Lucintel, a global market research firm, recently released a report stating that the future of the energy cable market is attractive in the utility, industrial, residential, and commercial sectors. It is projected that the global energy cable market will grow at a compounded annual growth rate of 5.2% from 2018 to 2023.


Industrialization, urbanization, particularly the rapid increase in electricity consumption in rural and remote areas driven by electrification, as well as the growing construction activities, are the main drivers behind the steady rise in demand for energy cables.

The report also highlights that with the increasing demand for energy efficiency, deploying superconductors in power cables to enhance performance, reduce losses, and improve durability and high current-carrying capacity is a major emerging trend in the future development of energy cables.

Lucintel forecasts that due to the growth in the construction and automotive industries, particularly in China and India, the demand for low-voltage cables is expected to continue to account for a significant portion of the global energy cable market.

With increased investments in renewable energy power sources and ultra-high-voltage transmission lines, high-voltage cables are expected to see significant growth during the forecast period.

In the energy cable market, as power infrastructure continues to expand to meet the growing demand for electricity, public utility units are expected to remain the major end-user market. Due to the increase in construction activities and the rising demand for heating, ventilation, air conditioning (HVAC) equipment, the residential market is projected to achieve high growth over the forecast period.

Regionally, the Asia-Pacific region is expected to remain the largest market and achieve high growth within the forecast period. Economic expansion, industrialization, urbanization, and rural electrification projects, particularly in India and China, are driving the increasing demand for energy cables.