The Low Voltage Power Cables Market is estimated at USD 67.4 billion in 2023. Further, the market is expected to grow from USD 70.5 billion in 2024 to USD 1,02.1 billion in 2031 at a CAGR of 5.4%.
Low Voltage Power Cables Market Market Overview
A cable is a medium through which information or data moves from one network device to another. Low-voltage (LV) cable or structured cabling is defined as electrical wires and trimmings used in wide applications that require less infrastructure. Due to the increasing demand for safe and reliable electricity transmission, low-voltage cabling is becoming popular in homes and utilities. LV power cable forms a vital component for the secondary distribution of power at a voltage of less than 1 kV. They connect buildings and carry power over short distances of up to several hundred meters. A transformer connects the LV cable with the medium voltage system. Different low-voltage accessories include fittings and fixtures, cable joints, and cable terminations, which are used for overhead and underground installations.
Low-voltage cables are built with solid and standard, rigid, copper, and aluminum conductors and flexible copper conductors. LV cables normally have a low electric field around the conductor. Therefore, screening is not mandatory. Still, it can be helpful to carry fault currents and to give touch protection to the cable. A screening function can also be provided by metallic armor.
Latest Trends in Low Voltage Power Cables Market
Increasing renewable energy production:
The growing population has surged the global demand for power in recent years. The rising trend of incorporating renewable energy resources in power generation is also anticipated to drive the market further. The world’s capacity to produce electricity from wind turbines, solar panels, and other renewable technologies is rising, with 2021 expected to set a fresh record for new installations. With renewable technologies typically more cable intensive than traditional fossil fuel-based generation methods, it will become an increasingly important driver for future cable demand.
Renewables are estimated to account for almost 95% of the rise in global power capacity by 2026. It has brought in renewable sources for energy production to suffice the power demand. The adoption of renewable energy leads to the lying of new transmission and distribution lines from utility to end-users. In addition, setting up rooftop solar panels to satisfy the electricity demand of a single house requires the setting of new low-voltage lines. This cable support has helped increase renewable energy adoption. This trend will continue during the forecast period and therefore help the LV cable market grow at a healthy rate.
Driving Factors
Rapid industrialization along with government initiatives towards the upgradation of T&D networks:
Urbanization and industrialization have been traditional growth drivers for the global cable industry. However, in the coming years, growth in the cable market will also be determined by new-age drives like the 5G spectrum, robotics & automation, and the increasing role of cloud-based data sharing. Cables are among the most important components of a power transmission and distribution (T&D) network. The expanding T&D network and overall infrastructure development drive the demand for cables and conductors.
Ongoing grid modernization, installing advanced electrical equipment across the T&D network, and upgradation of current grid networks are also driving the market growth. The expansion of the T&D network is vital for ensuring evacuation infrastructure for renewable energy plants and providing a reliable power supply. T&D utilities are deploying new cabling technologies that offer greater resilience with lesser upkeep requirements. Underground cabling is especially witnessing growth as smart city projects gather pace globally. Underground cabling provides resilience in severe weather conditions, ease of network expansion in densely populated areas, and protection against theft.
Market Challenges
Fluctuating Raw Material Prices:
The cable industry is experiencing fluctuations in raw material prices; as copper prices continue to rise. Low-voltage cables require high conductivity as they carry the regulated voltage from transformers to the end-use sectors. Aluminum and copper are the major used metals for cables; any change in the price of these metals directly impacts the price of cables per meter and, therefore, the global market. Losses during transmission also negatively impact market growth. Also, implementing low-voltage cable roll-out programs requires a huge investment to make electricity available at the required location. These factors can hamper market growth during the forecast period.
Companies Mentioned
PRYSMIAN GROUP
NEXANS
NKT CABLES
LS Corp.
ABB Ltd
Furukawa Electric Co., Ltd.
THE TORO COMPANY
Mitsubishi Hitachi Power Systems, Ltd.
Market Segmentation
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TABLE OF CONTENTS
1. GLOBAL LOW-VOLTAGE POWER CABLES INDUSTRY
1.1. Market Scope and Definition
1.2. Study Assumptions
2. LOW-VOLTAGE POWER CABLES MARKET LATEST TRENDS, DRIVERS AND CHALLENGES, 2023-2031
2.1. Low-Voltage Power Cables Market Latest Trends
2.1.1. Increasing renewable energy production:
2.1.2. Surging adoption of IoT & Emergence of Smart Cities:
2.1.3. Surging Demand for Electricity
2.1.4. Growth in Exploration & Production of Oil and Gas to Drive the Market in Medium Term
2.2. Low-Voltage Power Cables Market Insights, 2023-2031
2.2.1. Leading Low-Voltage Power Cables, by Installation, 2023-2031
2.2.2. Leading Low-Voltage Power Cables, by Voltage, 2023-2031
2.2.3. Dominant Low-Voltage Power Cables Application, 2023-2031
2.2.4. Fast-Growing Geographies for Low-Voltage Power Cables, 2023-2031
2.3. Low-Voltage Power Cables Market Drivers to 2031
2.3.1. Rapid industrialization along with government initiatives towards the upgradation of T&D networks:
2.3.2. Growth in communication infrastructure:
2.3.3. Rising construction sector driving the low-voltage power cables demand:
2.3.4. Expanding Applications of Low-Voltage Power Cables:
2.3.5. Rising Urbanization & Growing investments in Smart Grid Technology:
2.3.6. Substantial Plans for Renewable Energy
2.4. Low-Voltage Power Cables Market Restraints to 2031
2.4.1. Fluctuating Raw Material Prices:
2.4.2. Technical Limitations:
2.5. Low-Voltage Power Cables Market-Five Forces Analysis
3. GLOBAL LOW-VOLTAGE POWER CABLES MARKET VALUE, MARKET SHARE, AND FORECAST TO 2031
3.1. Global Low-Voltage Power Cables Market Overview, 2023
3.2. Global Low-Voltage Power Cables Market Size and Share Outlook, By Installation, 2023-2031
3.2.1. Overhead
3.2.2. Underground
3.2.3. Submarine
3.3. Global Low-Voltage Power Cables Market Size and Share Outlook, By Voltage, 2023-2031
3.3.1. 0-240
3.3.2. 241- 440
3.3.3. 441-1000
3.4. Global Low-Voltage Power Cables Market Size and Share Outlook, By Application, 2023-2031
3.4.1. Utilities
3.4.2. Residential
3.4.3. Commercial
3.4.4. Industrial
3.5. Global Low-Voltage Power Cables Market Size and Share Outlook by Region, 2023-2031
4. NORTH AMERICA LOW-VOLTAGE POWER CABLES MARKET VALUE, MARKET SHARE, AND FORECAST TO 2031
4.1. North America Low-Voltage Power Cables Market Overview, 2023
4.2. North America Low-Voltage Power Cables Market Size and Share Outlook by Installation, 2023-2031
4.3. North America Low-Voltage Power Cables Market Size and Share Outlook, By Voltage, 2023-2031
4.4. North America Low-Voltage Power Cables Market Size and Share Outlook, By Application, 2023-2031
4.5. North America Low-Voltage Power Cables Market Size and Share Outlook by Country, 2023-2031
4.5.1. United States
4.5.2. Canada
4.5.3. Mexico
5. EUROPE LOW-VOLTAGE POWER CABLES MARKET VALUE, MARKET SHARE, AND FORECAST TO 2031
5.1. Europe Low-Voltage Power Cables Market Overview, 2023
5.2. Europe Low-Voltage Power Cables Market Size and Share Outlook by Installation, 2023-2031
5.3. Europe Low-Voltage Power Cables Market Size and Share Outlook, By Voltage, 2023-2031
5.4. Europe Low-Voltage Power Cables Market Size and Share Outlook, By Application, 2023-2031
5.5. Europe Low-Voltage Power Cables Market Size and Share Outlook by Country, 2023-2031
5.5.1. Germany
5.5.2. France
5.5.3. UK
5.5.4. Italy
5.5.5. Spain
5.5.6. Rest of Europe
6. ASIA PACIFIC LOW-VOLTAGE POWER CABLES MARKET VALUE, MARKET SHARE AND FORECAST TO 2031
6.1. Asia Pacific Low-Voltage Power Cables Market Overview, 2023
6.2. Asia Pacific Low-Voltage Power Cables Market Size and Share Outlook by Installation, 2023-2031
6.3. Asia Pacific Low-Voltage Power Cables Market Size and Share Outlook, By Voltage, 2023-2031
6.4. Asia Pacific Low-Voltage Power Cables Market Size and Share Outlook, By Application, 2023-2031
6.5. Asia Pacific Low-Voltage Power Cables Market Size and Share Outlook by Country, 2023-2031
6.5.1. China
6.5.2. Japan
6.5.3. India
6.5.4. Rest of Asia Pacific
7. SOUTH AND CENTRAL AMERICA LOW-VOLTAGE POWER CABLES MARKET VALUE, MARKET SHARE AND FORECAST TO 2031
7.1. South and Central America Low-Voltage Power Cables Market Overview, 2023
7.2. South and Central America Low-Voltage Power Cables Market Size and Share Outlook by Installation, 2023-2031
7.3. South and Central America Low-Voltage Power Cables Market Size and Share Outlook, By Voltage, 2023-2031
7.4. South and Central America Low-Voltage Power Cables Market Size and Share Outlook, By Application, 2023-2031
7.5. South and Central America Low-Voltage Power Cables Market Size and Share Outlook by Country, 2023-2031
7.5.1. Brazil
7.5.2. Argentina
7.5.3. Rest of South and Central America
8. MIDDLE EAST AFRICA LOW-VOLTAGE POWER CABLES MARKET VALUE, MARKET SHARE AND FORECAST TO 2031
8.1. Middle East Africa Low-Voltage Power Cables Market Overview, 2023
8.2. Middle East Africa Low-Voltage Power Cables Market Size and Share Outlook by Installation, 2023-2031
8.3. Middle East Africa Low-Voltage Power Cables Market Size and Share Outlook, By Voltage, 2023-2031
8.4. Middle East Africa Low-Voltage Power Cables Market Size and Share Outlook, By Application, 2023-2031
8.5. Middle East Africa Low-Voltage Power Cables Market Size and Share Outlook by Country, 2023-2031
8.5.1. Middle East
8.5.2. Africa
9. LOW-VOLTAGE POWER CABLES MARKET STRUCTURE
9.1. PRYSMIAN GROUP
9.2. NEXANS
9.3. NKT CABLES
9.4. LS Corp.
9.5. ABB Ltd
9.6. Furukawa Electric Co., Ltd.
9.7. THE TORO COMPANY
9.8. Mitsubishi Hitachi Power Systems, Ltd.
10. APPENDIX
10.1. About Us
10.2. Sources
10.3. Research Methodology
10.4. Contact Information
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