Overhead Power Cables Market Size was valued at USD 67.2 Billion in 2023. The Overhead Power Cables market industry is projected to grow from USD 72.31 Billion in 2024 to USD 120.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.63% during the forecast period (2024 - 2032). Increased industrialization and urbanization activities, and the demand for renewable energy generations are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for overhead power cables is being driven by the rising industrialization and urbanization. The increasing urbanization with the demand for renewable energy generation is boosting the market growth. The rising population with urban migrations and higher livings standards are generating vast opportunities for the market players. The rise in support from different authorities and also monetary support have fueled the growth of overhead power cables market.
The increasing emphasis on the sustainable energy generation has caused a shift towards the adoption of renewable energy technologies like solar powers, wind turbines and others. This will lead to the increase in setting up of the transmission lines. The renewable energy is recently the rapid-growing source of electricity generation, the amount of energy produced from this is increasing by more than 2.5% yearly. Hence, these investments in renewable energy generation worldwide will increase the demand for installing new overhead cables, thus increasing the market growth during the forecast years. There has been an introduction of cutting-edge technologies that will further promote the adequate functioning of market players in the utility sectors. The growing concerns towards the greenhouse gas emissions with the increase in demand for the substitute power generations.
The power cables are mainly utilized to transmit power that ranges from generation to consumption, further there is increase in the deployment of power line in the past years. The growth in urbanization in most of the developing countries is creating an opportunities for the overhead power cables industry. Thus, driving the Overhead Power Cables market revenue.
However, the price fluctuations of the raw materials can restrain the growth of market, copper and aluminium are the major raw materials utilized in overhead cables manufacturing. The volatile costs of these materials cause a notable volatility in the cost of revenue or sales for cable manufacturers. Further the activities of exploration generates environmental damages because of which there is reduction in funding from international organizations, impacting the raw material market. Hence, all these factors will hamper the growth of the overhead power cables market globally.
The Overhead Power Cables Market segmentation, based on voltage includes 100kV-250kV, 251kV-400kV, and above 400kV. The 251kV - 400kV segment dominates the market, accounting for the largest market revenue. In the developing countries the power transmission industry is growing, which have lead to more utilization of medium and low voltage cables in these countries. This segment is expected to grow owing to the rising installation of these voltages lines. Further, the above 400kV segment is anticipated to gain popularity in the developed countries due to the technological advancements that supports their installation.
The Overhead Power Cables Market segmentation, based on end user, includes Utility and Industrial. The utility segment dominates the market, the rural electrification plans, urbanization, and growing population have increased the number of end-user for electricity. Rising demand for power has caused the adoption of renewable sources for power generation, which has led to installation of new grids to reach out to distant locations and provide the power demand at distant locations. It also have applications in industrial sections like railways and exploration industries that needs high voltage lines.
Figure 1: Overhead Power Cables Market, by End User, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Overhead Power Cables market area dominates the market due to the rising adoption of the renewable energy sources and the adoption of the advanced technology in the region. The US is the largest contributor for the growth of the market in North America, followed by Canada.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Overhead Power Cables Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Asia-Pacific Overhead Power Cables Market accounts for the second-largest market share due to the strict laws on environmental damage and increased investments in constructions and reconstruction activities in the region. Moreover, China’s Overhead Power Cables market held the largest market share, and the Indian Overhead Power Cables market was the fastest growing market in the Asia-Pacific region.
Europe Overhead Power Cables market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the shift to the renewable energy sources and strict government regulations in the region. Further, the German Overhead Power Cables market held the largest market share, and the UK Overhead Power Cables market was the fastest growing market in the European region
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Overhead Power Cables market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Overhead Power Cables industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Overhead Power Cables industry to benefit clients and increase the market sector. In recent years, the Overhead Power Cables industry has offered some of the most significant advantages to cable industry. Major players in the Overhead Power Cables market, including General Cable Technologies Corp, Ravin Group, Gulf Cables & Electrical Industries Group, Nexans SA, Ducab HV, KEC International Ltd, Shandong DingChang Tower Co Ltd, Prysmian SpA, Southwire Co LLC, and others, are attempting to increase market demand by investing in research and development operations.
Ravin Group is one of the India’s fastest growing business groups, established in the year 1950. it includes companies managing various business interest in the energy and power section. The group have wide range of solutions throughout the 5 verticals like renewable energy, manufacturing, EHV & accessories, EPC and trading services in the field of renewable, cable jointing and termination, cable laying, and etc. In March 2022, the company acquired Cable Corporation of India Ltd. This acquisition will help the group to improve its manufacturing capacity from 250V to 400 V and produce different voltage of cables and expand the presence of company throughout the country. The Cable Corporation India is an India-based manufacturer of high voltage cables and distributes throughout the country of India.
The Gulf Cables & Electrical Industries Group is the only domestic manufacturer and supplier of power cables, control cables, overhead conduction and telecommunication cables in Kuwait, established in the year 1975.In October 2021, the Group partnered with Riyadh Cables Group Company, which is a Saudi Arabia-based producer of high voltage cables for the establishment of high voltage cables manufacturing company in Kuwait. This will assist the Riyadh Cables Group achieve the maximum benefit from the capabilities of market by diversifying the products of the company and its revenue sources in order to provide the interest and goals of the shareholders.
March 2022:KaraMD announced Pure Health Apple Cider Vinegar Gummies, a vegan gummy aimed to aid ketosis, digestion regulation, weight management, and encourage greater levels of energy.
February 2021:A major frame contract was won by Nexans to supply cables, accessories and installation services for the underground grid connections RTE project. This helps the future expansion of the company partnership with RTE and making the large volumes of accessories, cables and services.
October 2020: A high voltage cable contract was won by Ducab HV for Mohammed bin Rashid Solar Park in Dubai. This contract included the supply and installation of cable and accessories for the solar park with a total length of 275 kilometers.
General Cable Corporation was purchased for $3.9 billion by Prysmian Group in January 2023, a transnational firm that specializes in making electric cables meant for the energy and telecom industries, as well as optical fibers, among other things.
Belden Incorporated, an American company providing networking, connectivity, and cabling products, partnered with Sumitomo Electric Industries in February 2023 – one of Japan’s leading manufacturers of electric wire and fiber optic cables, went at $3.9 billion.
Tele-Fonika Kable, in March 2023, is a renowned producer of copper and aluminum cables wires, including optic fiber cables, which Southwire Company acquired for $1.2 billion – one of the major developers of building wires and utility cable on earth.
A consortium, including LS Cable & System Ltd. from South Korea, has secured a substantial contract valued at $1.5bn to manufacture high-voltage power lines for an offshore wind farm in the North Sea connecting to Germany and Netherlands’ facilities across Europe in May 2023. Conversely, TenneT will be supplied by the Consortium with 525 kV HVDC (High Voltage Direct Current) transmission cables starting in 2026.
Take, for example Viking Link project, where Prysmian Group made significant progress, reaching a historical landmark in February 2023; this included completion of land cable jointing exercises. It is a ±525kV DC interconnector linking the Bicker Fen substation in Lincolnshire, UK and the Revsing substation located in Southern Jutland Denmark, which will supply sustainable energy to 1.4 million households, resulting in cost reduction, thereby improving system reliability and strengthening energy security imports in both countries through interconnected markets.
For example, Prysmian Group has achieved significant milestones on the Viking Link project - a major submarine cable connection between the UK and Denmark – that saw its completion in February 2023. For instance, land cable jointing activities have been accomplished. An interconnection such as this one linking the UK’s Bicker Fen sub-station to the Revising Sub-station in South Jutland, Denmark, will benefit 1.4 million households with sustainable energy, reduced costs and better system reliability, thereby solidifying the two countries’ energy security through imports from interconnected markets.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 67.2 Billion |
| Market Size 2024 | USD 72.31 Billion |
| Market Size 2032 | USD 120.8 Billion |
| Compound Annual Growth Rate (CAGR) | 6.63% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Voltage, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | General Cable Technologies Corp, Ravin Group, Gulf Cables & Electrical Industries Group, Nexans SA, Ducab HV, KEC International Ltd, Shandong DingChang Tower Co Ltd, Prysmian SpA, Southwire Co LLCÂ |
| Key Market Opportunities | The rapif advancement in technology has led to the innovation of new products. |
| Key Market Dynamics | Increased industrialization and urbanization activities with the demand for renewable energy generation. |
Overhead Power Cables Market Highlights:
Frequently Asked Questions (FAQ) :
The Overhead Power Cables Market size was valued at USD 67.2 Billion in 2023.
The global market is projected to grow at a CAGR of 6.63% during the forecast period, 2024-2032.
North America had the largest share in the global market
The key players in the market are General Cable Technologies Corp, Ravin Group, Gulf Cables & Electrical Industries Group, Nexans SA, Ducab HV, KEC International Ltd, Shandong DingChang Tower Co Ltd, Prysmian SpA, and Southwire Co LLC.
The 251kV-400kV category dominated the market in 2022.
The utility segment had the largest share in the global market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
