Electric Power Cable Market Size, Share, Opportunities And Trends By Material Type (Aluminum, Copper), By Installation Type (Overhead, Underground), By Cable Type (Twisted Pair, Coaxial, Shielded Cables, Ribbon Electric, Fiber Optics), By Voltage (Low, Medium, High), By Application (Data Transmission, Power Distribution, Others), And By Geography - Forecasts From 2023 To 2028

Electric Power Cable Market is projected to grow at a CAGR of 4.43% to reach US$252.392 billion in 2028 from US$186.369 billion in 2021.

Electrical energy is transmitted and distributed using electrical power cables. They are also used to transmit excessively high voltages in places where overhead cables are unusable, such as the sea, airfield crossing, etc. The demand for these cables is increasing worldwide because they can handle high-voltage transmissions in tunnels, cable ditches, pipelines, etc.

The increasing demands from IT facilities and data centers are a major contributor to this market’s growth for the forecasted period. Another important factor in the market growth is the global players taking on projects that will increase the production and supply of electrical power cables. For instance, in June 2021, SOO Green HVDC Link announced that they had selected Prysmian Group to supply them with high-voltage direct current cables for this first-of-its-kind transmission project. This 2,100-megawatt interregional project will connect the Midwest Independent System Operator (MISO), which serves the central US, to eastern PJM Interconnection. These two are considered the largest energy markets in the US. This project was also considered the first link in the national clean energy grid.

Electric Power Cable Market Driver

• Increasing investments in the transmission and distribution of electrical power increase the demand for power cables

Power cables are critical in transmitting electrical power from power generation facilities to homes, businesses, and other end-users. They are an essential component of the electrical infrastructure, and their importance is expected to grow as the electricity demand continues to rise. For instance, a contract worth LE 4 billion was signed on August 24, 2021, between the Egyptian Electricity Transmission Company and a banking consortium consisting of the National Bank of Egypt, Bank Du Caire, the Commercial International Bank, and the National Bank of Kuwait. This contract will result in direct growth in the production and supply of electrical power cables since many transmission companies will have huge demands.

In February 2022, the Indian government decided to increase the total investment in eight state-owned power companies by about 5% to Rs 51,470.14 crores for the financial year 2022-2023.  Data from the International Energy Agency shows that the overall global investment in electrical power companies has increased from US$ 827 billion in 2017 to US$ 977 billion in 2022. This sharp increase leads to the growth of the electrical power markets worldwide. Therefore, the increasing demand for transmission and distribution of electrical power is resulting in the demand for power cables, and this is expected to drive the electric power cable market growth in the coming years.

• The growing renewable energy production is a driving factor in the market growth.

Electric power cables act as connectors between renewable energy sources and electrical grids. Therefore, this becomes an important factor in the growth of electrical power markets. Solar, wind, hydro, geothermal, tidal, etc., are a few types of renewable energy. According to the International Energy Agency, the total generation of renewable energy has increased from 2825.9 TWh in 2000 to 8566.7 TWh in 2022. This number is forecasted to reach 12469.4 TWh in 2027. This is approximately a 341.25% increase from 2000. Thus, the electrical power cables market will experience a huge increase in the coming years

Electric Power Cable Market

• The Asia Pacific region is expected to witness significant market growth

This region will greatly increase the electrical power cable market in the coming years. Countries like China and India have the fastest-growing electrical markets in the Asia Pacific region and contribute to the total increase of the electrical power cable market. China, the leader in global annual electricity consumption, consumes around 5.564 trillion kWh alone. It also has the highest number of electronic products manufactured every year. Thus, the need for electrical power cables also increases yearly in China.  India is also considered an important region for the electric power cable market. The country consumes 1.137 trillion kWh of electricity every year. A growth of around US$ 1.65 billion during 2021 – 2025 is estimated in the Indian electric power cable market. Other countries in the Asia Pacific region, such as Japan, South Korea, Australia, and Southeast Asia, are also witnessing significant growth in the electrical power cable market due to increasing demand for electric power and the acceptance of renewable energy sources.

Electric Power Cable Key Market Developments

• In July 2022, NKT signed a contract with its partner in the project CHPE LLC. for the engineering, manufacturing, and installation of the high-voltage 400kV DC (direct current) Champlain Hudson Power Express transmission line in the United States.
• In January 2022, Prysmian Group, the global leader in this market, was awarded a €60 million contract for laying submarine cables for the Project Lighting HVDC 320 kV interconnection project in the UAE. Under the ADNOC (Abu Dhabi National Oil Company) Lightning Project, Prysmian will design, supply, assemble, and test four HVDC 320 kV single-core cables with XLPE insulation, along with fiber optic cable systems. This will connect the onshore converter station at Al Mirfa to Al Ghallan, which is an artificial offshore island in the Arabian Gulf.
• In June 2020, Nexans – a global company in the cable and optical fiber industry, signed a major contract with SSE Renewables to design, manufacture, and install high-voltage onshore and offshore cables for the Seagreen offshore wind farm project. According to the contract, three 65 km long offshore export cables will be supplied by Nexsan’s factory in Charleston, US, and the other three 20 km long onshore export cables will be provided by their factory at Charleroi, Belgium.

Electric Power Cable Market Scope:

The electric power cable market has been analyzed through the following segments:

• By Material type
  • Aluminum
  • Copper
• By Installation type
  • Overhead
  • Underground
• By Cable type
  • Twisted Pair
  • Coaxial
  • Shielded Cables
  • Ribbon Electric
  • Fiber Optics
• By Voltage
  • Low
  • Medium
  • High
• By Application
  • Data Transmission
  • Power Distribution
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Others