Global Low-voltage Cable Market Outlook, 2028

Global Low-voltage Cable Market Outlook, 2028

The market for low voltage products has been expanding consistently. The installation of low voltage cables has been accelerated in recent years by the exponential growth in energy consumption worldwide. The advent of renewable energy sources like solar and wind as well as the creation of new infrastructure have further fueled market expansion. The global need for power has increased as a result of the growing population. In order to meet the need for power, this has led to the introduction of renewable energy sources. The installation of new transmission and distribution lines from utilities to end consumers is a result of the use of renewable energy. Additionally, installing new low voltage cables is necessary when installing rooftop solar panels to meet the electrical needs of a single home. The rising adoption of renewable-energy has been aided by these cables, and this trend is expected to continue in the near future. New residential structures and office buildings have also been built as a result of the urbanisation and expanding population in different locations. These new buildings undoubtedly need for a steady flow of electricity, which is fueling the expansion of the low voltage cable market. With the development of new technology, organisations may now operate more efficiently. Power supplies for computers are now provided, and camera surveillance has grown in importance as a security measure. Together, these and the internet of things have significantly impacted this sector. Additionally, a number of factors, such growing urbanisation and industrialization have boosted the need for low voltage cables.

According to the research report, Global Low Voltage Cable Market Outlook, 2028, published by Bonafide Research the market is anticipated to reach USD more than 180 Billion by 2028 with a significant CAGR of 6.77% from USD 123.10 Billion in 2022. The market is expanding primarily due to rising global energy consumption and the adoption of smart grid networks. As a result of increased power generation, distribution, and transmission across numerous locations due to the growing demand for uninterrupted power supply across a variety of industries, low-voltage cables are being used more frequently. They are also used to link the transformer to the low-voltage generator in the nacelle of wind turbines. The market is also anticipated to be further stimulated by the growing trend of utilising renewable energy sources in the power generation process. Due to the growing population, together with increasing urbanisation and digitization, there has been an increase in the demand for effective power transmission equipment that can be linked with smart devices. In addition, automated electronic devices like switches, relays, and metres that need low-voltage connections are used in smart grids and other power systems to ensure the efficient operation and management of the network's operational activities. Smart city initiatives often involve the deployment of advanced technologies and infrastructure, such as intelligent transportation systems, smart grids, and efficient energy management systems. These projects require the installation of various voltage cables to support the transmission and distribution of electricity, data, and communication signals. As a result, the implementation of smart city projects can lead to an increased demand for Low voltage cables. Smart city initiatives focus on developing and upgrading infrastructure to enhance the quality of life for citizens. These projects involve the deployment of various technologies such as smart grids, intelligent transportation systems, and building automation systems, which require low voltage cables for power transmission and data communication. Smart city initiatives often include the development of intelligent and energy-efficient buildings. Low voltage cables are crucial components for powering and connecting various smart building systems, such as lighting, HVAC (heating, ventilation, and air conditioning), security, and automation systems. These cables enable seamless integration and control of different building systems, improving energy efficiency, and overall building performance.

Asia-Pacific is leading the market of low voltage cable market with more than 55% of the market share followed by Europe and North America. The Asia-Pacific region is experiencing significant urbanization and industrialization, resulting in a high demand for infrastructure development and power supply. Low voltage cables are essential for building and upgrading urban infrastructure, including residential buildings, commercial complexes, manufacturing facilities, and transportation networks. The growing need for reliable and efficient power transmission drives the demand for low voltage cables in the region. Governments in the Asia-Pacific region have been investing heavily in infrastructure development, including smart city projects, transportation networks, and power transmission and distribution systems. These investments boost the demand for low voltage cables as they are critical components for reliable and efficient energy supply and connectivity in these projects. Government initiatives and funding play a crucial role in driving the market growth. Furthermore, Asia-Pacific is a manufacturing hub for various industries, including automotive, electronics, and consumer goods. These industries require low voltage cables for their production facilities, machinery, and electrical systems. The region's robust industrial sector, along with supportive government policies and incentives, drives the demand for low voltage cables.

Based on installation type, the market is divided into overhead and underground. The underground segment holds the highest market share in 2022. During the anticipated period the overhead segment is expected to register the highest CAGR of the market. Overhead installation of low voltage cables is often more cost-effective compared to underground installation. Overhead cables require less excavation and construction work, resulting in lower installation costs. This makes overhead installation a preferred choice, especially in areas with limited budgets or where underground installation is technically challenging or economically unfeasible. Overhead installation offers flexibility in terms of routing and easier maintenance access. The cables are suspended on poles or towers, making them accessible for repairs, inspections, and replacements. This ease of maintenance reduces downtime and ensures quicker restoration of power in case of faults or disruptions. Overhead installation allows for rapid deployment of low voltage cables. The construction of overhead transmission lines or distribution networks is typically faster compared to underground installation, where extensive trenching and conduit installation are required. This advantage is particularly valuable in situations that demand a quick setup, such as emergency power restoration or infrastructure development in rapidly growing areas.

Companies mentioned in the report:
Nexans S.A., Prysmian S.p.A., Furukawa Electric Co., Ltd., Fujikura Ltd., Belden Incorporated, CommScope Holding Company, Inc, Hengtong Group, Sumitomo Electric Industries, Ltd., Corning Incorporated, Te Connectivity, LS Cable & System Ltd. , Leoni AG, Riyadh Cables Group, Optical Cable Corporation, Inc., Weinert Industries AG, Molex Incorporated, Caledonian Cables Ltd , Yangtze Optical Fibre and Cable Co., Ltd., HFCL (also Himachal Futuristic Communications Limited), Sterlite Technologies Limited

Considered in this report
• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Global Low Voltage Cable market with its value and forecast along with its segments
• Region-wise Low Voltage Cable market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions & Countries covered in the report:
• North America (United States, Canada, Mexico)
• Europe (Germany, United Kingdom, France, Spain, Italy, Russia)
• Asia-Pacific (China, Japan, India, Australia, South Korea)
• South America (Brazil, Argentina, Colombia)
• Middle East & Africa (UAE, Saudi Arabia, South Africa)

By Installation Type:
• Overhead
• Underground

By End-User:
• Power Infrastructure (Energy, Power Transmission and Distribution)
• IT & Telecommunication
• Building & Construction (Commercial and Residential)
• Aerospace & Defence
• Consumer Electronics
• Automotive (Passenger, Commercial and Utility Vehicles)
• Others (Oil & Gas Industry, Industrial Machinery and Manufacturing, Medical Equipment, Logistics, etc.)

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Low Voltage Cable industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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