IMARC Group, a leading market research company, has recently released a report titled “Power Cables Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global power cables market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What Are The Growth Prospects Of The Power Cables Industry?
According to the report, The global power cables market size reached US$ 166.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 236.8 Billion by 2028, exhibiting a growth rate (CAGR) of 6.1% during 2023-2028.
What is Power Cables?
Power cables, also called power cords, represent electrical cables that comprise one or more conductors held together with an overall sheath. They can transmit large currents, withstand high working voltage, adapt to various environments, provide the right amount of insulation and current conductivity, etc. In line with this, power cables are widely used in power transmission and distribution to electronic devices, such as printers, monitors, computers, heating, ventilation, and air conditioning (HVAC) systems, etc. They are also utilized in tunnels, pipelines, flammable and severely corroded areas, etc. Consequently, these cables are gaining extensive traction across the globe.
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What are the growth prospects and trends in the Power Cables industry?
The inflating need for upgrading the existing grid infrastructures is primarily driving the power cables market. Additionally, the rising construction in the residential, commercial, and industrial spaces and the increasing number of remodeling activities in airports, shopping malls, offices, stores, etc., are further catalyzing the market growth. Besides this, the growing sales of vehicles, on account of the improving income levels of individuals, are propelling the utilization of power cables to help with the functioning of several devices in the automotive industry, which is acting as another significant growth-inducing factor. Moreover, the escalating demand for advanced power cables to improve the condition and enhance productivity, as well as the safety of mining equipment, is positively influencing the global market. Apart from this, they are also widely adopted in the chemical industry, owing to their high mechanical resilience and good resistance to chemical agents and oil, which is anticipated to fuel the power cables market over the forecasted period.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Installation:
- Overhead
- Underground
- Submarine Cables
Breakup by Voltage:
- High
- Medium
- Low
Breakup by End-Use Sector:
- Power
- Oil & Gas
- Chemical
- Manufacturing
- Metals & Mining
- Infrastructure
- Transportation
- Others
Breakup by Material:
- Copper
- Aluminum
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
Who are the key players operating in the industry?
The report covers the major market players including:
- being Prysmian S.p.A
- Belden Inc.
- Encore Wire Corporation
- Finolex Cables Ltd.
- Fujikura Ltd.
- Furukawa Electric Co., Ltd.
- HENGTONG GROUP CO., LTD.
- KEI Industries Limited
- LS Cable & System Ltd.
- Leoni AG
- Nexans
- NKT A/S
- Southwire Company, LLC.
- Sumitomo Electric Industries, Ltd.
- TPC Wire & Cable Corp., etc.
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