Low Voltage Cable Market Expected to Reach $278.7 Billion by 2032

According to a new report published by Allied Market Research, titled, “Low Voltage Cable Market," The low voltage cable market was valued at $158.9 billion in 2022, and is estimated to reach $278.7 billion by 2032, growing at a CAGR of 5.9% from 2023 to 2032.

Introduction

Low voltage cable, also called structured cabling or network wiring, is specifically designed to transmit low voltage electrical signals or power. It is typically used in various applications where the voltage levels are below a certain threshold, usually 1,000 volts (1 kilovolt) or less. Low voltage cables are commonly used in residential, commercial, and industrial settings for a wide range of purposes, including power distribution, telecommunications, data networking, audiovisual systems, security systems, and others.

Market Dynamics

Increasing energy consumption is expected to boost the demand for low voltage cable during the forecast period. The growing energy consumption necessitates the development and expansion of power distribution infrastructure. Low voltage cables are essential components of these networks, enabling the efficient and safe transmission of electrical power from generation sources to consumers. However, with growing population and urbanization, the demand for electricity in residential buildings is rising. Low voltage cables are used to distribute power within residential, commercial, and industrial spaces, delivering electricity to outlets, lighting fixtures, appliances, and other electrical devices.

Moreover, the commercial and industrial sectors have high energy demands due to the operation of businesses, manufacturing facilities, and commercial complexes. Low voltage cables are utilized for power distribution in these environments, delivering electricity to offices, factories, machinery, and other equipment. The power 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.

Segments Overview

The power low voltage cable market is segmented on the basis of installation type, end use, voltage, material, 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. On the basis of voltage, the market is classified into below 300 V, 301 V To 600 V, 601 V To 900 V, and 901 V To 1200 V. On the basis of material, the market is divided into copper and aluminum. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Based on installation type, underground segment dominated the low voltage cable market growing with the CAGR of 5.9%. Underground installations expose cables to various environmental factors, such as moisture, temperature changes, and physical damage. Therefore, cables used for underground installations are designed to withstand these conditions. They may be insulated and jacketed with materials such as polyethylene (PE) or polyvinyl chloride (PVC) to provide protection against moisture and corrosion.

By end use, renewable energy dominated the market  accounting for the largest share, and contributed to around two-fifths of the global low voltage cable market revenue during the forecast period  In solar PV systems, low voltage cables are used to connect solar panels to inverters, which convert the direct current (DC) generated by the panels into alternating current (AC) suitable for household or grid use. These cables are also used within the system to connect components such as charge controllers, batteries (if used), and other peripherals.

Based on voltage, 901 V To 1200 V accounting for more than one-third of the market share in the low voltage cable market. One key consideration when using low voltage cables in the 901 to 1200-volt range is the insulation material. Traditional insulation materials like PVC (polyvinyl chloride) may not be suitable for these higher voltages due to their limited dielectric strength. Instead, cables in this voltage range often utilize specialized insulation materials such as XLPE (cross-linked polyethylene) or EPR (ethylene propylene rubber). These materials offer superior electrical properties, including higher dielectric strength and better resistance to electrical stress, making them well-suited for higher voltage applications.

Regional Analysis
Based on region Asia-Pacific dominated the low voltage cable market. Low voltage cables are used to distribute electricity from substations to residential, commercial, and industrial buildings. They are crucial components of electrical grids in countries like China, India, Japan, and South Korea. Low voltage cables are used in the construction industry for wiring buildings, homes, and other structures. They are essential for providing electricity to lighting, heating, ventilation, air conditioning (HVAC) systems, and other electrical appliances. Rapid urbanization and infrastructure development in countries such as China, India, and Indonesia drive the demand for low voltage cables in the construction sector.

Competitive Analysis

The key players operating in the power low voltage cable market 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. In addition, the market drivers, restraints, and opportunities are explained in the report.

Key Market Insights

• Based on installation type underground segment dominated the market growing with the CAGR of 5.9% during the forecast period.
• On the basis of voltage, 901 V To 1200 V segment dominated representing the CAGR of 6.2% during the forecast period.
• Based on material copper segment is the highest revenue contributor growing with the CAGR of 6.0% during the forecast period.