Estimation for Power Cable Market for 2032 is USD 373.67 Billion; Industrialization, Urbanization, and Population Growth Boost Market Development

The global power cable market size stood at USD 212.03 billion in 2024. The market is predicted to rise from USD 232.28 billion in 2025 to USD 373.67 billion by 2032 at a CAGR of 7.03% from 2025 to 2032.

Fortune Business Insights™ presents this information in its report titled, “Power Cable Market Size, Share & Industry Analysis, By Installation (Overhead, Underground, and Submarine), By Cable Type (Polyvinyl Chloride (PVC), Polyurethane (PUR), Rubber, XLPE, Thermoset CPE, and Others), By Voltage (Upto 240V, 240V-1KV, 1KV-15KV, 15KV-100KV, 100KV- 250KV, and Above 250KV), By Application (Utility, Residential, Commercial Buildings & Data Centre, Manufacturing, Railways, Automotive, Material Handling, and Others), and Regional Forecast, 2025-2032”.

There is an increase in electricity consumption, owing to urbanization, industrialization, and growth in population. Surging need for residential, commercial, and industrial power is pushing investments in power transmission and distribution infrastructure. The move toward renewable energy necessitates new transmission lines to link remote generation sites to urban demand centers. Increasing usage of power cables to connect generation sites to the grid is propelling market growth.

PTE and Brugg Cables Partnered to Boost the Demand for Localized Products in Saudi Arabia

In October 2022, PTE teamed up with Brugg Cables to localize Brugg Cables’ High Voltage Accessories with PTE in Jeddah, Saudi Arabia. This collaboration also serves Saudi Vision 2030, which highlights the rising demand for localized products in Saudi Arabia.  

Demand in Renewal Energy Transmission Drives Market Growth

The growth and modernization of renewable energy requires strong infrastructure, grid connectivity for solar and wind facilities, and energy storage and distribution systems. Thus, such power cables designed to transmit “green electricity” from wind, solar panels, biogas, and other renewable sources are unique from any underground burial lines. Such cables can withstand severe weather, are more durable, and hence are considered more reliable.  

However, there is one challenge faced by the market with regard to the high price of core conductive materials used in power cables. Such high prices impact mining output, geopolitical events, and global supply-demand dynamics.

High-Voltage and Submarine Cables Aid Key Players to Lead Market

The demand for renewal energy transmission systems drives key players to contribute more toward the power cable market growth. Major players such as Nexans and Prysmian are leading the market in solar infrastructure and offshore wind. When it comes to connecting renewable power to national grids, these companies come in handy for their high-voltage and submarine cables. However, the market globally is mostly fragmented, and Prysmian, an Italy cable systems company, is holding a dominant position in the market.

List of the Companies Profiled in the Report

• Prysmian (Italy)
• ABB (Switzerland)
• Nexans (France)
• NKT A/S (Denmark)
• Encore Wire Corporation (U.S.)
• Finolex Cables (India)
• Tratos (Italy)
• Bahra Electric (Saudi Arabia)
• Brugg Cables (Switzerland)
• Riyadh Cables Group Company (Saudi Arabia)
• Polycab India Limited (Saudi Arabia)
• KEI Industries (India)
• Furukawa Electric Co., Ltd. (Japan)
• Sumitomo Corporation (Japan)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/power-cables-market-102405

Notable Industry Development

• In January 2025, Finolex Cables introduced a cutting-edge range of wires named FinoUltra to offer performance, safety, and durability. The company is one of the leading manufacturers of communication and electrical cables in India. Such wires make use of E-Beam technology to improve their thermal and mechanical properties. It also has a lifespan of over 50 years, making it reliable and long-lasting.

Further Report Findings

• Based on installation, overhead power cables lead the market as they are comparatively cheaper to install and maintain. The reason for their affordable price is that they require less complex infrastructure.
• Based on voltage, the upto 240V segment holds the largest share of the market. The reason for growth is its extensive use in the residential sectors, followed by driving factors such as population growth, infrastructure development, and rapid urbanization.
• Based on region, Asia Pacific dominates the power cable market share. Major regions such as India and China, due to their high population, rapid urbanization, and industrialization, are driving investments in infrastructure projects.
• The market in North America is growing significantly due to energy transitions, rising electricity, and infrastructure needs. The old infrastructure replacement needs in countries such as the U.S. and Canada are increasing the demand for power cables.

Table of Segmentation