Energy Power Cable Market Size and Outlook 2031

Report Description

Forecast Period	2027-2031
Market Size (2025)	USD 161.78 Billion
CAGR (2026-2031)	6.88%
Fastest Growing Segment	Underground
Largest Market	Asia Pacific
Market Size (2031)	USD 241.17 Billion

Market Overview

The Global Energy Power Cable Market will grow from USD 161.78 Billion in 2025 to USD 241.17 Billion by 2031 at a 6.88% CAGR. The Global Energy Power Cable Market encompasses the production and supply of insulated conductor assemblies essential for transmitting electrical energy across utility, industrial, and residential networks. Primary drivers fostering market growth include the accelerating deployment of renewable energy sources, which necessitates extensive grid interconnection for wind and solar projects, and rapid urbanization demanding robust infrastructure upgrades in emerging economies. Additionally, the imperative to modernize aging transmission systems in developed nations to ensure grid reliability serves as a distinct catalyst for sustained sector expansion.

However, the market faces a significant impediment regarding the investment disparity between energy generation and transmission infrastructure, which creates critical bottlenecks in power delivery. This imbalance is frequently compounded by raw material price volatility that complicates long-term project planning. According to the International Energy Agency, in 2024, for every dollar invested in renewable power, only 60 cents were spent on grids and storage, underscoring a substantial infrastructure gap that could impede broader market development.

Key Market Drivers

The expansion of offshore wind farms and submarine power interconnections acts as a primary catalyst for the industry, necessitating the manufacturing of high-voltage subsea cables to transport electricity from marine environments to onshore substations. This transition forces manufacturers to develop durable, moisture-resistant cabling solutions capable of withstanding harsh deep-water conditions while minimizing transmission losses over long distances. As nations strive to meet decarbonization targets, the physical distance between offshore generation sites and load centers creates a distinct requirement for High-Voltage Direct Current (HVDC) cable technologies. According to the Global Wind Energy Council, June 2024, in the 'Global Offshore Wind Report 2024', the global offshore wind industry added 10.8 GW of new capacity in 2023, driving immediate demand for specialized submarine transmission cables to link these remote generation sites with national grids.

Concurrently, the modernization of aging electrical grid infrastructure and smart grid deployment compels utilities to replace obsolete conductors with advanced cabling systems that support bi-directional energy flow and higher loads. This modernization is critical for maintaining system stability amidst the electrification of heat and transport, requiring substantial capital allocation toward distribution and transmission networks. According to the International Energy Agency, June 2024, in the 'World Energy Investment 2024' report, global investment in electricity grids was projected to reach USD 400 billion in 2024 to support these necessary infrastructure upgrades. This surge in infrastructure activity is reflected in manufacturer order books; according to Prysmian Group, in 2024, the company reported a transmission backlog exceeding EUR 18 billion in its half-year financial results, indicating sustained long-term market demand for power transmission technologies.

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Key Market Challenges

The investment disparity between energy generation and transmission infrastructure stands as a critical impediment to the growth of the Global Energy Power Cable Market. While capital expenditure on renewable generation assets such as wind farms and solar parks has surged, funding for the necessary grid reinforcement and expansion has not kept pace. This imbalance creates severe operational bottlenecks, preventing the physical interconnection of new energy projects to the utility network. For cable manufacturers, this disconnect results in significant project delays and deferred revenue, as developers cannot procure or install transmission and distribution cables until grid capacity is secured.

This infrastructure lag creates a quantifiable backlog of projects that are permitted but unable to connect, directly stifling demand for power cables. According to WindEurope, in 2025, more than 500 GW of potential wind energy capacity remained stalled in grid connection queues across Europe due to insufficient network availability. This substantial volume of "waiting" capacity represents massive, unrealized demand for high-voltage and medium-voltage cabling systems. As long as transmission investment fails to align with the rapid pace of generation deployment, the power cable market will face an artificial ceiling on its expansion potential, unable to fully capitalize on the renewable energy transition.

Key Market Trends

The strategic transition from overhead to underground power transmission is reshaping the market, driven by the need to overcome public opposition to grid expansion and enhance infrastructure resilience. Utilities in densely populated regions are favoring underground cabling for high-voltage corridors to expedite permitting and eliminate visual pollution, despite higher initial costs compared to traditional towers. This shift is exemplified by large-scale national projects where burying cables is mandated to secure community acceptance. According to Energynews.pro, September 2025, in the article 'Germany Launches Two New Phases Of The €10bn SuedLink Project', grid operators commenced construction on two new underground cable sections in Hesse and Lower Saxony as part of the EUR 10 billion corridor connecting wind generation to industrial centers.

Concurrently, the market is witnessing a decisive shift toward recyclable and bio-based insulation materials as manufacturers innovate to reduce the carbon footprint of cable assets. Traditional cross-linked polyethylene insulation, which is difficult to recycle, is being challenged by high-performance thermoplastic technologies that allow for complete recyclability, directly addressing the circular economy goals of global utilities. This trend is accelerating as suppliers integrate reclaimed raw materials into production to minimize environmental impact and comply with stricter regulations. According to Prysmian Group, April 2025, in the '2024 Sustainability Highlights' report, the company reported that 16.2% of the material used in its polyethylene and copper jackets consisted of recycled content in 2024, reflecting the growing industrial commitment to sustainable manufacturing.

Segmental Insights

The Underground segment is currently positioned as the fastest-growing category within the Global Energy Power Cable Market, primarily driven by rapid urbanization and the critical need for grid reliability in high-density metropolitan areas. Utility providers and municipal planning authorities are increasingly prioritizing underground cabling to circumvent strict Right of Way constraints and mitigate the risks associated with extreme weather events that frequently disrupt overhead lines. Furthermore, growing regulatory pressure to minimize visual pollution and enhance public safety in residential zones is accelerating the replacement of aging aerial infrastructure with secure underground systems.

Regional Insights

Asia Pacific holds the leading position in the Global Energy Power Cable Market, fueled by extensive industrialization and urbanization in major economies such as China and India. The region’s dominance is underpinned by massive investments in grid modernization and the aggressive integration of renewable energy sources, particularly solar and wind power. Governments are actively prioritizing infrastructure development to support rising electricity consumption. Consequently, strategic initiatives for network expansion and rural electrification, driven by influential institutions like the State Grid Corporation of China and India’s Ministry of Power, significantly bolster the regional demand for diverse power cabling systems.

Recent Developments

In December 2025, Sumitomo Electric Industries secured a contract with National Grid Electricity Transmission to supply and install the Sea Link HVDC cable project in the United Kingdom. This infrastructure project involved a 140-kilometer link between Kent and Suffolk, designed to increase electricity transmission capacity using 525 kV high-voltage direct current technology. The company confirmed that the submarine cables for this project would be produced at its newly established factory in the Scottish Highlands. This collaboration was a strategic step in supporting the UK's net-zero goals and strengthening the local clean energy supply chain.
In March 2025, Hellenic Cables was awarded a turnkey contract by the French transmission system operator RTE, in consortium with Asso.subsea, for the Dunkerque Offshore Wind Farm export connection. Under the agreement, the company was responsible for designing, manufacturing, and supplying approximately 32 kilometers of submarine cables and 38 kilometers of underground cables. The project utilized 225 kV HVAC export cable links to transmit renewable energy to the French grid. The manufacturing of the submarine and land cables was allocated to the company’s facilities in Corinth and Thiva, respectively.
In July 2024, LS Cable & System began the mass production of its 525kV High Voltage Direct Current (HVDC) cables, achieving a significant technological breakthrough in the global market. This product featured the highest voltage rating among commercially available DC cables at the time. The mass production was initiated to fulfill a major supply contract previously signed with the transmission system operator TenneT for its 2 GW grid connection systems in Europe. This launch demonstrated the company's capacity to manufacture advanced cabling infrastructure required for efficient long-distance power transmission and offshore wind integration.
In March 2024, NKT was awarded a major contract by Amprion, a German transmission system operator, to provide high-voltage power cable systems for the expansion of the German power grid. The order encompassed the design, manufacture, and installation of 525 kV HVDC and AC onshore cables for two turnkey projects, including the Korridor-B V48 route. To support these projects and the general demand for high-voltage solutions, NKT announced a concurrent investment of approximately €100 million to expand the capacity of its manufacturing facility in Cologne. This development reinforced the company’s role in Germany's transition to renewable energy.

Key Market Players

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

By Installation	By Cable Type	By Voltage	By Application	By Region
Overhead Underground and Submarine	Low Voltage Cable Medium Voltage Cable High Voltage Cable	Up to 240V 240V-1kV 1kV-15kV 15kV-100kV 100kV-250kV Above 250kV	Residential Commercial Industrial and Utility	North America Europe Asia Pacific South America Middle East & Africa

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 and 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 and 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).

Global Energy Power Cable Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market

3.2. Overview of Key Market Segmentations

3.3. Overview of Key Market Players

3.4. Overview of Key Regions/Countries

3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Energy Power Cable Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Installation (Overhead, Underground and Submarine)

5.2.2. By Cable Type (Low Voltage Cable, Medium Voltage Cable, High Voltage Cable)

5.2.3. By Voltage (Up to 240V, 240V-1kV, 1kV-15kV, 15kV-100kV, 100kV-250kV, Above 250kV)

5.2.4. By Application (Residential, Commercial, Industrial and Utility)

5.2.5. By Region

5.2.6. By Company (2025)

5.3. Market Map

6. North America Energy Power Cable Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Installation

6.2.2. By Cable Type

6.2.3. By Voltage

6.2.4. By Application

6.2.5. By Country

6.3. North America: Country Analysis

6.3.1. United States Energy Power Cable Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Installation

6.3.1.2.2. By Cable Type

6.3.1.2.3. By Voltage

6.3.1.2.4. By Application

6.3.2. Canada Energy Power Cable Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Installation

6.3.2.2.2. By Cable Type

6.3.2.2.3. By Voltage

6.3.2.2.4. By Application

6.3.3. Mexico Energy Power Cable Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Installation

6.3.3.2.2. By Cable Type

6.3.3.2.3. By Voltage

6.3.3.2.4. By Application

7. Europe Energy Power Cable Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Installation

7.2.2. By Cable Type

7.2.3. By Voltage

7.2.4. By Application

7.2.5. By Country

7.3. Europe: Country Analysis

7.3.1. Germany Energy Power Cable Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Installation

7.3.1.2.2. By Cable Type

7.3.1.2.3. By Voltage

7.3.1.2.4. By Application

7.3.2. France Energy Power Cable Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Installation

7.3.2.2.2. By Cable Type

7.3.2.2.3. By Voltage

7.3.2.2.4. By Application

7.3.3. United Kingdom Energy Power Cable Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Installation

7.3.3.2.2. By Cable Type

7.3.3.2.3. By Voltage

7.3.3.2.4. By Application

7.3.4. Italy Energy Power Cable Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Installation

7.3.4.2.2. By Cable Type

7.3.4.2.3. By Voltage

7.3.4.2.4. By Application

7.3.5. Spain Energy Power Cable Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Installation

7.3.5.2.2. By Cable Type

7.3.5.2.3. By Voltage

7.3.5.2.4. By Application

8. Asia Pacific Energy Power Cable Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Installation

8.2.2. By Cable Type

8.2.3. By Voltage

8.2.4. By Application

8.2.5. By Country

8.3. Asia Pacific: Country Analysis

8.3.1. China Energy Power Cable Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Installation

8.3.1.2.2. By Cable Type

8.3.1.2.3. By Voltage

8.3.1.2.4. By Application

8.3.2. India Energy Power Cable Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Installation

8.3.2.2.2. By Cable Type

8.3.2.2.3. By Voltage

8.3.2.2.4. By Application

8.3.3. Japan Energy Power Cable Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Installation

8.3.3.2.2. By Cable Type

8.3.3.2.3. By Voltage

8.3.3.2.4. By Application

8.3.4. South Korea Energy Power Cable Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1. By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By Installation

8.3.4.2.2. By Cable Type

8.3.4.2.3. By Voltage

8.3.4.2.4. By Application

8.3.5. Australia Energy Power Cable Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1. By Value

8.3.5.2. Market Share & Forecast

8.3.5.2.1. By Installation

8.3.5.2.2. By Cable Type

8.3.5.2.3. By Voltage

8.3.5.2.4. By Application

9. Middle East & Africa Energy Power Cable Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Installation

9.2.2. By Cable Type

9.2.3. By Voltage

9.2.4. By Application

9.2.5. By Country

9.3. Middle East & Africa: Country Analysis

9.3.1. Saudi Arabia Energy Power Cable Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Installation

9.3.1.2.2. By Cable Type

9.3.1.2.3. By Voltage

9.3.1.2.4. By Application

9.3.2. UAE Energy Power Cable Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Installation

9.3.2.2.2. By Cable Type

9.3.2.2.3. By Voltage

9.3.2.2.4. By Application

9.3.3. South Africa Energy Power Cable Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Installation

9.3.3.2.2. By Cable Type

9.3.3.2.3. By Voltage

9.3.3.2.4. By Application

10. South America Energy Power Cable Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Installation

10.2.2. By Cable Type

10.2.3. By Voltage

10.2.4. By Application

10.2.5. By Country

10.3. South America: Country Analysis

10.3.1. Brazil Energy Power Cable Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Installation

10.3.1.2.2. By Cable Type

10.3.1.2.3. By Voltage

10.3.1.2.4. By Application

10.3.2. Colombia Energy Power Cable Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Installation

10.3.2.2.2. By Cable Type

10.3.2.2.3. By Voltage

10.3.2.2.4. By Application

10.3.3. Argentina Energy Power Cable Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Installation

10.3.3.2.2. By Cable Type

10.3.3.2.3. By Voltage

10.3.3.2.4. By Application

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends & Developments

12.1. Merger & Acquisition (If Any)

12.2. Product Launches (If Any)

12.3. Recent Developments

13. Global Energy Power Cable Market: SWOT Analysis

14. Porter's Five Forces Analysis

14.1. Competition in the Industry

14.2. Potential of New Entrants

14.3. Power of Suppliers

14.4. Power of Customers

14.5. Threat of Substitute Products

15. Competitive Landscape

15.1. Prysmian Group

15.1.1. Business Overview

15.1.2. Products & Services

15.1.3. Recent Developments

15.1.4. Key Personnel

15.1.5. SWOT Analysis

15.2. Nexans

15.3. Sumitomo Electric Industries

15.4. LS Cable & System

15.5. NKT A/S

15.6. Leoni AG

15.7. Furukawa Electric

15.8. Southwire Company

15.9. Fujikura

15.10. General Cable

16. Strategic Recommendations

17. About Us & Disclaimer

Report Description

Table of content

Figures and Tables

Frequently asked questions

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