The latest report by IMARC, titled “Low Voltage Cable Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the global low voltage cable market size has reached US$ 102.5 Billion by 2021. Low voltage cable (LV) refers to a wire that transfers power to electrical equipment with a small voltage rating. They are capable of distributing power at a voltage less than 1000. They are produced with the help of stranded or solid aluminum and flexible copper conductors. Good quality low voltage cables are fire-resistant, halogen-free, and ensure efficient energy usage, faster data transfer and seamless operations. In recent years, low voltage cables have gained traction due to their employment in video surveillance, automation systems, infrastructure, security alarms, and others.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of the associated industries. These observations will be integrated into the report.
Global Low Voltage Cable Market Trends:
One of the primary factors driving the market is the increasing energy demand and the penetration of smart grid networks. Additionally, the launch and adoption of various advanced technologies that can be integrated with smart devices due to the growing digitalization and urbanization are creating a positive market outlook. Besides this, there is an increase in the production of renewable energy resources in the power generation process, thus propelling the market growth. Furthermore, the rising requirement for uninterrupted power supply in various industry verticals has led to increased power generation, transmission, and distribution, which is strengthening the market growth. Apart from this, the escalating demand for efficient power transmission equipment, which can be integrated with smart devices due to the rapidly increasing population, is creating lucrative opportunities for the key players operating in the industry. Moreover, various government incentives in order to expand or improve the transmission and distribution (T&D) system is acting as another major growth-inducing factor. Looking forward, IMARC Group expects the market value to reach US$ 150.7 Billion by 2027, expanding at a CAGR of 6.3% during the forecast period (2022-2027).
- Based on the installation type, the market has been bifurcated into overhead and underground.
- On the basis of the material, the market has been segmented into copper and aluminum.
- Based on the overhead product, the market has been divided into conductors, fittings and fixtures, and others.
- On the basis of the underground product, the market has been categorized into PVC, XLPE cables, cable terminations, cable joints, and others.
- Based on the end-user, the market has been classified into infrastructure (commercial and residential, transportation, and others), industrial (utilities, oil and gas, mining, chemicals and petrochemicals, and others), and renewables (wind and solar).
- Region-wise, the market has been segmented into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been analyzed, with some of the key players being Prysmian Group, Nexans S.A., General Cable, ABB Group, Sumitomo Electric Industries, NK Communications, Encore Wire Corporation, Finolex Cables, TE Connectivity, Caledonian Cables, Polycab Wires, Leoni AG, Southwire Company, LLC, Wanda Group, Hangzhou Cable.
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