Summary

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

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).

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Table of Contents

Executive Summary
Scope of the Study
1 Markets
1.1 Industry Outlook
1.1.1 Trends: Current and Future
1.1.1.1 Increase in Use of Renewable Energy
1.1.1.2 Expansion of Smart Grids, Power Transmission, and Distribution Network
1.1.1.3 Increase in Emphasis on Safety and Sustainability
1.1.1.4 Rise in Government Initiatives for Urbanization and Expanding Infrastructure
1.1.2 Supply Chain Analysis
1.1.2.1 Sourcing Raw Material
1.1.2.2 Production
1.1.2.3 Transportation
1.1.2.4 Product Customization
1.1.2.5 End User
1.2 Ecosystem/Ongoing Programs
1.2.1 Regulatory Bodies
1.2.2 Government Programs
1.2.3 Programs by Research Institutions and Universities
1.2.4 Sustainable Initiatives of Key Players
1.3 Business Dynamics
1.3.1 Business Drivers
1.3.1.1 Increase of Investments in the Telecommunications Industry
1.3.1.2 Increase in Demand for Sustainable Power Cable Products
1.3.1.3 Rise of Industrial Revolution 4.0 and Increase in Residential and Commercial Market
1.3.1.4 Increase in Sales of Electric Vehicles
1.3.1.5 Rise in the Demand for Energy Produced from Renewable Sources
1.3.2 Business Challenges
1.3.2.1 Fluctuations in Raw Material Prices
1.3.2.2 Ban by the Government on Materials Used in Wire and Cable Production
1.3.2.3 Limited Availability of Sustainable Materials and its Related Standardization Challenges
1.3.2.4 Challenges Faced by Power Cable Manufacturers Due to Plastic Disposal
1.3.3 Business Opportunities
1.3.3.1 Increasing Investments in the Transmission and Distribution of Electric Power Sector
1.3.3.2 Increasing Demand for Deployment of Sustainable Technologies for Power Generation
1.3.3.3 Expansion of Submarine Power Transmission Projects
2 Region
2.1 North America
2.1.1 Market
2.1.1.1 Key Manufacturers/Suppliers in North America
2.1.1.2 Business Challenges
2.1.1.3 Business Drivers
2.1.1.4 North America Power Cable Market, Volume and Value Data
2.1.2 North America: Country-Level Analysis
2.1.2.1 North America Power Cable Market, Volume and Value Data
2.2 Europe
2.2.1 Markets
2.2.1.1 Key Manufacturers/Suppliers in Europe
2.2.1.2 Business Challenges
2.2.1.3 Business Drivers
2.2.1.4 Europe Power Cable Market, Volume and Value Data
2.2.2 Europe: Country-Level Analysis
2.2.2.1 Europe Power Cable Market, Volume and Value Data
2.3 Asia-Pacific and Japan
2.3.1 Markets
2.3.1.1 Key Manufacturers/Suppliers in Asia-Pacific and Japan
2.3.1.2 Business Challenges
2.3.1.3 Business Drivers
2.3.1.4 Asia-Pacific and Japan Power Cable Market, Volume and Value Data
2.3.2 Asia-Pacific and Japan: Country-Level Analysis
2.3.2.1 Asia-Pacific and Japan Power Cable Market, Volume and Value Data
2.4 Middle East and Africa
2.4.1 Markets
2.4.1.1 Key Manufacturers/Suppliers in Middle East and Africa
2.4.1.2 Business Challenges
2.4.1.3 Business Drivers
2.4.1.4 Middle East and Africa Power Cable Market, Volume and Value Data
2.4.2 Middle East and Africa: Country-Level Analysis
2.4.2.1 Middle East and Africa Power Cable Market, Volume and Value Data
2.5 Rest-of-the-World
2.5.1 Markets
2.5.1.1 Key Manufacturers/Suppliers in Rest-of-the-World
2.5.1.2 Business Challenges
2.5.1.3 Business Drivers
2.5.1.4 Rest-of-the-World Power Cable Market, Volume and Value Data
3 Markets - Competitive Benchmarking & Company Profiles
3.1 Company Profiles
3.1.1 Belden Inc.
3.1.1.1 Company Overview
3.1.1.1.1 Role of Belden Inc. in the Power Cable Market
3.1.1.1.2 Product Portfolio
3.1.1.1.3 Production Sites
3.1.1.2 Business Strategies
3.1.1.2.1 Belden Inc.: Product Development
3.1.1.3 Corporate Strategies
3.1.1.3.1 Belden Inc.: Mergers and Acquisitions
3.1.1.3.2 Belden Inc.: Partnerships and Joint Ventures
3.1.1.4 R&D Analysis
3.1.1.5 Analyst View
3.1.2 Encore Wire Corporation
3.1.2.1 Company Overview
3.1.2.1.1 Role of Encore Wire Corporation in the Power Cable Market
3.1.2.1.2 Product Portfolio
3.1.2.1.3 Production Sites
3.1.2.2 Corporate Strategies
3.1.2.2.1 Encore Wire Corporation: Mergers and Acquisitions
3.1.2.3 Analyst View
3.1.3 Fujikura Ltd.
3.1.3.1 Company Overview
3.1.3.1.1 Role of Fujikura Ltd. in the Power Cable Market
3.1.3.1.2 Product Portfolio
3.1.3.1.3 Production Sites
3.1.3.2 Business Strategies
3.1.3.2.1 Fujikura Ltd.: Product Development
3.1.3.3 R&D Analysis
3.1.3.4 Analyst View
3.1.4 Furukawa Electric Co., Ltd.
3.1.4.1 Company Overview
3.1.4.1.1 Role of Furukawa Electric Co., Ltd. in the Power Cable Market
3.1.4.1.2 Product Portfolio
3.1.4.1.3 Production Sites
3.1.4.2 Corporate Strategies
3.1.4.2.1 Furukawa Electric Co., Ltd.: Sponsorships and Social Engagements
3.1.4.3 Analyst View
3.1.5 KEI Industries Limited
3.1.5.1 Company Overview
3.1.5.1.1 Role of KEI Industries Limited in the Power Cable Market
3.1.5.1.2 Product Portfolio
3.1.5.1.3 Production Sites
3.1.5.2 Corporate Strategies
3.1.5.2.1 KEI Industries Limited: Sponsorships and Social Engagements
3.1.5.3 Analyst View
3.1.6 LEONI AG
3.1.6.1 Company Overview
3.1.6.1.1 Role of LEONI AG in the Power Cable Market
3.1.6.1.2 Product Portfolio
3.1.6.2 Business Strategies
3.1.6.2.1 LEONI AG: Product Development
3.1.6.2.2 LEONI AG: Market Development
3.1.6.3 Corporate Strategies
3.1.6.3.1 LEONI AG: Mergers and Acquisitions
3.1.6.4 R&D Analysis
3.1.6.5 Analyst View
3.1.7 LS Cable & System Ltd.
3.1.7.1 Company Overview
3.1.7.1.1 Role of LS Cable & System Ltd. in the Power Cable Market
3.1.7.1.2 Product Portfolio
3.1.7.1.3 Production Sites
3.1.7.2 Business Strategies
3.1.7.2.1 LS Cable & System Ltd.: Product Development
3.1.7.2.2 LS Cable & System Ltd.: Market Development
3.1.7.3 Corporate Strategies
3.1.7.3.1 LS Cable & System Ltd.: Mergers and Acquisitions
3.1.7.3.2 LS Cable & System Ltd.: Sponsorships and Social Engagements
3.1.7.4 R&D Analysis
3.1.7.5 Analyst View
3.1.8 Prysmian S.p.A.
3.1.8.1 Company Overview
3.1.8.1.1 Role of Prysmian S.p.A. in the Power Cable Market
3.1.8.1.2 Product Portfolio
3.1.8.1.3 Production Sites
3.1.8.2 Business Strategies
3.1.8.2.1 Prysmian S.p.A.: Product Development
3.1.8.3 Corporate Strategies
3.1.8.3.1 Prysmian S.p.A.: Mergers and Acquisitions
3.1.8.3.2 Prysmian S.p.A.: Partnerships and Joint Ventures
3.1.8.3.3 Prysmian S.p.A.: Sponsorships and Social Engagements
3.1.8.4 R&D Analysis
3.1.8.5 Analyst View
3.1.9 Southwire Company, LLC
3.1.9.1 Company Overview
3.1.9.1.1 Role of Southwire Company, LLC in the Power Cable Market
3.1.9.1.2 Product Portfolio
3.1.9.1.3 Production Sites
3.1.9.2 Business Strategies
3.1.9.2.1 Southwire Company, LLC: Market Development
3.1.9.3 Corporate Strategies
3.1.9.3.1 Southwire Company, LLC: Partnerships and Joint Ventures
3.1.9.3.2 Southwire Company, LLC: Sponsorships and Social Engagements
3.1.9.4 Analyst View
3.1.10 Lapp Group
3.1.10.1 Company Overview
3.1.10.1.1 Role of Lapp Group in the Power Cable Market
3.1.10.1.2 Product Portfolio
3.1.10.1.3 Production Sites
3.1.10.2 Business Strategies
3.1.10.2.1 Lapp Group: Product Development
3.1.10.2.2 Lapp Group: Market Development
3.1.10.3 Corporate Strategies
3.1.10.3.1 Lapp Group: Partnerships and Joint Ventures
3.1.10.3.2 Lapp Group: Sponsorships and Social Engagements
3.1.10.4 Analyst View
3.1.11 Sumitomo Electric Industries, Ltd.
3.1.11.1 Company Overview
3.1.11.1.1 Role of Sumitomo Electric Industries, Ltd. in the Power Cable Market
3.1.11.1.2 Product Portfolio
3.1.11.1.3 Production Sites
3.1.11.2 Business Strategies
3.1.11.2.1 Sumitomo Electric Industries, Ltd.: Product Development
3.1.11.3 Corporate Strategies
3.1.11.3.1 Sumitomo Electric Industries, Ltd.: Partnerships and Joint Ventures
3.1.11.3.2 Sumitomo Electric Industries, Ltd.: Collaborations and Alliances
3.1.11.4 R&D Analysis
3.1.11.5 Analyst View
3.1.12 HELUKABEL GmbH
3.1.12.1 Company Overview
3.1.12.1.1 Role of HELUKABEL GmbH in the Power Cable Market
3.1.12.1.2 Product Portfolio
3.1.12.1.3 Production Sites
3.1.12.2 Business Strategies
3.1.12.2.1 HELUKABEL GmbH: Market Development
3.1.12.3 Corporate Strategies
3.1.12.3.1 HELUKABEL GmbH: Mergers and Acquisitions
3.1.12.3.2 HELUKABEL GmbH: Sponsorships and Social Engagements
3.1.12.4 Analyst View
3.1.13 NKT A/S
3.1.13.1 Company Overview
3.1.13.1.1 Role of NKT A/S in the Power Cable Market
3.1.13.1.2 Product Portfolio
3.1.13.1.3 Production Sites
3.1.13.2 Business Strategies
3.1.13.2.1 NKT A/S: Product Development
3.1.13.2.2 NKT A/S: Market Development
3.1.13.3 Corporate Strategies
3.1.13.3.1 NKT A/S: Mergers and Acquisitions
3.1.13.3.2 NKT A/S: Partnerships and Joint Ventures
3.1.13.4 R&D Analysis
3.1.13.5 Analyst View
3.1.14 R R Kabel Ltd.
3.1.14.1 Company Overview
3.1.14.1.1 Role of R R Kabel Ltd. in the Power Cable Market
3.1.14.1.2 Product Portfolio
3.1.14.1.3 Production Sites
3.1.14.2 Corporate Strategies
3.1.14.2.1 R R Kabel Ltd.: Partnerships and Joint Ventures
3.1.14.2.2 R R Kabel Ltd.: Sponsorships and Social Engagements
3.1.14.3 R&D Analysis
3.1.14.4 Analyst View
3.1.15 HUBER+SUHNER AG
3.1.15.1 Company Overview
3.1.15.1.1 Role of HUBER+SUHNER AG in the Power Cable Market
3.1.15.1.2 Product Portfolio
3.1.15.1.3 Production Sites
3.1.15.2 Corporate Strategies
3.1.15.2.1 HUBER+SUHNER AG: Mergers and Acquisitions
3.1.15.2.2 HUBER+SUHNER AG: Partnerships and Joint Ventures
3.1.15.3 R&D Analysis
3.1.15.4 Analyst View
4 Research Methodology
4.1 Data Sources
4.1.1 Primary Data Sources
4.1.2 Secondary Data Sources
4.1.3 Data Triangulation
4.2 Market Estimation and Forecast
4.2.1 Factors for Data Prediction and Modeling
List of Figures
Figure 1: Power Cable Market Overview, $Billion, 2022-2032
Figure 2: Power Cable Market Overview, Thousand Tons, 2022-2032
Figure 3: Global Power Cable Market (by Region), $Billion, 2022
Figure 4: Global Power Cable Market (by Region), Thousand Tons, 2022
Figure 5: Power Cable Market (by Region)
Figure 6: Power Cable Market (by Country)
Figure 7: Amount of Renewable Electricity Capacity Additions, Gigawatt (GW), 2010-2027
Figure 8: Power Cable Supply Chain
Figure 9: Factors that Influence Production of Power Cable
Figure 10: Business Dynamics for the Power Cable Market
Figure 11: Product Launches in the Sustainable Power Cable Market
Figure 12: Different Industrial Revolutions
Figure 13: Total Number of EVs Sold in ‘000 Units
Figure 14: Raw Copper and Aluminum Pricing: $/Metric Ton, July 2019-July 2023
Figure 15: Challenges in Sustainable Product Development
Figure 16: North America Power Cable Market, Thousand Tons, 2022-2032
Figure 17: North America Power Cable Market, $Billion, 2022-2032
Figure 18: Europe Power Cable Market, Thousand Tons, 2022-2032
Figure 19: Europe Power Cable Market, $Billion, 2022-2032
Figure 20: Asia-Pacific and Japan Power Cable Market, Thousand Tons, 2022-2032
Figure 21: Asia-Pacific and Japan Power Cable Market, $Billion, 2022-2032
Figure 22: Middle East and Africa Power Cable Market, Thousand Tons, 2022-2032
Figure 23: Middle East and Africa Power Cable Market, $Billion, 2022-2032
Figure 24: Rest-of-the-World Power Cable Market, Thousand Tons, 2022-2032
Figure 25: Rest-of-the-World Power Cable Market, $Billion, 2022-2032
Figure 26: Belden Inc.: R&D Expenditure, $Million, 2020-2022
Figure 27: Fujikura Ltd.: R&D Expenditure, $Million, 2020-2022
Figure 28: LEONI AG: R&D Expenditure, $Million, 2020-2022
Figure 29: LS Cable & System Ltd.: R&D Expenditure, $Million, 2020-2022
Figure 30: Prysmian S.p.A.: R&D Expenditure, $Million, 2020-2022
Figure 31: Sumitomo Electric Industries, Ltd.: R&D Expenditure, $Billion, 2020-2022
Figure 32: NKT A/S: R&D Expenditure, $Million, 2020-2022
Figure 33: R R Kabel Ltd.: R&D Expenditure, $Thousand, 2020-2022
Figure 34: HUBER+SUHNER AG: R&D Expenditure, $Million, 2020-2022
Figure 35: Data Triangulation
Figure 36: Top-Down and Bottom-Up Approach
List of Tables
Table 1: Developments in the Smart Grids, Power Transmission, and Distribution Network
Table 2: Regulatory Bodies
Table 3: Government Programs
Table 4: Programs by Research Institutions and Universities
Table 5: Sustainable Initiatives of Key Players
Table 6: Investments by the Companies and Governments in the Telecommunications Sector
Table 7: Developments in the Power Cable Market Related to the Deployment of Sustainable Technologies
Table 8: North America Power Cable Market, Thousand Tons, 2022-2032
Table 9: North America Power Cable Market, $Million, 2022-2032
Table 10: Europe Power Cable Market, Thousand Tons, 2022-2032
Table 11: Europe Power Cable Market, $Million, 2022-2032
Table 12: Asia-Pacific and Japan Power Cable Market, Thousand Tons, 2022-2032
Table 13: Asia-Pacific and Japan Power Cable Market, $Million, 2022-2032
Table 14: Middle East and Africa Power Cable Market, Thousand Tons, 2022-2032
Table 15: Middle East and Africa Power Cable Market, $Million, 2022-2032

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