Low Voltage Cable Market Forecasts to 2030 – Global Analysis By Installation Type (Underground, Overhead and Other Installation Types), Voltage, End User and By Geography

Low Voltage Cable Market Forecasts to 2030 – Global Analysis By Installation Type (Underground, Overhead and Other Installation Types), Voltage, End User and By Geography

According to Stratistics MRC, the Global Low Voltage Cable Market is accounted for $173.2 billion in 2023 and is expected to reach $316.6 billion by 2030 growing at a CAGR of 9% during the forecast period. The low voltage cable market refers to the segment of the cable industry that deals with cables designed to operate at lower voltage levels, typically up to 1,000 volts. These cables play a crucial role in various applications, including power distribution, telecommunications, and electronics. They are extensively used in residential, commercial, and industrial settings to transmit electrical energy for lighting, heating, and powering electronic devices.
According to Taihan Cable, the ""M-TEC"" factory in South Africa will enhance the facilities used to produce medium and low-voltage cables. The enhancement is enabled by installing a new CCV for insulation and strengthening a production line used to prepare conductor surfaces.

Market Dynamics:

Driver:

Increasing consumer electronics usage

With the pervasive integration of smartphones, laptops, and various household gadgets in modern daily life, there is an ever-growing demand for low voltage cables to power and charge these devices. The ubiquity of USB cables, charging cords, and other low voltage connectors reflects the critical role these cables play in facilitating the seamless functioning of electronic gadgets. Additionally, as technology advances, the emergence of smart homes and the increasing reliance on interconnected devices further amplify the need for low voltage cables to establish a robust and efficient power distribution network within homes.

Restraint:

Fluctuating raw material prices

Key materials like copper and aluminum, integral to cable manufacturing, are subject to volatile price movements influenced by global market dynamics. Rapid and unpredictable shifts in the costs of these essential materials pose challenges for manufacturers, impacting production expenses and overall profitability. The cable industry is particularly sensitive to these fluctuations as raw materials often constitute a substantial portion of total manufacturing costs. However, manufacturers may find it challenging to maintain competitive pricing and stable profit margins in the face of such volatility.

Opportunity:

Technological advancements

Continuous research and development lead to the creation of advanced materials and manufacturing processes, resulting in low voltage cables that offer enhanced performance, durability, and environmental sustainability. The evolution of insulation materials, conductor technologies, and manufacturing techniques contributes to cables with improved electrical conductivity, reduced energy losses, and increased resistance to environmental factors. Moreover, innovations such as high-temperature superconductors and smart cable technologies further expand the capabilities of low voltage cables, meeting the evolving demands of modern applications.

Threat:

Environmental concerns

The manufacturing processes and materials involved in low voltage cables may be subject to increased regulatory and consumer demands for eco-friendly practices. Compliance with stringent environmental standards necessitates investments in research and development to adopt cleaner technologies and sustainable materials. The disposal of old or damaged cables also becomes a concern, requiring environmentally responsible recycling practices. However, meeting these environmental expectations often involves additional costs for manufacturers, impacting overall competitiveness.

Covid-19 Impact:

Pandemic-induced lockdowns and restrictions led to delays in construction projects and a slowdown in manufacturing activities, directly affecting the demand for low voltage cables in sectors like residential and commercial construction. Disruptions in the global supply chain, shortage of raw materials, and logistical challenges further impeded production capabilities. Additionally, uncertainties surrounding economic conditions prompted some end-users to postpone infrastructure investments, affecting the overall market growth.

The underground segment is expected to be the largest during the forecast period

Underground segment dominated the largest market share over the projected period due to its increasing prominence in modern urban planning and infrastructure development. Growing urbanization and a focus on aesthetic cityscapes have fueled the demand for underground low voltage cables, as they offer a concealed and space-efficient solution compared to traditional overhead lines. Additionally, this method not only enhances the overall aesthetics of urban areas but also minimizes the visual and environmental impact associated with overhead cables.

The commercial segment is expected to have the highest CAGR during the forecast period

Commercial segment is experiencing profitable growth over the forecast period. As businesses increasingly rely on sophisticated electrical and communication systems, there is a growing demand for low voltage cables to support power distribution, lighting, and data transmission within commercial spaces. The rise of smart buildings and office automation further amplifies this demand, requiring advanced low voltage cables for seamless integration of technologies such as energy-efficient lighting, HVAC controls, and security systems. Additionally, the expansion of the IT and telecommunications sector fuels the need for robust low voltage cables to ensure efficient data connectivity and communication networks in commercial establishments.

Region with largest share:

Asia Pacific region dominated the largest share of the market over the projected period due to rapid urbanization, industrialization, and infrastructural developments. Growing economies, particularly in countries like China and India, are witnessing extensive construction activities in residential, commercial, and industrial sectors, driving the demand for low voltage cables. The increasing focus on electrification, coupled with government initiatives to enhance energy infrastructure, further boosts market growth.

Region with highest CAGR:

North America region is experiencing profitable growth over the projected period due to the adoption of smart technologies and the expansion of telecommunication networks in the region contribute to the rising need for advanced low voltage cables. Ongoing infrastructure projects, including the development of smart cities and renovations, contribute to the surge in demand. The emphasis on energy efficiency and sustainability further fuels the adoption of advanced low voltage cables in the North American market.
Key players in the market

Some of the key players in Low Voltage Cable market include ABB, Bahra Cables Company, BRUGG Cables, Encore Wire Corporation, Finolex Cables Ltd, KEI Industries, Nexans, NKT Cables, Polycab Wires Pvt. Ltd, Prysmian Group, Riyadh Cables Group Company and Cablel Hellenic Cables Group.

Key Developments:

In November 2023, Finolex Cables, India’s leading manufacturer of electrical and communication cables announced the introduction of LAN passive components to its existing business of LAN cables. The product range includes patch cords, information outlet, patch cards and faceplates. These are especially useful in places like data centres, IT networks, conference rooms and branch office connections with high-density switches.

In September 2023, Smart locks, switches from Finolex Cables can be operated through touch, voice commands, smartphones, voice assistants. Finolex Cables Limited’s shares were up by 0.24 per cent after the company introduced a range of smart switches and door locks that can be operated through touch, voice commands, smartphones, and voice assistants.

Installation Types Covered:
• Underground
• Overhead
• Other Installation Types
Voltages Covered:
• 441V-1000V
• 241V-440V
• Up to 240V

End Users Covered:
• Industrial
• Renewable Energy
• Infrastructure
• Commercial
• Residential
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
JapanChinaIndiaAustralia
New Zealand
South Korea
Rest of Asia Pacific• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances