, enhancing safety and reducing monsoon-related outages.
• July 2025: Chief Minister Rekha Gupta initiated pilot project costing Rs 8 crore to relocate overhead power lines underground at BH Block, Janta Flats Colony, Shalimar Bagh constituency.
• June 2025: Sumitomo Electric Industries began implementing 525kV XLPE HVDC underground cable system for Germany's Corridor A-Nord initiative, supporting renewable energy integration and carbon emission reduction.
• April 2024: Prysmian completed acquisition of Encore Wire Corporation for USD 3.9 billion, significantly expanding North American presence in low and medium-voltage cable markets for building industries.

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