Cable & Accessories Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Voltage (Low, Medium and High), By Installation (Overhead and Underground), By End User (Industrial and Renewables), By Region, By Competition Forecast & Opportunities, 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 69.68 Billion
CAGR (2026-2031)	5.61%
Fastest Growing Segment	Renewables
Largest Market	Asia Pacific
Market Size (2031)	USD 96.68 Billion

Market Overview

The Global Cable & Accessories Market will grow from USD 69.68 Billion in 2025 to USD 96.68 Billion by 2031 at a 5.61% CAGR. The Global Cable & Accessories Market encompasses the manufacturing and distribution of insulated conductors for power transmission and signal communication, alongside essential components such as joints, terminations, and connectors. The market is primarily driven by the escalating demand for grid modernization and the global energy transition, which requires extensive high-voltage interconnections to integrate renewable energy sources. This robust industrial activity is evidenced by recent sector performance; according to the National Electrical Manufacturers Association (NEMA), in August 2025, the Electroindustry Business Confidence Index for current conditions climbed to 59.1, reflecting sustained demand and resilience within the electrical manufacturing landscape.

However, a significant challenge impeding market expansion is the ongoing volatility in raw material prices, particularly for copper and aluminum. These fluctuations create substantial financial uncertainty for manufacturers and contractors, making it difficult to maintain stable profit margins and accurate project pricing. Additionally, rigorous regulatory permitting processes for new infrastructure projects often result in delays, further complicating the execution of large-scale transmission and distribution upgrades essential for broad market growth.

Key Market Drivers

Rapid expansion of renewable energy generation and grid integration serves as a primary market catalyst, necessitating the extensive deployment of high-voltage interconnectors to transmit electricity from remote generation sites to consumption centers. This driver forces utilities to upgrade aging transmission infrastructure, increasing the procurement of advanced insulated conductors and subsea cabling systems capable of handling variable renewable loads. Highlighting this scale, 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. Such massive financial commitment directly correlates with increased manufacturing orders for specialized conductors and grid-interconnection accessories required to ensure grid stability.

Simultaneously, the expansion of hyperscale data centers and 5G telecommunications networks drives demand for high-capacity power and fiber optic cables. As technology corporations build infrastructure supporting artificial intelligence, the physical requirements for power delivery and data transmission within these facilities have intensified. This sector-specific growth is exemplified by significant capital projects; according to Google, April 2024, in a company press release, the corporation announced a USD 2 billion investment to establish a data center campus in Indiana. The cumulative effect of these drivers is visible in manufacturer order books. According to Prysmian, August 2024, in the 'First Half 2024 Results' presentation, the company reported a backlog of approximately EUR 18 billion, reflecting sustained pressure on supply chains to deliver essential cable infrastructure.

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Key Market Challenges

The ongoing volatility in raw material prices, particularly for copper and aluminum, acts as a severe impediment to the growth of the Global Cable & Accessories Market. Manufacturers and contractors face significant challenges in establishing accurate project pricing when input costs fluctuate unpredictably between the bidding and execution phases. This financial instability erodes profit margins and forces companies to incorporate substantial risk premiums into their quotations. Consequently, utilities and developers often delay or reconsider large-scale infrastructure investments due to budget uncertainties, directly slowing the pace of grid modernization projects that are essential for market expansion.

The sensitivity of the market to these cost dynamics is heightened by the immense scale of material required to meet rising global demand. According to the International Aluminium Institute (IAI), in January 2025, it was reported that global primary aluminum production reached approximately 73 million tonnes for the full year of 2024, reflecting a 3% increase year-on-year. Such high volumes indicate a supply chain under constant pressure, where even minor price shifts can result in massive aggregate cost variances, thereby complicating long-term financial planning and deterring the capital commitment necessary for sustained industry growth.

Key Market Trends

The accelerated adoption of underground cabling solutions is reshaping the market as utilities prioritize grid resilience against extreme weather events. Unlike vulnerable overhead lines, underground systems offer superior reliability during storms, prompting regulators to sanction massive capital programs for burying distribution networks. This structural hardening is particularly aggressive in hurricane-prone regions where minimizing outage duration is a critical operational metric. According to Florida Power & Light Company, March 2025, in the press release 'FPL's continued grid investments lead to best overall service reliability in 2024', the utility highlighted that 3,000 Storm Secure Underground Program projects had been completed since 2019, directly contributing to record grid performance during severe weather.

Concurrently, the industry is undergoing a decisive shift towards High-Voltage Direct Current (HVDC) transmission systems to facilitate efficient long-distance power transfer. HVDC technology is increasingly preferred for connecting remote renewable generation and establishing inter-regional supergrids due to its lower transmission losses compared to alternating current. This technological transition is fueling record demand for specialized high-voltage cables capable of sustaining extreme thermal and electrical stresses. The scale of this demand is evidenced by manufacturer order books; according to NKT A/S, November 2025, in the 'Interim Report Q3 2025', the company announced a high-voltage order backlog of EUR 10.4 billion, underscoring the sustained momentum in large-scale interconnection and offshore cable projects.

Segmental Insights

The Renewables segment represents the fastest-growing category in the Global Cable & Accessories Market, fueled by the accelerating global shift toward clean energy. As nations strive to meet carbon neutrality targets, the development of solar and wind infrastructure requires extensive cabling to connect remote generation sites with consumption centers. This transition necessitates significant grid modernization to handle intermittent power flows. Supporting this trend, the International Energy Agency emphasizes that attaining climate goals depends heavily on expanding and upgrading electricity grids, a factor that directly sustains the heightened demand for cables and related accessories in this sector.

Regional Insights

Asia Pacific leads the global cable and accessories market, driven by rapid urbanization and industrial expansion in major economies such as China and India. The region commands a significant position due to substantial investments in power transmission and distribution infrastructure aimed at meeting escalating energy demands. Furthermore, the integration of renewable energy sources into national grids requires extensive cabling networks. Continuous development in the construction and manufacturing sectors supports this dominance, ensuring consistent demand for medium and high-voltage accessories. These fundamental economic factors establish Asia Pacific as the central hub for market growth.

Recent Developments

• In November 2024, LS Cable & System signed a Memorandum of Understanding (MOU) with Equinor, a Norwegian energy company, to cooperate on the Bandibuli floating offshore wind power project. This collaboration marked a significant step in the development of the world's largest floating offshore wind farm, located off the coast of Ulsan, South Korea. The cable manufacturer agreed to supply dynamic submarine cables, which are designed to withstand the harsh marine environment and mechanical stress associated with floating turbines. This partnership highlighted the company's technological leadership in the emerging floating wind sector and its commitment to the global energy transition.
• In July 2024, Prysmian launched its new EcoSpan™ fiber optic cable solution featuring FlexRibbon™ technology at a key industry event in Nashville. This product was specifically engineered to support rural broadband deployments by providing a compact, high-density cabling option that simplifies installation. The design enables easier splicing and handling, which helps telecom network builders reduce labor costs and project timelines in underserved areas. The introduction of this product addressed the increasing demand for reliable, efficient, and sustainable connectivity solutions required to bridge the digital divide and meet government broadband expansion targets.
• In June 2024, Sumitomo Electric Industries completed the strategic acquisition of a German cable manufacturer, Südkabel GmbH, to strengthen its high-voltage direct current (HVDC) cable business in Europe. This development was directly linked to the execution of major energy transmission projects, including the connection of offshore wind farms to the onshore grid. By combining manufacturing capabilities and technological expertise, the company aimed to enhance its ability to supply critical cable infrastructure for the region's growing renewable energy market. The move allowed for increased production capacity and localized support for large-scale power transmission corridors.
• In March 2024, NKT entered into a strategic partnership with a global aluminum and energy company to decarbonize the power cable supply chain. This collaboration focused on integrating low-carbon aluminum into medium-voltage power cable solutions, with plans to extend the initiative to high-voltage cables. The joint effort aimed to develop a value chain that significantly reduces the embedded carbon footprint of the power grid. By utilizing aluminum produced with renewable energy, the companies sought to create more sustainable infrastructure components, aligning with industry-wide goals to achieve net-zero emissions and support the transition to renewable energy.

Key Market Players

• Nexans S.A.
• NKT A/S
• Dubai Cable Company
• Prysmian Group
• Furukawa electric Co., Ltd.
• Tele-Fonika Kable Group
• LS Cable & System Ltd.
• Sumitomo Electric Industries, Ltd.
• ABB, Ltd.
• Elsewedy Electric

By Voltage	By Installation	By End User	By Region
Low Medium and High	Overhead and Underground	Industrial and Renewables	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

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

• Cable & Accessories Market, By Voltage:

• Low
• Medium and High

• Cable & Accessories Market, By Installation:

• Overhead and Underground

• Cable & Accessories Market, By End User:

• Industrial and Renewables

• Cable & Accessories 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