Lucintel Forecasts Energy Cable Market to Reach $142.3 Billion by 2025

According to the recent study the Energy cable Market is projected to reach an estimated $142.3 billion by 2025 from $103.5 billion in 2019, at a CAGR of 5.4% from 2020 to 2025. Growth in this market is primarily driven by growth in electricity consumption due to industrialization, urbanization, electrification of rural areas, and increasing construction activities.

Browse 115 figures / charts and 72 tables in this 185 -page report to understand trends, opportunities and forecast in energy cable market by product type (low voltage energy cables and power cables), voltage type (low voltage cables, medium voltage cables, and high voltage cables), end use industry (utilities, industrial, residential, and commercial), and region (North America, Europe, Asia Pacific, and the Rest of the World).

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“Low voltage cable market is expected to remain the largest segment during the forecast period.”

Based on voltage type, the energy cable market is segmented into low voltage cables, medium voltage cables, and high voltage cables. Lucintel forecasts that the low voltage cables market is expected to remain the largest segment due to growth in construction as well as automotive sector, especially in China and India. The high voltage cable segment is expected to experience the highest growth during the forecast period, supported by the by increasing investment on renewable power generation sources and ultra-high voltage transmission lines.

“Within the energy cable market, the utilities segment is expected to remain the largest end use industry”

Based on end use industry, the utilities segment is expected to witness the largest end use market due to the continuous expansion in electrical infrastructure to fulfill growing electricity demand. The residential segment is expected to witness the highest growth in the forecast period supported by increasing construction activities and increasing demand for heating, cooling, and air-conditioning (HVAC) equipment.

“Asia pacific will dominate the energy cable market in near future”

Asia Pacific is expected to be the largest region with the highest growth over the forecast period due to the economic expansion, industrialization, urbanization, and rural electrification projects, particularly in India and China, are leading the demand for energy cables.

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Major players of energy cable market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Prysmian Group, Nexans S.A., Leoni AG, NKT S/A, Sumitomo Electric Industries Ltd, Encore Wire Corporation, and Southwire are among the major energy cable providers.

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