XLPE Cable Market Outlook and Opportunities in Grooming Regions with Forecast 2032

Market Research Future (MRFR) has published on the “Global XLPE cable Market”.

The global XLPE cable market is estimated to register a CAGR of 9.06% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the global XLPE cable market— Nexans, NKT A/S, Prysmian Group, KEI Industries Limited, Finolex Cables Ltd., Sumitomo Electric Industries Ltd., Universal Cables Ltd., Furukawa Electric Co., Ltd., Laser Power & Infra, Belden, Southwire, Brugg Kabel AG, and Havells India Ltd.

Market Highlights

The global XLPE Cable market is accounted for to register a CAGR of 9.06% during the forecast period and is estimated to reach USD 50,871.2 million by 2032.

The rising demand for electricity, increasing focus on wind power generation, and the exploration & production of oil and gas are some of the factors that fuel the use of XLPE cables for carrying electricity in offshore activities in power generation. Many oil and gas exploration companies are focusing on drilling and oil and gas production, which is expected to increase the demand for XLPE cables. The Oil and Natural Gas Corporation (India) approved the phase-three development of Mumbai High Field in 2014 to increase the production of natural gas to 5.253 bcm by 2030 with an aim to boost the domestic offshore production of oil and gas in the country. In the US, W&T Offshore (US) announced an oil discovery in the Gladden Deep prospect in Mississippi Canyon block located at the Gulf of Mexico in June 2019. Moreover, in Australia, Chevron Corporation (US) announced the offshore development of the Gorgon natural gas project, located by the northwest coast of Western Australia of worth USD 18-20 billion. Such developments are expected to increase the demand for XLPE cables during the forecast period.

Offshore power generation has emerged as a significant contributor to the global energy mix. Offshore wind farms are typically located far from the coast, where the wind speeds are higher and are more consistent, further making them an attractive option for large-scale renewable energy production. The global offshore wind capacity has been growing rapidly, with various countries leading the way in developing vast offshore wind farms. According to the International Energy Agency (IEA), offshore wind energy is expected to attract an investment of around USD 1 trillion by 2040. Countries across the world are focusing on increasing the share of offshore wind energy in the power generation mix. In China, as per the IEA, the installation capacity of offshore wind energy is expected to reach 110 GW by 2040. In the US, in June 2019, the New Jersey Board of Public Utilities selected Ørsted A/S (Denmark) for the commencement of the offshore wind farm located on the coast of Atlantic City, US. As these projects expand in scale and complexity, the demand for reliable and efficient power transmission systems has increased, thereby leading to a rising reliance on advanced cable technologies such as XLPE cables.

XLPE cables are very crucial for transmitting electricity generated by offshore wind farms to the onshore substations and ultimately to the grid as their unique properties make them well-suited for the harsh conditions of offshore environments. XLPE cables have excellent electrical insulation properties, and this attribute ensures the safe and efficient transmission of high-voltage electricity over long distances. This is particularly important in offshore applications where cables must carry electricity generated by turbines to shore-based facilities. Moreover, XLPE cables have exceptional thermal performance compared to the traditional cables which further allows them to operate at higher temperatures without degradation. This property of XLPE cables is important in offshore wind farms, where cables are needed to handle large amounts of power and maintain performance under varying environmental conditions. Thus, the accelerating demand for offshore power generation is creating a substantial need for XLPE cables. As the offshore wind energy sector continues to expand, the need for efficient, reliable and durable power transmission systems becomes paramount. XLPE cables, with their superior insulation properties, mechanical strength, and environmental resistance, are suitable to meet the challenges of offshore power generation. Thus, the continued growth of this market segment is expected to boost further innovation and investment in XLPE cable technology.

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Segment Analysis

The global XLPE cable market has been segmented based on Installation, Voltage, End Use, and Region.

The global XLPE cable Market segmentation, based on the Installation, the global XLPE cable market has been segmented into Underground, Overhead, and Submarine. In 2023, the Underground segment drove the global XLPE cable market by holding a substantial market share. It is projected to register a CAGR of 9.24% during the projected timeframe. Underground installation of XLPE (cross-linked polyethylene) cables is a common practice for ensuring the reliable and efficient transmission of electrical power. XLPE cables are favored for their superior electrical properties, thermal resistance, and durability.

Based on the end use, the global XLPE cable market has been divided into Industrial, Commercial and Utility. In 2023, the Utility segment drove the XLPE cable market by holding a substantial market share during the assessment period. This segment accounted for the largest share of the market in 2023 and is expected to remain dominant during the forecast period. In utility applications, Cross-Linked Polyethylene (XLPE) cables play a vital role in the reliable and efficient transmission and distribution of electrical power. XLPE cables are widely utilized in utility infrastructure due to their superior performance characteristics, which include high thermal resistance, excellent electrical insulation, and durability.

Regional Analysis

By Region, the XLPE cable market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The European XLPE (cross-linked polyethylene) cable market is a pivotal component of the continent's electrical infrastructure landscape, experiencing notable growth and transformation. XLPE cables are favored across Europe for their excellent electrical insulation properties, high thermal stability, and durability, making them ideal for applications in power transmission, distribution, and industrial sectors. The market is significantly driven by Europe's ambitious energy transition goals, including the push towards decarbonization and the integration of renewable energy sources. This shift necessitates robust and reliable cable solutions capable of supporting high voltage and enhanced performance requirements, which XLPE cables provide. Moreover, Europe's commitment to upgrading and modernizing its aging electrical grid infrastructure to improve efficiency and reliability is a key factor fueling market demand.

Key Findings of the Study

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  The global XLPE cable market is expected to reach 50,871.2 million by 2032, at a CAGR of 9.05% during the forecast period.

  
  


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  The Asia Pacific region accounted for the fastest-growing global market.

  
  


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  Based on Installation, the Underground segment was attributed to holding the largest market in 2023.

  
  


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  Based on Voltage, the medium voltage segment was attributed to holding the largest market in 2023.

  
  


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  Nexans, NKT A/S, Prysmian Group, KEI Industries Limited, Finolex Cables Ltd., Sumitomo Electric Industries Ltd., Universal Cables Ltd., Furukawa Electric Co., Ltd., Laser Power & Infra, Belden, Southwire, Brugg Kabel AG, and Havells India Ltd.