Low Voltage Power Cable Market

According to Stratistics MRC, the Global Low Voltage Power Cable Market is accounted for $123.85 billion in 2023 and is expected to reach $219.24 billion by 2030 growing at a CAGR of 8.5% during the forecast period. Low voltage (LV) cables are used for transferring power to electrical equipment that has a small voltage rating. Copper conductors that are flexible and made of solid or stranded aluminium are used to make these cables. They can transport data signals between various portions of a building, link audio/visual devices, or connect computers to networks. Low Voltage Power Cables provide effective energy utilization, faster data transfer, and trouble-free operations. They are also halogen-free and fire-resistant. The low voltage power cables are versatile, scalable and customizable as per the sector or the user demand.

According to the International Energy Agency (IEA), it projects that the world's yearly demand for energy will account for a larger portion of overall energy use, rising from 19% in 2018 to 24% in 2040.

Market Dynamics:

Driver:

Growing infrastructure

Right of way becomes more important as infrastructure development increases. New homes and office buildings have been built as a result of urbanisation and population growth in different locations. They are essential due to the fact that low voltage cable holds the majority of a company's digital infrastructure. Low voltage power lines are adaptable, expandable, and never consume excessive amounts of power. They may be tailored to the resources and requirements of any sector or organisation. These new developments undoubtedly call for a steady flow of energy, which is fueling the expansion of the low voltage cable industry.

Restraint:

Strict government authorization

Energy generation, transmission, and distribution require the appropriate safety measures. As a result, strong protective guidelines, regulations, laws, and standards established by governments and regulatory organizations are used to regulate the permission for the manufacturing, use, and distribution of new items. The rules and regulations protect stakeholders' interests from being exploited by significant market participants while also ensuring the safety of end users. The low-voltage cable industry may find it challenging to grow under such onerous constraints.

Opportunity:

Technological advancements

In order to reduce the amount of electricity lost during transmission and distribution, major industry participants are creating new products and technology that encourage energy saving. Faster gearbox speeds and less power loss are two benefits of technological developments. The market for low-voltage cables will have a lot of chances because to increasing spending on the development of machinery using superconducting technology, which will cut emissions. By encouraging the development and integration of smart electric grids, renewable energy sources, and modern transmission and distribution systems, the government's subsidies and incentives will also create lucrative chances for the low voltage cables.

Threat:

Complex and costly

In industrialised countries, transmission and distribution systems are outmoded and incompatible with contemporary, more trustworthy, durable, and efficient components like low-voltage cables. Before low-voltage cables are inserted in the current electricity networks and given the go-ahead to function, a number of adjustments, repairs, and replacements must be made to prevent future problems. These cutting-edge components are occasionally incompatible with the present gearbox and distribution systems, or their integration is expensive and time-consuming, which restricts market growth.

Covid-19 Impact

The COVID-19 epidemic has spread rapidly to every continent. Due to the quick spread, the governments of the majority of the world's nations have enacted precautionary measures like partial or total lockdowns, which have caused the closure of schools, colleges, institutions, and offices as well as the suspension of all commercial activity aside from the provision of essential goods and services. People are confined to their homes as a result of the closure. The expansion of the industry has also been benefitted by the increase in domestic power usage brought on by people working from home and students taking classes online. However, due to the lockdowns, there has been a considerable decrease in the demand for power from the commercial and industrial sectors, which is having an influence on the grid.

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

The underground segment is estimated to have a lucrative growth. In urban areas, underground cables are more favoured, as above-ground space is not available. Deployment of underground cables instead of overhead ones has been one of the trends in regions, like Europe and North America, in the recent times. They were extensively applied to transfer power between locations including generation sources, substations and load centers. More safety and aesthetically pleasing results are provided by underground cabling. Additionally, because subterranean cables are more well-insulated than above wires, there is a lower risk of damage.

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

The residential segment is anticipated to witness the fastest CAGR growth during the forecast period. According to the amount of power consumed, this group has the largest client base. The operating voltage for the residential market, which accounts for the majority of the market, is up to 240V. In order to accommodate this relocating population in urban areas, the expanding urbanisation has also prompted the development of new residential complexes. To ensure that every home in the nation has access to power, the government is putting out specific policies, which undoubtedly contribute to the segment's growth.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period. Sustainable power systems have become more prevalent as a result of the increase in energy consumption brought on by urbanisation, economic modernization, and higher living standards throughout the region. The markets in China, Japan, and India are expanding at the quickest rates because of their ambitions for a smart grid and an energy transformation. During the projection period, it is anticipated that rising solar and wind energy installation capacity, rising investments in T&D networks, and the development of smart grid infrastructure in this region would increase demand for low voltage cables.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period. The leading electronic firms in the world are based in North America. Customers are now able to afford such energy-intensive facilities because to rising disposable income. Consumer durables, smart homes, office space, and public utilities are in high demand in the area due to the urbanized populace. Energy is the only source of power for smart homes, offices, and consumer goods. The availability of such energy-driven facilities is made possible by customers' rising disposable incomes, which is driving up market demand in the region.

Key players in the market

Some of the key players profiled in the Low Voltage Power Cable Market include ABB Limited, Bahra Cables Company, BRUGG Cables, Encore Wire Corporation, Finolex Cables Limited, General Cable Corporation, Nexans, NKT Cables Group GmbH, Polycab India, Prysmian Group, LS Cables and Systems, TPC Wire and Cable Corporation, KEI Industries, Southwire, Remee Wire & Cable, Leoni AG, Tratos Group, Belden Inc. and Sumitomo Electric Industries Limited.

Key Developments:

In July 2023, ABB India’s Electrification business launched MegaFlex DPA (Decentralized Parallel Architecture) UPS solutions for the Indian market. The first of its kind sustainable UPS which is part of ABB EcoSolutions™ portfolio and complies with the ABB circularity framework. It has been designed for high density computing environment with highest efficiency rating and lowest footprint.

In April 2023, Finolex Cables is expanding manufacturing capacities at its plants in Pune, Goa and Roorkee across its product portfolio, including communication cables, solar cables, wire harnessing cables for automotive and the construction segment.

In October 2022, Polycab India Limited (PIL) has launched its latest television commercial advocating the use of Polycab green wire for a safe and secured well-being of all. Polycab has activated dedicated campaign around this film under the hastags #AapkeSapnoKoRakheSafe and #ExtraSafePolycabGreenWire. The new commercial has been conceptualised by Ogilvy India.

In July 2022, Remee Wire & Cable launched the new ActivateTM series of PowerPipeTM Distribution Cables. Remee now provides a new family of copper multipair and hybrid copper/fibre cables that are more resilient and cost-effective Class 4 fault-managed power solutions for distributed electronics requiring long-distance runs. They will assist in advancing digital power technologies necessary for smart buildings and various other applications.

Products Covered:
• Fittings & Fixtures
• XLPE Cables
• PVC Cables
• Cable Joints
• Cable Terminations
• Conductors
• Clamps
• Connectors
• Other Products

Materials Covered:
• Aluminium
• Copper

Voltages Covered:
• Up to 240V
• 241V – 440V
• 441V - 1000V

Installations Covered:
• Submarine
• Overhead
• Underground

Applications Covered:
• Residential
• Industrial
• Commercial

End Users Covered:
• Wind
• Utilities
• Oil & Gas
• Mining
• Chemicals & Petrochemicals
• Transportation
• Infrastructure
• Other End Users

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

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances