According to the latest report by IMARC Group, the global power cables market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 5% during the forecast period (2021-2026).
Power cables refer to an assembly of conductors used for the distribution and transmission of electrical energy. These cables involve various components, such as dielectric, arbors, insulation, conductors, and polyvinyl chloride (PVC) outer and inner sheaths. Power cables provide precise insulation, current conductivity and protection against mechanical, thermal and environmental damage. As a result, they are widely adopted in permanent wiring within buildings, utility distribution networks, and submarines.
The global power cables market is primarily being driven by industrialization and urbanization, which is increasing their utilization in novel construction projects. Additionally, the growing establishment of renewable power generation plants is facilitating the demand for power cables. Rapid technological advancements in material sciences, such as the development of improved synthetic insulating compounds, have led to enhanced efficiency and resilience of power cables, which is propelling the market growth. Apart from this, an increasing number of smart grid installations across the commercial, residential, and industrial sectors, are creating a positive outlook for the market.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Prysmian Group
- Belden Inc.
- Encore Wire Corporation
- Finolex Cables Ltd.
- Fujikura Ltd.
- Furukawa Electric Co.
- Hengtong Group
- KEI Industries
- L S Cable and Systems
- Leoni AG
- NKT Holding
- Southwire Company
- Sumitomo Electric Industries
- TPC Wire
- Cable Corp.
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The report has segmented the market on the basis of Product Type, End-User and Region.
Breakup by Installation:
- Submarine Cables
Breakup by Voltage:
Breakup by End-Use Sector:
- Oil & Gas
- Metals & Mining
Breakup by Material:
Market 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
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