Report Highlights
The Global Power Cable Market Expected to Reach $95.07 Billion by 2032
Power Cable Market Overview
The power cable market was valued at $32.20 billion in 2022, and it is expected to grow at a CAGR of 10.93% and reach $95.07 billion by 2032. A key factor fueling the power cable market is the increasing demand for high-performance data transmission and communication networks. This transformation is driven by a combination of technological advancements, continuous expansion of internet connectivity, the rollout of 5G networks, upcoming 6G technology, and growing needs for data centers.
Another crucial driver is the rise in demand for sustainable power cable products. Concerns about environmental impact and the health hazards posed by traditional cable materials have led to a growing demand for eco-friendly alternatives. Companies are responding with innovative products, such as high voltage direct current (HVDC) technology wires made of recyclable materials. Initiatives such as Prysmian Group's ECO CABLE label and Philatron's flexible electric vehicle charging cable line reflect the industry's commitment to sustainability.
The advent of Industrial Revolution 4.0 is transforming the power cable landscape, driven by smart manufacturing and the Industrial Internet of Things (IIoT). This shift necessitates cables capable of high-speed data transmission, supporting advanced manufacturing processes, IoT connectivity, energy efficiency, and cybersecurity. Simultaneously, the power cable market experiences a boost from the rising sales of electric vehicles, necessitating specialized cables for power transmission, charging infrastructure, and battery connections. Additionally, the increasing demand for renewable energy sources prompts investments and innovations in cables designed for harsh environmental conditions, further shaping the evolving landscape of the power cable industry.
However, the industry faces several challenges. Fluctuations in raw material prices, particularly copper and aluminum, impact manufacturing costs and profit margins. Government bans on materials such as polyvinyl chloride (PVC), a commonly used sheathing material, due to environmental concerns pose challenges for manufacturers in terms of transitioning to more sustainable alternatives. The limited availability of sustainable materials and standardization challenges hinder the industry's efforts to adopt environment-friendly practices.
The evolution of the power cable market is driven by continuous technological advancements aimed at improving cable performance. Innovations include superior shielding techniques, advanced dielectric materials, and connectors designed to minimize signal attenuation. Despite facing competition from alternative technologies such as fiber optics, power cables maintain their robust presence. While fiber optics excel in applications requiring high bandwidth and low signal loss over extended distances, power cables remain thriving, providing a cost-effective and reliable solution, especially in last-mile connectivity for residential and small business applications.
Impact:
The demand for power cables is intensifying due to environmental concerns, driving a shift toward sustainable and eco-friendly alternatives. The rise of Industrial Revolution 4.0 emphasizes the need for high-speed data transmission, influencing advanced cable development. Additionally, the surge in electric vehicle sales and the growing demand for renewable energy sources further propel the expanding power cable product consumption.
Market Segmentation:
Segmentation 1: by Region
- North America
- Europe
- Asia-Pacific and Japan
- Middle East and Africa
- Rest-of-the-World
The Asia-Pacific and Japan region is witnessing robust growth in the power cable market, propelled by several pivotal factors. The increasing demand for high-speed internet connectivity, swift urbanization, and widespread deployment of 5G networks play significant roles. Governments and businesses in these regions are making substantial investments to enhance communication infrastructure, aligning with the evolving requirements of digitalization. Moreover, the growth is amplified by the region's dedication to technological advancement, creating a favorable environment for the expansion of power cable networks.
Recent Developments in the Power Cable Market
- In June 2022, Borealis and Borouge demonstrated their high-voltage direct current (HVDC) technology wires made of cross-linked polyethylene (XLPE), which have the added sustainability benefit of being recyclable.
- In November 2020, Huber+Suhner AG unveiled its new Radox-screened Flex high-voltage battery cable line for electric vehicles. The company combined its Radox technology with a new type of semiconductor to create the new generation battery cable range.
Demand - Drivers and Limitations
Following are the demand drivers for the power cable market:
- Increase of Investments in the Telecommunication Industry
- Increase in Demand for Sustainable Power Cable Products
- Rise of Industrial Revolution 4.0 and Increase in Residential and Commercial Market
- Increase in Sales of Electric Vehicles
- Rise in the Demand for Energy Produced from Renewable Sources
Following are the limitations of the power cable market:
- Fluctuations in Raw Material Prices
- Ban by the Government on Materials Used in Wire and Cable Production
- Limited Availability of Sustainable Materials and its Related Standardization Challenges
- Challenges Faced by Power Cable Manufacturers Due to Plastic Disposal
Report Synopsis
| Report Metrics | Details |
| Base year considered | 2023 |
| Forecast period considered | 2023-2032 |
| Base year market size | $37.36 Billion in 2023 |
| Market size forecast | $95.07 Billion by 2032 |
| Growth rate | 10.93% |
| Units considered | $ Billion |
| Segments covered | By Region |
| Industry covered | Advanced Materials & Chemicals |
| Regions covered | North America, Europe, Asia-Pacific and Japan, Middle East and Africa, Rest-of-the-World |
| Companies studied |
|
How can this report add value to an organization?
Product/Innovation Strategy: The product strategy helps the readers understand the different aftermarket solutions provided by the industry participants.
Growth/Marketing Strategy: The power cable market is growing at a significant pace and holds enormous opportunities for market players. Some of the strategies covered in this segment are product launches, partnerships, collaborations, business expansions, and investments. The companies' preferred strategy has been product launches, partnerships, and collaborations to strengthen their positions in the global power cable market.
Competitive Strategy: The key players in the power cable ecosystem analyzed and profiled in the study include power cable manufacturers, raw material suppliers, and wholesalers and distributors. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and regional presence.
Some of the prominent names in this market are:
- Belden Inc.
- Encore Wire Corporation
- Fujikura Ltd.
- Furukawa Electric Co., Ltd.
- KEI Industries Limited
- LEONI AG
- LS Cable & System Ltd.
- Prysmian S.p.A.
- Southwire Company, LLC
- Lapp Group
- Sumitomo Electric Industries, Ltd.
- HELUKABEL GmbH
- NKT A/S
- R R Kabel Ltd.
- HUBER+SUHNER AG
Other related companies in the power cable market are:
- TF Kable Group
- Cable Corporation of India Ltd.
- Universal Cable (M) Berhad
- Polycab India Limited
- Walsin Lihwa Corporation
- CMI Limited
Companies that are not a part of the aforementioned pool have been well represented across different sections of the report (wherever applicable).
This report will be delivered in 3-5 working days.
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
Become A Member
BCC Research offers a comprehensive library of reports, granting members unlimited access to data, insights, and market intelligence for informed business decisions, while actively supporting members in their evolving journeys and prioritizing high-quality, relevant topics based on continuous engagement with the research community.
Find Out MoreCustom Consulting
BCC Research emphasizes the importance of organizations leveraging highly customized market insights aligned with specific strategic business objectives through direct engagement with primary sources and proprietary forecasting models for profitable decision-making in maximizing growth opportunities and minimizing risks.
Customize NowScorecard
The Venture Scorecard provides commercialization offices and decision makers with expert analysis, offering strategic insights crucial for aligning objectives with market realities at various stages of commercializing new products or evaluating investment opportunities, from opportunity assessment to growth planning.
Find Out MoreInnovation Spotlight
Our industry experts offer strategic guidance to maximize the market potential of commercialized products, patents, and IP by providing insights into market trends, competitive dynamics, and effective positioning, using the Innovation Spotlight service for enhanced exposure to thought leaders and the wider community.
Find Out More