IMARC Group, a leading market research company, has released a report titled “Power Cables Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. 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.
Power cables, also known as power cords, are electrical cables consisting of one or more conductors held together by an outer sheath. They are designed to transmit large currents, withstand high voltages, and function in various environments while providing optimal insulation and current conductivity. As a result, power cables find widespread application in power transmission and distribution, as well as in electronic devices such as printers, monitors, computers, and heating, ventilation, and air conditioning (HVAC) systems. They are also utilized in tunnels, pipelines, areas with flammable materials, as well as highly corrosive environments. Consequently, these cables are experiencing significant demand globally.
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Power Cables Market Trends and Drivers:
The increasing need to upgrade existing grid infrastructures is a major driver of the power cables market. Additionally, the rising construction activities in residential, commercial, and industrial spaces, along with an increasing number of remodeling projects in airports, shopping malls, offices, and stores, further contribute to market growth. Furthermore, the growing sales of vehicles, driven by improving income levels, have led to increased utilization of power cables in the automotive industry to support the functioning of various devices, which is a significant factor contributing to market expansion. Moreover, there is a rising demand for advanced power cables to improve conditions, enhance productivity, and ensure safety in mining equipment, which has a positive impact on the global market. Additionally, power cables find wide adoption in the chemical industry due to their high mechanical resilience, resistance to chemical agents and oil, further driving the market growth.
Report 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
Competitive Landscape with Key Player:
- 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.
Explore full report with table of contents: https://www.imarcgroup.com/power-cables-market
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