Power Cables Market: Grid Modernization Projects, Transmission Expansion & Industry Growth Outlook

According to IMARC Group's latest research publication, the global power cables market size reached USD 186.5 Billion in 2025. Looking forward, IMARC Group expects the market to reach USD 289.9 Billion by 2034, exhibiting a growth rate (CAGR) of 4.98% during 2026-2034.

How AI is Reshaping the Future of Power Cables Market

• Smart Cable Monitoring Systems: Sensor-equipped cables with AI-powered monitoring enable real-time grid management, detecting temperature anomalies, load variations, and potential failures before they impact operations.
• Demand Forecasting and Supply Chain Intelligence: AI systems analyze historical project data, weather patterns, and infrastructure development trends to predict cable demand with exceptional accuracy.
• Installation Process Automation: Robotic systems guided by AI enable automated cable laying and installation for complex projects, particularly for ultra-high-power charging infrastructure and submarine cable deployment.

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Power Cables Industry Overview

The power cables industry is experiencing transformative growth driven by massive renewable energy integration and grid modernization initiatives. Renewable energy capacity is expected to triple from 3,870 GW in 2023 to nearly 11,000 GW by 2030, requiring over 1,000 GW of annual capacity additions that demand extensive high-voltage transmission infrastructure. Major manufacturers including Prysmian Group, Nexans, and NKT are investing billions in capacity expansion, with Prysmian announcing USD 2 billion through 2027 to double production of 525 kV submarine cables.

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Power Cables Market Trends & Drivers

The explosive growth of renewable energy projects and grid modernization programs is fundamentally reshaping cable demand worldwide. Global renewable energy capacity additions are exceeding 1,000 GW annually, requiring high-voltage transmission cables capable of handling variable power loads from solar and wind installations.

Electric vehicle adoption and charging infrastructure expansion are creating substantial new demand channels for power cables. The U.S. reached 3.5 million EV registrations by September 2024, marking a 140% increase since early 2023, while DC fast-charging infrastructure expanded from 51,000 stalls to nearly 68,000 stalls throughout 2025. New charging networks like Ionna added 790 stalls across 85 locations within a single year, demonstrating rapid deployment speed.

Smart grid development and digitalization of power networks are driving demand for advanced cable systems with integrated monitoring capabilities. Utilities worldwide are investing in sensor-equipped cables that enable real-time fault detection, load management, and predictive maintenance, improving grid efficiency and reducing operational downtime.

Leading Companies Operating in the Global Power Cables Industry

• 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.

Power Cables Market Report Segmentation

By Installation:

• Overhead
• Underground
• Submarine Cables

Overhead leads the market with around 45.6% of market share, primarily due to low-cost power transmission solutions suitable for remote and rural regions.

By Voltage:

• High
• Medium
• Low

Low voltage leads the market with around 43.7% of market share, driven by residential areas, smaller-scale projects, and budget-conscious consumers seeking affordable solutions.

By End-Use Sector:

• Power
• Oil & Gas
• Chemical
• Manufacturing
• Metals & Mining
• Infrastructure
• Transportation
• Others

Power leads the market with around 40.0% of market share, supported by global energy demand requiring investments in power generation, transmission, and distribution infrastructure.

By Material:

• Copper
• Aluminum

Aluminum dominates the market due to cost-effectiveness and lighter weight compared to copper alternatives, making it attractive for budget-constrained projects and long-distance power transmission.

Regional Insights:

• 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

Asia Pacific dominates the global market with over 43.8% market share, driven by rapid urbanization, massive infrastructure projects, and aggressive renewable energy targets in China and India.

Recent News and Developments in Power Cables Market

October 2025: Prysmian Group obtained the contract to design and implement a submarine high voltage direct current cable system for the Italy–Tunisia electrical interconnection project, ELMED. The bid was jointly released by Italy's transmission system operator, Terna SpA, along with Société Tunisienne de l'Électricité et du Gaz.

September 2025: Xlinks, via its subsidiary Xlinks Germany GmbH, independently created a new initiative, Sila Atlantik, supported by German energy companies E.ON and Uniper. The project takes an ambitious route to transmit Morocco's plentiful solar and wind energy straight to German consumers via an innovative underwater cable network.

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