An electrical cable used for the transmission and distribution of electrical energy is known as a power cable. It is a grouping of one or more electrical conductors that are typically connected by an over sheath. Power lines can be run above ground, buried in the earth, wired permanently inside of structures, or just left exposed. Power cables wrapped inside the thermoplastic wrapping called NM-B (nonmetallic sheathed building cable) are intended to be run inside buildings.
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Power cables have the following features:
- They are designed to transmit electrical power from one location to another.
- They come in a variety of sizes and lengths to accommodate different power needs and distances.
- They are typically made of copper or aluminum conductors that are insulated to prevent electrical leakage.
- They are capable of carrying high currents and voltages.
- They can be installed in a variety of environments, including underground, overhead, and underwater.
Market Analysis:
The power cable market was valued at $148.6 billion in 2021, and is estimated to reach $277.8 billion by 2031, growing at a CAGR of 6.4% from 2022 to 2031.
What Driving the Market Growth?
The rise in the trend of renewable energy generation drives the power cable market growth. Encouraging policies and initiatives of various governments and incentives have led to a considerable increase in the share of renewables as well as alternative sources of energy. In addition, an increase in the deployment of new power grid infrastructure boosts the growth of the power cable industry.
The overhead segment was the highest contributor to the market in 2021, whereas the underground and overhead segments collectively accounted for a notable market share in 2021. The Up to 36 kV segment was the highest revenue contributor, in 2021.
Major Players in the Power Cable Market:
Competitive analysis and profiles of the major market players that have been provided in the report include, ABB Ltd, Belden Incorporated, Encore Wire Corporation, Finolex Cables, KEI Industries Limited, LAPP North America, Nexans, NKT A/S, Prysmian Group, and TPC Wire & Cable Corp.
Regional Scope
Europe accounts for the second largest share in the global power cable market and is expected to witness significant growth during the forecast period. An increase in the adoption of renewable energy, a rise in the switch from overhead lines to underground lines, and the replacement of older grid infrastructure in the European region fuel the demand for the power cable.
Power Cable Market Report Highlights
| Aspects | Details |
|---|---|
| Market Size By 2031 | USD 277.8 billion |
| Growth Rate | CAGR of 6.4% |
| Forecast period | 2021 - 2031 |
| Report Pages | 270 |
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| Voltage Rating |
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| By Region |
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