Global Low Voltage Cable Market - WishTree Insight

Global Low Voltage Cable Market by Installation (Underground and Overhead), Application (Industrial, Residential, Commercial), Voltage (1V-240V, 241V-440V, 441V-1000V), and Regions, The Asia Pacific, Middle East Africa, Europe, North America, and Latin America) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2021 – 2031

The low voltage cable market size was valued at USD 118.1 billion in 2021 and is expected to surpass USD 175.6 billion by 2031, expanding at a CAGR of 7.8 % during the forecast period, 2021–2031. The market's growth is attributed to the new infrastructure, rise in electricity consumers, and growing demand for energy.

INTRODUCTION

Low-voltage cables are used in industrial applications for the distribution of electric panels, and electric power distribution substations. These cables are used in many industries like power networks, water, distribution, renewable energy, airport, thermal power stations, and nuclear energy. This cable is also known as network wiring or structured cabling. Low voltage cables are a form of wire which are designed to carry 50 volts or less voltage. They are made up of rigid, aluminum, stranded, and copper conductors, and are flexible.

Low voltage cables act as the final step supply of electricity from the utility, these lines run overhead or underground to the end-user. These cables include variations in the materials for manufacturing cables. In recent years an exponential rise is seen in electricity consumers worldwide. The growing demand for energy has led to an increase in natural gas & petroleum and mining activities which have propelled the market.

Market Trends, Drivers, Restraints, and Opportunities

• The expansion of the distribution network to improve the electrification rate with the robust construction activity in the commercial sector are expected to spur the market.
• Growing population is expected to drive the market.
• The booming renewable industry such as equipment of wind turbines, and the interconnection between solar panels, and other photovoltaic systems is expected to drive market growth.
• The underground cable segment is expected to be the fast-growing segment in the low-voltage cable market.
• Delay in transmission and distribution projects and slow economic growth is anticipated to hamper the market.
• Deployment of underground cables instead of overhead ones is a popular trend in regions like North America and Europe.

Scope of the Report

Market Segment Insights

The underground cable segment is projected to register a considerable CAGR

Based on the installation, the low voltage cable market is divided into underground and overhead. The underground cable segment is expected to expand at a rapid pace during the forecast period. The underground cable is safe, have good aesthetics, has fewer chances of damage, and has higher insulation compared to overhead cables. These properties make the underground cable segment propel the market. However, the overhead cable segment is anticipated to hold a major share of the market for now, but looking towards the characteristics and benefits of underground cables this segment will witness a downfall in coming years.

The residential segment is expected to expand at a rapid pace in the forecast period

Based on application, the low voltage cable market is divided into industrial, residential, and commercial. The residential segment is expected to expand at a rapid pace during the forecast period as it holds the largest consumer base in terms of consumption of electricity. The policies worldwide that every home should get access to electricity drive the segment growth. Along with that, the rising urbanization is also helping to spur the market. However, the commercial segment is anticipated to hold a major share of the market in the coming years.

1V - 240V segment is projected to register a considerable CAGR

On the basis of voltage, the low voltage cable market is segregated into 1V-240V, 241V–440V, and 441V-1000V. The 1V -240V segment is projected to register a considerable CAGR during the forecast period. The growth of the segment is attributed to the sufficient voltage required for the residential sector. Using this voltage range many appliances and electrical equipment operate easily. Also, some home appliances with low voltage are also expected to grow in the market in coming years.

The Asia Pacific region is anticipated to constitute a key market share

In terms of regions, the low voltage cable market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of the Asia Pacific region is expected to constitute a key share of the market in recent years owing to the impeccable rise in population and urbanization in countries such as India, South Korea, China, and Japan. The increase in construction activities has led to the demand for electricity. However, the market of the North American and Europe region is the major region to hold a key share in the low voltage cable market.

Competitive Landscape

Key players competing in the low voltage cable market are KEI Industries (India); ABB (Switzerland); Nexans (France); NKT Cables (Denmark); Finolex Cables (India); Bahra Cables Group Company (Saudi Arabia); Encore Wire Corporation (U.S.).

FAQs

How much is the market worth?

The low-voltage cable market size was valued at USD 118.1 billion in 2021 and is expected to surpass USD 175.6 billion by 2031.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 7.8%.

What are the key drivers of the market?

The market's growth is attributed to the new infrastructure, rise in electricity consumers, and growing demand for energy.

What segments are covered in the low-voltage cable report?

The segments covered in the report are installation (underground and overhead), application (industrial, residential, commercial), and voltage (1V–240V, 241V–440V, 441V–1000V)

Mention the key players in the market.

The key players in the market are KEI Industries (India); ABB (Switzerland); Nexans (France); NKT Cables (Denmark); Finolex Cables (India); Bahra Cables Group Company (Saudi Arabia); Encore Wire Corporation (U.S.).