Low Voltage Power Cable Market: Global Industry Analysis and Forecast (2023-2029)

Global Low Voltage Power Cable Market is forecasted at a CAGR of 6.5% during 2023-2029. A detailed description of the factors and market trends pertaining to different regions is given in detail in the report.

Low Voltage Cables are an essential component of electrical systems, used for transmitting power at relatively low voltages that is typically below 1,000 volts. These cables are used in a wide range of applications, including power distribution, telecommunications, data centres, video surveillance, sound and security alarms, and transportation etc. In the recent years, low voltage cables have been a growing market due to various factors like rising energy demand, expansion of the construction sector, and desire for efficient and dependable data and communication signal transmission. The development of new materials and insulation methods, as well as other developments in cable technology, have also had an upward impact on the market.

The scope of the report offers an in-depth analysis of the market trends and future projections to assist decision-makers to identify high growth markets and the current market situation in different regions based on the segmentation and the regional market analysis. The analysis is done considering the various macro and micro economic factors in order for making key investment decisions.To know about the Research Methodology :- Request Free Sample Report
Low Voltage Power Cable Market dynamics
Market Drivers:

With increasing urbanization and industrialization, the demand for electricity is on the rise. This growing need for an uninterrupted power supply has increased power generation, distribution and transmission across various regions, resulting in enhanced need and utilization of LV cables. Also, the increasing demand for renewable energy sources such as wind and solar power is driving the market since these energy sources require low voltage power cables to transmit the electricity generated to the grid. Lastly, Governments around the world are implementing regulations and standards to ensure the safety and efficiency of low voltage power cables which has led to the inspection and replacement of the cables that are not considered safe and reliable.

Thus, the suitability of the low voltage power cables across various industries and its use in new emerging technologies along with the new Government regulations and initiatives to boost infrastructure and the growth of small-scale industries are the factors driving the demand for high-quality cables leading to heavy investments in the infrastructure development, including the construction of power grids, transmission lines, and distribution networks.

Opportunities

The adoption of digital technologies, such as artificial intelligence (AI) and the Internet of Things (IoT), has enabled low voltage cables to be used in new applications. For example, low voltage cables equipped with sensors and IoT-enabled devices can be used to monitor the health and performance of electrical systems in real-time. The development of new insulation materials, such as cross-linked polyethylene (XLPE), has improved the performance and reliability of low voltage cables, particularly in harsh environments. The trend towards renewable energy sources has led to the development of new low voltage cables that are designed to handle the high voltages and currents generated by solar and wind power systems.
Challenges:
The challenge for the Low Voltage Power Cable Market is the delay in transmission & distribution (T&D) projects due to the lack of funding and complexity in planning coupled with the slow economic growth globally, restraining the growth of the market. Also the Volatility in prices of raw material along with low-quality & cheap products in grey market are other major challenges faced by key market players.
Low Voltage Power Cable Market Segmentation
The Low Voltage Power Cable market is segmented based on its installation, product, end user, and geographic location.

Based on installation the market is further segmented into Overhead and Underground cables. Owing to the several advantages in comparison to the Overhead installations, the Underground Cables is expected to be the fastest growing market segment for the low voltage cable market during the forecast period. Many countries are now deploying Underground Cable installation.

Based on End User, the low voltage power cable market is further segmented based on Industrial, commercial and residential. Where the market is further dominated by Residential sector because of the increase in urbanization, followed by commercial sector because of the automation and digitization of business with smart connected devices, a staple in the office landscape with laptops, computers, printers, and other smart office elements.
Low Voltage Power Cable Market Regional Analysis
The low voltage power cable market is a global market that is segmented into several regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Each of these regions has unique market drivers, challenges, and opportunities that can impact the demand for low voltage power cables. North America is a mature market for low voltage power cables, driven by factors such as the modernization of power infrastructure, the increasing demand for energy-efficient solutions, and the growth of the construction industry. The United States is the largest market in this region, accounting for the majority of the demand for low voltage power cables. Europe is another significant market for low voltage power cables with Germany and the United Kingdom being the largest, followed by France, Italy, and Spain. The Asia Pacific region is the fastest-growing market for low voltage power cables, driven by factors such as the rapid urbanization, the growing demand for energy, and the increasing investment in infrastructure development. Also, the digitisation of the economy and technological penetration are expected to be key drivers of market growth in Asia Pacific. China is the largest market in this region, followed by Japan, India, South Korea, and Australia. In conclusion, the market is a global market with diverse regional dynamics. Each region has unique market drivers, challenges, and opportunities that businesses operating in the need to consider to effectively target their products and services which is covered in the report.
Low Voltage Power Cable market Competitive Landscape
The competitive landscape of the Low Voltage Power Cable market is characterized by intense competition, rapid technological innovation, and a focus on cost efficiency and sustainability. Companies are investing heavily in research and development to develop new materials, technologies, and products that offer better performance, durability, and sustainability. In addition, companies are pursuing strategic partnerships and acquisitions to expand their market share and enhance their capabilities in areas such as digitalization and sustainability. For instance, in 2020, Nexans acquired a controlling stake in Icme Ecab, a leading Brazilian cable manufacturer, to strengthen its position in the South American market.
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Low Voltage Power Cable Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 105 Bn.


Forecast Period 2023 to 2029 CAGR:
6.5%
Market Size in 2029:
US $ 163 Bn.


 Segments Covered:
by Installation
Overhead
Underground


by Products
Overhead Products
Conductors
fittings and Fixtures
Other Low Voltage Accessories
Underground Products
PVC Cables
XLPE Cables
Cable Terminations
Cable Joints


by End user
Infrastructure
Commercial and residential
Transportation and Other
Industrial Market
Renewables



Low Voltage Power Cable Market by Region

North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players
1.Prysmian S.P.A
2.Nexans S.A.
3.General Cables
4.Sumitomo Electric Industries, Ltd.
5.NKT Cables Group GmbH
6.ABB Ltd.
7.Encore Wire Corporation
8.Finolex Cables Limited
9.TE Connectivity Ltd.
10.Bahra Advanced Cable Manufacture Co. Ltd.
11.LS Cables and Systems
12.Polycab
13.KEI Industries
14.Southwire
15.Leoni AG
16.Tratos Group
17.Belden Inc.
18.TPC Wire and Cable Corp.

FAQs

1. How big is the Low Voltage Power Cable Market?
Ans: Low Voltage Power Cable Market was valued at USD 105 billion in 2022.

2. What is the growth rate of the Low Voltage Power Cable Market?
Ans: The CAGR of the Low Voltage Power Cable Market is 6.5%.

3. What are the segments for the Market?
Ans: There are primarily 4 segments - Installation, Product, Geography and End user for the Low Market.

4. Which region will experience major growth in the Market?
Ans: Asia Pacific will experience the major growth in the Market.

5. Is it profitable to invest in the Low Voltage Power Cable Market?
Ans: There is a fair growth rate in this market and there are various factors to be analysed like the driving forces and opportunities of the market which has been discussed extensively in Maximize’s full report. That would help in understanding the profitability in the market