The global low voltage cable market reached a value of US$ 56.4 Billion in 2020. Low voltage (LV) cables are used for transferring power to electrical equipment that has a small voltage rating. They can handle 50-1000 volts in case of alternating current and between 75-1500 volts of direct current. These cables are manufactured using solid or stranded aluminum and flexible copper conductors. High-quality LV cables are halogen-free, fire-resistant and ensure efficient use of energy, quicker data transfer and seamless operations. LV cables are primarily used for low-stress applications in automation systems, infrastructure, video surveillance, sounds and security alarms, etc. Looking forward, IMARC Group expects the global low voltage cable market to exhibit moderate growth during the next five years.
The rising energy demand and incorporation of smart grid networks across the globe are the key factors driving the growth of the market. The growing need for uninterrupted power supply in various industries has increased power generation, distribution and transmission across various regions, which is resulting in enhanced utilization of LV cables. They are also used in the nacelle of wind turbines to connect the transformer to the low-voltage generator. The rising trend of incorporating renewable energy resources in the power generation process is also expected to drive the market further. There has been a rise in the demand for efficient power transmission equipment that can be integrated with smart devices on account of the burgeoning population, along with growing urbanization and digitalization. Furthermore, smart grids and other power systems use automated electronic hardware and software such as switches, relays and meters that require LV cables as they enable smooth functioning and controlling of the operational processes of the network.
IMARC Group’s latest report provides a deep insight into the global low voltage cable market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the low voltage cable market in any manner.
The report has also analyzed the competitive landscape of the market with some of the key players being Prysmian Group, Nexans, General Cable, ABB, Sumitomo Electric Industries, NKT, Encore Wire Corporation, Finolex Cables, TE Connectivity, Caledonian Cables, Polycab Wires, Leoni, Southwire, Wanda Group, Hangzhou Cable, etc.
The global low voltage cable market size was valued at US$ 56.40 Billion in 2020.
According to the estimates by IMARC Group, the global low voltage cable market is expected to witness a CAGR of 4.50% from 2021 to 2026.
The rising incorporation of smart grid networks, along with growing need for uninterrupted power supply represent some of the key drivers for the global low voltage cable market.
The emergence of renewable energy sources for reducing carbon emissions represents one of the key trends in the global low voltage cable market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous manufacturing units of low voltage cables, thereby negatively impacting the market growth.
On the basis of the installation type, the market has been bifurcated into overhead installation and underground installation. Currently, overhead installation segment holds the majority of the total market share.
On the basis of the material, the market has been segmented into copper and aluminum. Amongst these, copper represents the largest segment.
On the basis of the end-user, the market has been segmented into industrial, infrastructure, renewables, solar, and wind, where the industrial segment exhibits a clear dominance in the market.
Region-wise, the market has been classified into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America, where Asia Pacific dominates the global market.
The key companies in the global low voltage cable market are Prysmian Group, Nexans, General Cable, ABB, Sumitomo Electric Industries, NKT, Encore Wire Corporation, Finolex Cables, TE Connectivity, Caledonian Cables, Polycab Wires, Leoni, Southwire, Wanda Group, Hangzhou Cable, etc.
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