Energy Power Cable Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Installation, By Cable Type, By Voltage, By Application, By Region & Competition, 2021-2031F

The Global Energy Power Cable Market is projected to expand from USD 161.78 Billion in 2025 to USD 241.17 Billion by 2031, reflecting a compound annual growth rate of 6.88%. This industry covers the manufacturing and distribution of insulated conductor assemblies that are vital for transmitting electricity across utility, industrial, and residential infrastructures. Key factors propelling this growth include the rapid adoption of renewable energy technologies, which requires extensive grid interconnections for solar and wind projects, alongside accelerated urbanization in emerging markets that demands significant infrastructure improvements. Furthermore, the necessity to upgrade aging transmission systems in developed countries to maintain grid reliability acts as a continuous driver for market expansion.

Despite these growth prospects, the sector faces a notable hurdle due to the imbalance in investment between energy generation and transmission infrastructure, creating severe bottlenecks in power delivery. This challenge is often exacerbated by volatility in raw material prices, which hinders long-term strategic planning. According to the International Energy Agency, in 2024, only 60 cents were invested in grids and storage for every dollar spent on renewable power, highlighting a major infrastructure deficit that could restrict broader market progression.

Market Driver

The surge in offshore wind farms and submarine power interconnections serves as a major growth engine for the industry, driving the need for high-voltage subsea cables that transport electricity from ocean-based sites to onshore substations. This shift compels manufacturers to engineer robust, moisture-resistant cabling capable of enduring harsh deep-water environments while minimizing transmission losses over extended distances. As countries aim to achieve decarbonization goals, the geographical separation between offshore generation hubs and consumption centers creates a specific demand for High-Voltage Direct Current (HVDC) technologies. According to the Global Wind Energy Council's 'Global Offshore Wind Report 2024' released in June 2024, the sector added 10.8 GW of new capacity in 2023, spurring immediate demand for specialized transmission cables to connect these remote sites to national grids.

Simultaneously, the renovation of aging electrical infrastructure and the implementation of smart grids force utilities to replace outdated conductors with advanced cabling systems designed for bi-directional energy flow and increased loads. This modernization is essential for sustaining system stability amidst the rising electrification of transportation and heating, necessitating significant capital investment in transmission and distribution networks. According to the International Energy Agency's 'World Energy Investment 2024' report from June 2024, global grid investment was forecast to hit USD 400 billion in 2024 to facilitate these upgrades. This momentum is evident in manufacturer order backlogs; Prysmian Group reported a transmission backlog surpassing EUR 18 billion in its 2024 half-year financial results, underscoring strong long-term demand for power transmission solutions.

Market Challenge

The gap in investment between energy generation projects and transmission infrastructure represents a significant barrier to the advancement of the Global Energy Power Cable Market. Although capital spending on renewable assets like solar parks and wind farms has increased substantially, funding for the requisite grid expansion and reinforcement has lagged behind. This discrepancy leads to critical operational bottlenecks that prevent new energy projects from physically connecting to utility networks. For cable manufacturers, this disconnect causes considerable project delays and revenue deferrals, as developers are unable to purchase or install transmission cables until sufficient grid capacity is confirmed.

This delay in infrastructure development results in a measurable backlog of permitted projects that remain unconnected, directly suppressing demand for power cables. According to WindEurope, in 2025, over 500 GW of potential wind energy capacity was stuck in grid connection queues across Europe because of inadequate network availability. This vast amount of waiting capacity signifies a huge, unrealized demand for medium- and high-voltage cabling systems. As long as investments in transmission fail to match the speed of generation deployment, the power cable market will encounter an artificial limit on its growth, preventing it from fully benefiting from the renewable energy transition.

Market Trends

The strategic shift from overhead lines to underground power transmission is transforming the market, motivated by the necessity to mitigate public resistance to grid expansion and improve infrastructure durability. Utilities in densely populated areas are increasingly choosing underground cabling for high-voltage corridors to speed up permitting processes and reduce visual impact, despite the higher upfront costs relative to traditional towers. This trend is illustrated by major national initiatives where undergrounding is required to gain community approval. According to Energynews.pro in September 2025, specifically in the article 'Germany Launches Two New Phases Of The €10bn SuedLink Project', grid operators began constructing two new underground cable segments in Hesse and Lower Saxony as part of a EUR 10 billion corridor linking wind generation to industrial hubs.

At the same time, the industry is seeing a clear move toward bio-based and recyclable insulation materials as manufacturers strive to lower the carbon footprint of their products. Conventional cross-linked polyethylene insulation, known for being difficult to recycle, is being challenged by advanced thermoplastic technologies that offer full recyclability, aligning with the circular economy objectives of global utilities. This shift is gaining speed as suppliers incorporate reclaimed raw materials into their production processes to reduce environmental impact and meet tighter regulations. According to Prysmian Group's '2024 Sustainability Highlights' report from April 2025, the company noted that 16.2% of the material in its polyethylene and copper jackets came from recycled content in 2024, demonstrating the growing industry dedication to sustainable manufacturing.

Key Market Players

• Prysmian Group
• Nexans
• Sumitomo Electric Industries
• LS Cable & System
• NKT A/S
• Leoni AG
• Furukawa Electric
• Southwire Company
• Fujikura
• General Cable

Report Scope

In this report, the Global Energy Power Cable Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Energy Power Cable Market, By Installation

• Overhead
• Underground
• Submarine

Energy Power Cable Market, By Cable Type

• Low Voltage Cable
• Medium Voltage Cable
• High Voltage Cable

Energy Power Cable Market, By Voltage

• Up to 240V
• 240V-1kV
• 1kV-15kV
• 15kV-100kV
• 100kV-250kV
• Above 250kV

Energy Power Cable Market, By Application

• Residential
• Commercial
• Industrial
• Utility

Energy Power Cable Market, By Region

• North America
  • United States
  • Canada
  • Mexico
• Europe
  • France
  • United Kingdom
  • Italy
  • Germany
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• South America
  • Brazil
  • Argentina
  • Colombia
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Energy Power Cable Market.

Available Customizations:

Global Energy Power Cable Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).