Low Voltage Cable Market Research, 2032
The global low voltage cable market size was valued at $158.9 billion in 2022, and is projected to reach $278.7 billion by 2032, growing at a CAGR of 5.9% from 2023 to 2032.
Report Key Highlighters:
- The low voltage cable market is highly fragmented, with several players including Prysmian S.p.A.; Nexans S.A.; Sumitomo Electric Industries, Ltd.; NKT A/S; TE Connectivity; Polycab India Ltd.; Belden Inc.; ABB; Bahra Electric; and KEI Industries Limited.
- More than 6,765 product literatures, industry releases, annual reports, and other such documents of major industry participants along with authentic industry journals, trade associations' releases, and government websites have been reviewed for generating high-value industry insights.
- The study covers more than 15 countries. The segment analysis of each country in terms of value during the forecast period 2022-2032 is covered in the low voltage cable market report.
- The study includes third level segmentation for main category such as installation type and end user.
Low voltage cables are constructed with different materials and designs depending on the specific application and requirements. The conductors inside the low voltage cable are primarily composed of aluminum or copper, which are excellent electricity conductors. The conductors are usually insulated with materials such as cross-linked polyethylene (XLPE), polyvinyl chloride (PVC), or ethylene propylene rubber (EPR), to offer electrical insulation and protection.
Low voltage cables facilitate automation and monitoring of industrial processes. They are widely utilized in industrial control systems for transmitting control signals to control panels, sensors, motor controls, and actuators. Also, these low voltage cables are used for outdoor lighting and landscape systems, including garden lighting, pathway lighting, and decorative lighting. They supply power to the lighting fixtures while ensuring safety in outdoor environments. Also, these cables are used in renewable energy systems, such as wind turbines and solar power systems. They transmit power from renewable energy sources to inverters, batteries, and electrical systems.
Growing demand for power distribution networks, telecommunications, and data networking is expected to propel the low voltage cable market growth during the forecast period.
There is surge in demand for power distribution networks with the growing global population and increase in energy demand. Low voltage cables play a major role in transmitting electrical power from the main grid to end-users, including businesses, homes, and industrial facilities. Also, growing adoption of renewable energy, drives the demand for low voltage cables. These cables are important for interconnecting energy storage systems and charging infrastructure for electric vehicles as well as connecting renewable energy systems to the electrical grid. Moreover, surge in need for telecommunications and data networking is a primary factor propelling the market growth. These cables are used for data transmission, networking, and connectivity in telecommunications systems, ensuring efficient communication and data transfer.
However, the disadvantages associated with low voltage cables, such as limited power transmission and voltage drop are likely to act as a major restraint for market growth. However, innovation and technological advancement are anticipated to offer market growth in coming years. The evolution of smart grid technology and advanced energy management systems has created opportunities for low voltage cables. These cables play a crucial role in interconnecting smart meters, sensors, and distribution devices, enabling efficient energy monitoring, management, and control within the grid.
The low voltage cable market is segmented on the basis of installation type, end use, and region. By installation type, the market is categorized into overhead and underground. By end use, the market is divided into infrastructure, renewable energy, industrial, and others. By region, the low voltage cable market share is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players in the low voltage cable industry include Prysmian S.p.A., Nexans S.A., Sumitomo Electric Industries, Ltd., NKT A/S, TE Connectivity, Polycab India Ltd., Belden Inc., ABB; Bahra Electric, and KEI Industries Limited.
Asia-Pacific dominated the market in 2022. The rapid pace of urbanization and ongoing infrastructure development in various countries across the region creates a rising demand for low voltage cables in order to support electrical power distribution and communication networks in commercial, residential, and industrial buildings.
Further, Asia-Pacific witnesses significant growth in telecommunication networks and data consumption, resulting in increase in need for low voltage cables for data transmission, internet connectivity, and networking. Also, the ongoing industrialization and adoption of automation technologies in various industries across the region drives the demand for low voltage cables to support industrial automation, control systems, and communication networks. Besides, the region is witnessing notable environmental challenges, such as air pollution and climate change. Switching to renewable energy helps reduce greenhouse gas emissions and mitigate the impact of global warming. This has led to a higher demand for low voltage cables to facilitate the integration of renewable energy into the power grid.
Underground segment was the highest revenue contributor to the market in 2022. The increasing demand for underground low voltage cables can be attributed to various factors such as reduced power outages, enhanced reliability, and improved safety.
Moreover, these cables are less susceptible to weather-related damage, such as high winds, storms, and falling trees, which often cause power outages in overhead systems. Consequently, underground cables provide increased reliability and fewer interruptions in power supply, leading to higher customer satisfaction. Also, underground cables pose fewer safety hazards to the public and utility workers as compared to overhead lines, as there is no risk of electrocution or accidents due to falling conductors.
Further, underground cables are protected from environmental factors such as UV radiation and severe weather conditions, which can cause degradation and wear in overhead cables. As a result, underground cables generally have a longer lifespan and require less frequent maintenance, reducing operational costs over time.
Renewable energy segment was the highest revenue contributor to the market in 2022. The rapid expansion of renewable energy capacity, primarily wind and solar, has led to increased demand for low voltage cables for connecting and transmitting electricity from these sources to the grid and end users.
Low voltage cables are used to connect solar panels in photovoltaic systems. Also, low voltage cables are used to interconnect wind turbines in wind energy farms. They transport the electrical power generated by individual wind turbines to the central collection point or substations for further distribution. Besides, low voltage cables are essential for interconnecting renewable energy sources in microgrid and off-grid systems, where they provide electricity for localized communities or remote areas not connected to the main power grid.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the low voltage cable market analysis from 2022 to 2032 to identify the prevailing low voltage cable market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the low voltage cable market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global low voltage cable market trends, key players, market segments, application areas, and market growth strategies.
Low Voltage Cable Market Report Highlights
| Aspects | Details |
 Market Size By 2032 | USD 278.7 billion |
 Growth Rate | CAGR of 5.9% |
 Forecast period | 2022 - 2032 |
 Report Pages | 382 |
 By Installation Type |
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 By End-use |
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 By Region |
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 Key Market Players | Polycab India Ltd., KEI Industries Limited, ABB, Bahra Electric, Belden Inc., Sumitomo Electric Industries, Ltd., Prysmian Group, NKT A/S, TE Connectivity, Nexans S.A. |
Analyst Review
According to the opinions of various CXOs of leading companies, the low voltage cable market is expected to witness increased demand during the forecast period due to urbanization and industrialization coupled with advancements in technology. With cities expand and industries grow, there is growing need for reliable power distribution and communication networks, which rely on low voltage cables.
Furthermore, advancements in technology, including Internet of Things (IoT) devices, smart homes, and automation systems are contributing to the demand for low voltage cables. These cables are required for connecting and powering numerous devices, sensors, and control systems within smart homes and automated environments.
Renewable energy is the leading application of Low Voltage Cable Market.
Increasing energy consumption is expected to drive the demand for low voltage cable during the forecast period.
Asia-Pacific is the largest regional market for low voltage cable.
The top companies to hold the market share in low voltage cable include Prysmian S.p.A., Nexans S.A., Sumitomo Electric Industries, Ltd., NKT A/S, TE Connectivity, Polycab India Ltd., Belden Inc., ABB, Bahra Electric, and KEI Industries Limited.
The global low voltage cable market was valued at $158.9 billion in 2022, and is projected to reach $278.7 billion by 2032, growing at a CAGR of 5.9% from 2023 to 2032.
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