Electrical Cable Global Market Insights 2025, Analysis and Forecast to 2030, by Manufacturers, Regions, Technology, Application, Product Type

Electrical Cable Market Overview

The global electrical cable market is poised for significant growth from 2025 to 2030, driven by increasing demand across various industries such as oil & gas, marine, renewable energy, nuclear power stations, infrastructure, and others. The market is expected to grow at a compound annual growth rate (CAGR) of 5.2% to 6.8% during the forecast period. This growth is attributed to the rising need for efficient power transmission and distribution systems, coupled with the expansion of renewable energy projects worldwide.

Market Size and Share

In 2025, the global electrical cable market is projected to be valued at approximately $150 billion to $160 billion. By 2030, the market size is expected to reach $200 billion to $220 billion, reflecting a steady growth trajectory. The market share is dominated by key players such as Prysmian Group, Nexans, and Southwire, which collectively account for 25% to 30% of the global market.

By Product Type

• High Voltage Cables: Expected to grow at a CAGR of 6.5% to 7.5%, driven by increasing investments in grid infrastructure and renewable energy projects.
• Medium & Low Voltage Cables: Projected to grow at a CAGR of 4.8% to 5.8%, fueled by urbanization and industrialization in emerging economies.

By Key Players

The competitive landscape of the electrical cable market includes prominent players such as:

• Prysmian Group: Market leader with a share of 10% to 12%.
• Nexans: Holds a market share of 8% to 10%.
• Southwire: Accounts for 6% to 8% of the market.
• Other key players include Leoni, NKT A/S, Belden, Sumitomo Electric, Furukawa, Fujikura, LS Cable & System, KEI Industries, Finolex, Jiangnan Group, Nanping Sun Cable, Gold Cup, Ningbo Orient, Qingdao Hanhe, Jinlongyu Group, and Jiangsu Zhongchao.

By Process

The market is segmented by process into:

• Extrusion: Dominates the market with a share of 60% to 65%.
• Laying and Installation: Accounts for 20% to 25% of the market.
• Others: Includes processes like insulation and sheathing, contributing 10% to 15%.

By Application

The electrical cable market is segmented by application as follows:

• Oil & Gas: Expected to grow at a CAGR of 5.5% to 6.5%.
• Marine: Projected to grow at a CAGR of 4.5% to 5.5%.
• Renewable Energy: Anticipated to grow at a CAGR of 7.0% to 8.0%, driven by the increasing adoption of solar and wind energy.
• Nuclear Power Stations: Expected to grow at a CAGR of 3.5% to 4.5%.
• Infrastructure: Projected to grow at a CAGR of 5.0% to 6.0%.
• Others: Includes applications in automotive, aerospace, and telecommunications, contributing 10% to 15% of the market.

By End-Use

The market is segmented by end-use into:

• Industrial: Accounts for 40% to 45% of the market.
• Commercial: Contributes 25% to 30%.
• Residential: Holds a share of 20% to 25%.
• Others: Includes sectors like healthcare and education, contributing 5% to 10%.

By Region

The electrical cable market is analyzed by region as follows:

• North America: Expected to grow at a CAGR of 4.5% to 5.5%, driven by infrastructure development and renewable energy projects.
• Europe: Projected to grow at a CAGR of 5.0% to 6.0%, fueled by investments in offshore wind energy and grid modernization.
• Asia-Pacific: Anticipated to grow at a CAGR of 6.5% to 7.5%, driven by rapid urbanization and industrialization in countries like China and India.
• Latin America: Expected to grow at a CAGR of 4.0% to 5.0%.
• Middle East & Africa: Projected to grow at a CAGR of 5.5% to 6.5%, driven by oil & gas exploration and infrastructure development.

Market Trends

The electrical cable market is witnessing several key trends:

• Increasing Demand for Renewable Energy: The shift towards renewable energy sources is driving the demand for high-voltage cables, particularly in offshore wind farms and solar power plants.
• Technological Advancements: Innovations in cable materials and manufacturing processes are enhancing the efficiency and durability of electrical cables.
• Government Policies and Regulations: Stringent regulations regarding energy efficiency and safety are influencing market dynamics, with governments worldwide promoting the use of high-quality cables.
• Urbanization and Industrialization: Rapid urbanization in emerging economies is fueling the demand for medium and low-voltage cables in residential and commercial infrastructure.

Market News on Policy and Companies

Recent developments in the electrical cable market include:

• Prysmian Group: Announced a new investment of $200 million in expanding its high-voltage cable production capacity to meet the growing demand from renewable energy projects.
• Nexans: Signed a contract worth $150 million to supply submarine cables for an offshore wind farm in Europe.
• Southwire: Launched a new range of eco-friendly cables made from recycled materials, aligning with global sustainability goals.
• Government Policies: The European Union introduced new regulations mandating the use of energy-efficient cables in all new construction projects, expected to boost market growth.

Segment Forecasts (2025 - 2030)

The electrical cable market is expected to witness significant growth across all segments:

• High Voltage Cables: Projected to reach a market value of $80 billion to $90 billion by 2030.
• Medium & Low Voltage Cables: Expected to grow to $120 billion to $130 billion by 2030.
• Oil & Gas: Anticipated to grow at a CAGR of 5.5% to 6.5%, reaching a market value of $50 billion to $60 billion by 2030.
• Renewable Energy: Projected to grow at a CAGR of 7.0% to 8.0%, reaching a market value of $70 billion to $80 billion by 2030.

Conclusion

The global electrical cable market is set for robust growth from 2025 to 2030, driven by increasing demand across various industries and regions. Key players like Prysmian Group, Nexans, and Southwire are expected to dominate the market, while technological advancements and government policies will continue to shape the industry. With a projected CAGR of 5.2% to 6.8%, the market offers significant opportunities for stakeholders across the value chain.