Global Cable Demand Grows Despite Slowing GDP Rise

Rising electricity demand is driving growth in cable consumption despite slowing GDP growth globally—this according to Pongsapak Nakornsri, CCO of Bangkok Cable who was speaking at the recent Wire Southeast Asia show in Thailand.

Electricity demand growth drivers include:

• Sustainability: By 2050, 50% of the world's electricity will be supplied by solar and wind, while electricity will be almost completely decarbonized by 2050;

• Digitization and AI: Data center capacity is expected to grow by around 19–22% annually between 2023 and 2030;

• Infrastructure modernization: Urbanization and developing economies will lead to a 2.5-fold increase in grid capacity translating to an annual spend of $970 billion;

• Electrification: Global energy demand is forecast to double by 2050 lead by EV transportation;

• Energy transition: Large demand for high-performance cables and HVDC systems.

Within Southeast Asia, there is a need for regional cooperation to tap the availability of diverse energy resources from fossil fuels to renewables that are unevenly distributed across different countries according to Nakornsri. ASEAN energy demand is forecast to double by 2050 due to urbanization, population growth and expanding economies.

Within Thailand, a 30% increase in electricity consumption is forecast through to 2037, with $30 billion of investment in digitization and AI expected in the short term, and $76 billion in clean energy investments and grid modernization anticipated in the medium term.