Low Voltage Power and Control Cable Market Size - By Product (Power, Control), By Application (Utilities, Industries), Regional Outlook & Global Forecast, 2024 - 2032

Low Voltage Power and Control Cable Market Size - By Product (Power, Control), By Application (Utilities, Industries), Regional Outlook & Global Forecast, 2024 - 2032

Low Voltage Power and Control Cable Market size anticipated to register over 7.2% CAGR between 2024 and 2032, driven by increasing urbanization and industrialization worldwide along with the consequent surge in construction activities. As per World Bank, currently, more than half of the world’s population resides in urban regions. By the year 2045, the urban population is projected to grow by 1.5 times, reaching a total of 6 billion people.

The rising adoption of renewable energy sources, such as solar and wind power generation has fueled the need for efficient transmission and distribution systems. Rapid technological advancements and the growing shift towards smart grid systems have increased the requirement for sophisticated low voltage cables capable of transmitting data and power efficiently.

Furthermore, stringent regulations aimed at improving energy efficiency and reducing carbon emissions have propelled the demand for energy-efficient electrical systems, including low voltage power and control cables. To that end, manufacturers are increasingly focusing on developing eco-friendly and high-performance cable solutions to meet regulatory standards and address environmental concerns, thereby driving the market expansion.

The low voltage power and control cable market is classified into product, application and region.

By product, the industry size from the control cable segment is slated to witness significant growth during 2024-2032, owing to the advancements in automation and industrial processes to facilitate the transmission of signals and data for controlling machinery and equipment efficiently. The growing adoption of smart home and building automation systems has further fueled the need for control cables to enable the integration and control of various electronic devices and systems, such as lighting, HVAC, and security systems.

In terms of application, the low voltage power and control cable market from the utilities segment will record significant CAGR through 2032, favored by the modernization and expansion of electrical infrastructure. The increasing focus on grid reliability, efficiency, and resilience is driving the demand for advanced cables capable of transmitting power and data effectively while minimizing losses. Additionally, investments in smart grid technologies by utilities is necessitating the deployment of sophisticated control cables to enable remote monitoring, automation, and control of power distribution systems.

Europe low voltage power and control cable industry is poised to generate notable revenue over the forecast period, owing to stringent regulatory standards and initiatives aimed at enhancing energy efficiency and sustainability. The expanding construction and infrastructure development activities across the region are also fueling the product demand for diverse applications, such as residential buildings, commercial complexes, and industrial facilities.