Power Transmission Cables Market

As per Market Research Future Analysis, the Power Transmission Cables Market is projected to grow to USD 170,280 million at a CAGR of 6.8% from 2022 to 2030. The market is driven by the need for high-quality cables to upgrade aging grid infrastructure and the rising demand for renewable energy sources. Factors such as industrialization and urbanization further accelerate market growth. However, challenges like delays in government authorization and fluctuations in raw material prices may hinder progress. The market is segmented by voltage, installation, end-user, and region, with North America holding the largest market share due to stringent energy efficiency norms and smart grid expansions.

Key players include General Cable Technologies Corp., KEC International Ltd., Southwire Co. LLC, Nexans, ABB, Finolex Cables, Prysmian S.p.A., and Sumitomo Electric Industries Ltd.

• In November 2019, MHI Vestas has been acquired by Nexans SA for an uninterrupted supply of Windlink cable kits for 2 years. This will provide medium voltage as well as low voltage cable kits to cater to the increasing need for power transmission cables in countries like Brazil, the USA, Europe, and China.
• In April 2020, Jan De Nal Group has been awarded by TenneT for installation of high voltage cables for an adequate supply of grid connection for West Alpha and Hollandse Kust Noord winds farms of Butch Offshore.
• The largest market share in the market is held by the North American region owing to the presence of giant countries like the USA, and Canada and their increasing demand for adequate electric supply.
• Nanjing Daji Iron Tower Manufacturing Co. Ltd is investing huge amounts in research and development which will provide an upper edge over the competitors resulted in higher sales revenue and profit margins.

January 2023: ALLETE and Grid United have signed a memorandum of understanding on exploring transmission opportunities. In the first half of next year, these two countries will conclude a North Plains high voltage cables Connector development agreement. It represents an investment worth about $2.5bn in Montana and North Dakota and will be a long-term asset for those states.

July 2022: Hitachi Energy India Ltd has won a major order from Adani Mumbai Electric Infrastructure to supply a direct current (DHC) system of high voltage transmission linking Kudus with Mumbai. Increase in capacity is expected to occur with the least losses due to the fact that this line would help increase Mumbai’s power supply by nearly half, as claimed by Hitachi Energy.

In June 2022, Borealis and Borouge showcased their cross-linked polyethylene (XLPE) insulated high-voltage direct current (HVDC) technologies wires, which also happen to be recyclable.

In November 2020, Huber+Suhner AG launched its latest Radox-screened Flex high-voltage battery cable range meant for electric vehicles. The Swiss firm combined its Radox technology with an innovative type of semiconductor material, which forms the basis of the new generation battery cable range.

In March 2022, Prysmian released a new range of power cables that are environmentally friendly. These cables are made to save energy more effectively and minimize environmental impact.

In 2022, Belden built new plants in emerging economies, showing that it wants to meet the booming demand for energy and data solutions worldwide.

In February 2022, Encore Wire Corporation announced investments into research and development (R&D) initiatives aimed at improving performance and efficiency levels of their power cable products.

July 2021 - Prysmian, a world-leading manufacturer of cables, has been awarded a USD 900 million contract for the supply of high-voltage direct current (HVDC) cable systems.