Power cables already represent around 20% of global grid CAPEX, and investment is set to rise sharply as countries expand transmission networks, renew aging infrastructure, and connect more renewable energy to the grid.

Yet growth will not be evenly distributed. Overhead transmission will remain the largest segment, while underground cabling will expand faster despite its higher project costs. Subsea demand will be smaller but increasingly important as offshore wind projects.

For industry leaders, the challenge is no longer whether this market will grow. It is deciding which segments, regions, and competitive moves deserve attention now. Our analysis helps them weigh these choices and determine where their businesses can compete most effectively.