Low Voltage Cable Market Size, Share, And Growth Report 2032

Low Voltage Cable Market Size

Zion Market Research has published a report on the global Low Voltage Cable Market, estimating its value at USD 115.89 Billion in 2023, with projections indicating that it will reach USD 193.48 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 5.86% over the forecast period 2024-2032.

The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Low Voltage Cable Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Global Low Voltage Cable Market: Overview                     

Low voltage cables are utilized for electrical equipment with a voltage rating for alternating current between 50 to 1000v and for direct current between 75 to 1500v, thus they are not subjected to high electric stress. Low voltage cables are mostly made of tinned copper or plain or standard aluminum and the wire can have circular, compacted or shaped configuration. The basic requirement for transmission and distribution of electricity are power cables and accessories from the point of generation to the point of consumption. Low voltage cable is an important component for secondary distribution of electricity. Low voltage accessories are utilized to maintain cables in distribution network.

Escalating demand for renewable energy and rapid industrialization is forecast to drive low voltage cable market trends. Apart from this, the thriving automotive sector has further added to the evolution of the low voltage cable market. Lack of funding along with delays in the project authorization, however, can restrict the development of the low voltage cable market shortly. Nevertheless, the emerging trend of smart grid applications and easy availability of products at competitive pricing is anticipated to stimulate the demand for the low voltage cable market over the ensuing years.

COVID-19 Impact Analysis:

The global Low Voltage Cable market has witnessed a slight decline, due to reduced demand and supply chain bottlenecks in all the regions. The restrictions imposed by various nations to contain COVID had stopped the production resulting in disruption across the whole supply chain. Lockdowns of varying degrees, mass business closures, and social distancing mandates have heavily influenced industrial electricity demand in recent months, which could deter low-voltage cable installation. The impact was observed to a larger extent in developing nations. The market would remain bullish in the upcoming year.  The significant decrease in the global Low Voltage Cable market size in 2020 is estimated based on the COVID-19 outbreak and its negative impact on the economies and industries across the globe. Various scenarios have been analyzed based on inputs from various secondary sources and the current data available about the situation.

Low Voltage Cable Market: Growth Factors

Increasing demand of renewable power and expansion in urbanization and industrialization are expected to remain major driving factors for the growth in low voltage cable market. Lack of financial support and delays in authorization of different projects could be restraining factors for the growth of low voltage cable market. The global low voltage cable market offers new growth opportunities, due to rising demand of power and increasing automotive industry growth in Asia Pacific region. The price of raw material is unpredictable and growing neutral market providing cheap products and low quality is expected to promote the usage of low voltage cables.

Low Voltage Cable Market: Segmentation

Low voltage cable is segmented on the basis of end users and application.

On the basis of end users, low voltage cable market is segmented into infrastructure, utilities, oil & gas, industrial, renewables, and others. Renewable segment is estimated to account for the largest low voltage cable market shares among all the end users. Renewable will develop extensively due to growing approval of sustainable technologies of achieving global emission target.

On the basis of application, low voltage cable market is segmented into overhead and underground. Overhead segment held the largest market share due to low installation, O&M cost and huge demand across the globe. On the basis of overhead, low voltage cable market is further segmented into fitting, conductor, and fixture. Underground segment observe significant growth subject to less damage from environmental and weather conditions benefits. On the basis of underground, low voltage market more segmented into cable transmission, PVC cable, cable joints, and XLPE cable.

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Low Voltage Cable Market: Report Scope

Low Voltage Cable Market: Regional Analysis

Regionally, Asia Pacific has been leading the worldwide low voltage cable market and is anticipated to continue in the dominant position in the years to come. The flourishing vehicle sector and scarcity of power supply in the region leading to mammoth demand for electricity is the main factor behind the dominance of the Asia Pacific low voltage cable market. The high number of market players being headquartered in the Asia Pacific is another significant factor that is supporting the growth of this regional low voltage cable market. In addition, large-scale sales of passenger vehicles, commercial vehicles, and two-wheelers will further lead to proliferation in the growth of low voltage cable market.

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Low Voltage Cable Market: Competitive Players

• ABB Ltd
• Sumitomo Electric Industries
• Nexans S.A
• Prysmian S.P.A
• Finolex Cables Limited
• General Cable

 The global Low Voltage Cable  market is segmented as follows:

By End User

• Infrastructure
• Utilities
• Oil & Gas
• Industrial
• Renewables & Others

By Application

• Overhead
• Underground

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa