Power Cable Market Analysis and Forecast 2023-2032 - Growth Opportunities in the Expansion of Submarine Power Transmission Projects

News provided by

Jan 09, 2024, 21:00 ET

DUBLIN, Jan. 9, 2024 /PRNewswire/ -- The "Power Cable Market - A Global and Regional Analysis: Focus on Country and Region - Analysis and Forecast, 2023-2032" report has been added to ResearchAndMarkets.com's offering.

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. 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.

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 Dynamics:

Demand drivers

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

Key challenges:

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

Key Market Players Analysis

Belden
Encore Wire
Fujikura
Furukawa Electric
KEI Industries
LEONI
LS Cable & System
Prysmian
Southwire Company
Lapp Group
Sumitomo Electric Industries
HELUKABEL
NKT
R R Kabel
HUBER+SUHNER

Other related companies in the power cable market are:

TF Kable Group
Cable Corporation of India
Universal Cable (M) Berhad
Polycab India
Walsin Lihwa
CMI

Key Topics Covered:

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
1.2 Ecosystem/Ongoing Programs
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
2.2 Europe
2.3 Asia-Pacific and Japan
2.4 Middle East and Africa
2.5 Rest-of-the-World

3 Markets - Competitive Benchmarking & Company Profiles

Belden
Encore Wire
Fujikura
Furukawa Electric
KEI Industries
LEONI
LS Cable & System
Prysmian
Southwire Company
Lapp Group
Sumitomo Electric Industries
HELUKABEL
NKT
R R Kabel
HUBER+SUHNER

For more information about this report visit https://www.researchandmarkets.com/r/w37pfr

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets