Low Voltage Cable Market to Garner $278.7 Billion, Globally, By 2032 at 5.9% CAGR: Allied Market Research

Oct 16, 2023

The global low voltage cable market is driven by the rising demand for telecommunications and data networking coupled with the growing adoption of renewable energy.

Portland, OR, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Low Voltage Cable Market By Installation Type (Overhead, Underground), By End-Use (Infrastructure, Renewable Energy, Industrial, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global low voltage cable industry generated $158.9 billion in 2022, and is anticipated to generate $278.7 billion by 2032, witnessing a CAGR of 5.9% from 2023 to 2032.

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Prime determinants of growth

The global low voltage cable market is driven by the surge in demand for telecommunications and data networking along with the increasing adoption of renewable energy. However, disadvantages associated with low voltage cables, such as limited power transmission and voltage drop are anticipated to hinder the growth of the market. Nevertheless, the evolution of smart grid technology and advanced energy management systems is expected to offer lucrative opportunities for market growth in the coming years.

Report Coverage & Details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$158.9 Billion

Market Size in 2032

$278.7 Billion

CAGR

5.9%

No. of Pages in Report

382

Segments Covered

Installation Type, End Use, Region.

Drivers

Rise in demand for power generation

Surge in telecommunications and data networking

Opportunities

Innovation and technological advancement

Restraints

Disadvantages associated with low voltage cable

Russia-Ukraine War impact Analysis on the Low Voltage Cable Market:

The conflict disrupted the supply chain for low voltage cable manufacturing. Ukraine is a significant producer of copper, a primary material used in cable production. Disruptions in mining, extraction, or transportation of copper affected the overall supply of raw materials for low voltage cable manufacturing.

The conflict led to changes in regional demand patterns for low voltage cables. Infrastructure projects in conflict-affected areas were put on hold or delayed, affecting the demand for low voltage cables in those regions. However, neighbouring countries or regions experienced an increase in demand as they invested in infrastructure development or sought alternative suppliers.

Geopolitical tensions resulted in trade restrictions, tariffs, or changes in import/export regulations. Such measures can disrupt international trade flows of low voltage cables between Russia, Ukraine, and other countries. Companies adapted new trade policies or seek alternative supply chains, potentially impacting market dynamics and pricing.

Geopolitical conflicts created market uncertainty and reduced investor confidence. Low voltage cable manufacturers, suppliers, and infrastructure developers may adopt a more cautious approach, leading to delays or reduced investments in projects that require low voltage cable infrastructure.

The underground segment maintained its lead position during the forecast period.

Based on installation type, the underground segment accounted for the largest share in 2022, contributing to around two-thirds of the global low voltage cable market revenue, and is projected to maintain its lead position during the forecast period. The same segment is projected to grow at a CAGR of 5.9% from 2023 to 2032. Underground low voltage cables are commonly used for supplying power to residential areas, commercial buildings, and industrial facilities. Underground cables offer several advantages compared to overhead cables, such as reduced visual impact, enhanced safety, and protection from weather-related issues like storms and high winds.

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The renewable energy segment to maintain its lead position during the forecast period Based on end use, the renewable energy segment accounted for the largest share in 2022, contributing to around two-fifths of the global low voltage cable market revenue, and is projected to maintain its lead position during the forecast period. Low voltage cables play a significant role in the renewable energy sector, supporting the efficient and reliable transmission of electricity generated from renewable sources to the power grid and end-users. Renewable energy sources, such as solar, wind, hydro, and geothermal, produce electricity at various voltage levels, and low voltage cables are used for specific applications within renewable energy systems. The infrastructure segment is projected to grow at a CAGR of 6.2% from 2023 to 2032. Low voltage cables are extensively used in buildings for electrical wiring, powering lighting systems, outlets, switches, and other electrical devices. They provide a safe and efficient means to distribute electricity throughout residential, commercial, and industrial structures. Besides, these cables are used for street lighting systems, illuminating roads, pathways, and public spaces in urban and rural areas.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global low voltage cable market revenue and is likely to dominate the market during the forecast period. The same region is projected to grow at a CAGR of 6.2% from 2023 to 2032. The rapid pace of urbanization and ongoing infrastructure development in various Asian countries is creating a growing demand for low voltage cables to support electrical power distribution and communication networks in residential, commercial, and industrial buildings. Besides, many countries in Asia-Pacific are actively increasing their use of renewable energy sources, such as solar and wind power, to meet their energy needs sustainably. This has led to a higher demand for low voltage cables to facilitate the integration of renewable energy into the power grid.

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Leading Market Players: -

PRYSMIAN GROUP

NEXANS S.A.

SUMITOMO ELECTRIC INDUSTRIES, LTD.

NKT A/S

ABB

TE CONNECTIVITY

BAHRA ELECTRIC

KEI INDUSTRIES LIMITED

POLYCAB INDIA LTD.

BELDEN INC.

The report provides a detailed analysis of these key players in the global low voltage cable market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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