Global Low Voltage Cable Market 2024-2031

Global Low Voltage Cable Market 2024-2031

Low Voltage Cable Market Size, Share & Trends Analysis Report by Installation Type (Overhead, and Underground), by Overhead Product (Conductors, and Fittings and Fixtures), by Underground Product (PVC Cables, XLPE Cables, Cable Terminations, and Cable Joints), and by End-Users (Infrastructure, Commercial, and Renewable) Forecast Period (2024-2031)

Low-voltage cable market is anticipated to grow at a CAGR of 5.8% during the forecast period (2024-2031). A low-voltage cable, often referred to as LV cable, is an electrical cable specifically designed to conduct electricity at a voltage level suitable for applications requiring less energy. This cable is generally employed in residential, commercial, and industrial environments for energy needs that do not exceed 1000 volts. The structure of LV cables includes insulation materials to protect against environmental factors, conductors made of copper or aluminum to transfer electricity, and sheathing to provide additional safety.

Market Dynamics

Rapid automation and adoption of smart grids

The transition to automated systems and the widespread adoption of smart grids are factors that heavily depend on LV cables, and this dependence is contributing to the market growth. The role of low-voltage cables in the creation of interconnected, intelligent energy networks is pivotal. These cables enable more precise control, monitoring, and distribution of electricity, allowing for the optimization of efficiency and reduction of waste. The deployment of smart grids is considered a significant advancement in energy management, requiring LV cables to ensure seamless functionality. Additionally, the trend toward automation in industrial processes across various sectors necessitates LV cables for reliable operations. The integration of these advanced technologies creates opportunities for the LV cable industry to innovate and expand. With the global drive towards digitization and the adoption of connected technologies, LV cables are emerging as an essential part of modern energy and industrial landscapes.

Rapid urbanization and industrialization

The global market for LV cables is primarily driven by rapid urbanization and industrialization, which necessitates reliable and efficient energy solutions. In line with this, the growing emphasis on renewable energy integration requiring connecting solar panels and wind turbines is providing an impetus to market growth. Moreover, the augmenting demand for energy-efficient solutions in residential and commercial buildings is acting as a significant growth-inducing factor for the market. In addition to this, continuous development in infrastructure, especially in emerging economies, is resulting in higher investment in LV cable solutions. Besides this, the rising focus on safety in electrical installations is creating lucrative opportunities in the market. The market is further driven by the global shift towards automation and smart grids, as well as regulations and standards emphasizing energy conservation. Apart from this, the expansion of telecommunication networks requiring LV cables for data transfer is propelling the market.

Market Segmentation

Our in-depth analysis of the global low-voltage cable market includes the following segments by installation type, overhead product, underground product, and end-user:

Based on installation type, the market is segmented into overhead and underground.

Based on overhead products, the market is segmented into conductors, fittings, and fixtures.

Based on underground products, the market is segmented into PVC cables, XLPE cables, cable terminations, and cable joints.

Based on end-users, the market is segmented into infrastructure, commercial, and renewable. The infrastructure segment includes commercial and residential, transportation, and others. Commercial segments include utilities, oil and gas, mining, chemicals and petrochemicals, and others. Renewables include wind and solar.

Underground is Projected to Emerge as the Largest Segment

The underground cables are placed just underneath the earth's surface. They are ideal for carrying low voltage power over short distances and can be placed in an urban setting such as towns or cities. The increasing urbanization will bode well for the segment's growth. They can be amended and customized according to the needs of the cities. They are scalable, affordable, and resilient systems that offer seamless energy for sprawling economic activities. The underground segment is also dominant, given that it prevents power outages brought on by weather conditions. Underground transmission lines are less susceptible to changes in temperature, wind, and other environmental factors. They also don't detract from the aesthetics of the surrounding area. They are ideal for communication systems.

Conductors Sub-segment to Hold a Considerable Market Share

The conductor segment is vital for transmitting electrical energy. Driven by demands in various industries, including utilities, manufacturing, and construction, advancements in conductor materials and technologies also support this segment. Continual innovations in conductor technologies allow for higher current-carrying capacity, reduced resistive losses, and enhanced overall efficiency.

Regional Outlook

The global low voltage cable market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).

North America to Exhibit Highest CAGR During to Forecast Period

The aging of the power grid in the US is a key contributor to the high demand for low-voltage cables across the region. Significant businesses dealing in low-voltage cables and accessories in North America are assisting in the growth of the low-voltage cables and accessories market over the forecast period.

Asia-Pacific Holds Major Market Share

Among all the regions, Asia-Pacific holds a significant share due to the greater energy demand due to the area's growing population and increasing per capita disposable income. In Asia-Pacific, China held the largest market share. The US State Department estimates that 387 million people in Asia-Pacific lack access to electricity. The region's expanding need for electricity requires constant mounting and upgrading of the current T&D infrastructure. Due to these developments, low-voltage cables and accessories are now required to safeguard and improve the electrical transmission and distribution system. Manufacturers of low-voltage cables and accessories are working together and signing contracts with other businesses to rehabilitate the electrical infrastructure in Asia-Pacific and supply the region with electrical components.

The major companies serving the global low-voltage cable market include Brugg Kabel AG, Hellenic Cables, NKT A/S, and Prysmian S.p.A, among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers and acquisitions among others to stay competitive in the market. For instance, in February 2023, Prysmian Group launched Prysmian Prysolar, an innovative cable solution for solar power generation, which is fully compliant with the applicable global standards EN 50618 and IEC 62930 and enhanced with long-term resistance in water up to 1800 V DC.