Low Voltage Cable Market Report

In recent years, there has been a significant rise in demand for electricity. According to the U.S Energy Information Administration, in 2022, the production of electricity was 102.92 quads while consumption was 100.41 quads. In order to necessitate the increasing demand, the adoption of renewable energy sources such as solar and wind power is increasing. As stated by the International Energy Agency, renewable energy supply from solar, wind, hydro, geothermal, and ocean sources will increase by about 8% in 2022.

As a result, the low-voltage cables are gaining popularity owing to the rising electricity demand. Low-voltage cables are used to connect renewable energy sources to the power grid. Moreover, the use of energy-efficient low-voltage cables reduces transmission losses in renewable energy systems, increasing the efficiency of energy distribution. Besides this, increasing government initiatives promoting the adoption of renewable energy is also creating lucrative opportunities for the low-voltage cable market expansion during the forecast period. 

The low-voltage cable market is considered to be driven by rapid urbanization and industrialization over the forecast period. This has resulted in the development of infrastructure in residential, commercial as well as industrial sectors. These developments create a demand for a steady supply of electricity which is promoting the adoption of low voltage cables. In addition, owing to the cost-effective and safety features of low-voltage cables, the demand for low-voltage cables is increasing. Besides this, the aging infrastructure requires retrofitting of electrical supply networks, creating a demand for low-voltage cables. Furthermore, owing to the digital transformation, there is a significant rise in the adoption of Internet services. The expansion of data centers and the proliferation of telecommunication networks including 5G infrastructure is boosting the demand for low voltage cable over the forecast period.

• Use of low voltage cables for internal wiring in electronic vehicles.
• Low voltage cables for data transmission and power distribution in smart meters and other smart grid technologies.
• Development of high-performance insulation materials to enhance the durability and efficiency of low-voltage cables.
• Development of eco-friendly low-voltage cables made from recyclable materials.

The low-voltage cable market is susceptible to various factors that are likely to restrain the overall expansion of the market. For example, the high costs of raw materials such as copper and aluminum required for developing power cables are one of the major limiting factors of the low-voltage cable market expansion. In addition, transmission losses due to low-voltage cables are another restraining factor of the market. Apart from this, the emergence of novel technologies such as wireless communications are also contributing towards the impediment of the low voltage cable market growth over the forecast period. 

Several market players are implementing various market strategies including new product developments, partnerships, and mergers in order to strengthen their position in the market while also expanding their product offerings. For instance, in July 2023, UL Solutions, a global pioneer in applied safety science, established its new safety and performance testing facility in Abu Dhabi, UAE. The facility enhances and localizes UL Solutions' existing wire and cable testing services for fiber optical components and fire safety in Abu Dhabi to include testing low-voltage, solar, electric vehicle (EV) charging, and other cable products to local, regional, or worldwide standards.

In April 2023, Sumitomo Electric Group announced the development of a new power cable facility in the Scottish Highlands, United Kingdom, to assist the government's aim of achieving net zero emissions by 2050. Additionally, in December 2022, NKT announced the development of a 1 kV cable in the Swedish power system made of low-carbon aluminum and polyolefins. With this development, NKT intended to lower the carbon footprint of the power cable while strengthening its plan to become a net-zero emissions company.

North America is anticipated to hold a major share of the low-voltage cable market owing to the increasing demand for electricity in the region. In addition, the presence of major market players in the low-voltage cable market is boosting the market growth in the region. On the other hand, the European market for low-voltage cable is likely to witness growth owing to the replacement of existing overhead distribution lines with underground cabling in the region. Furthermore, Asia Pacific is also expected to experience growth in the low-voltage cable market during the forecast period. This growth can be attributed to the rising electricity demand in the region. Moreover, rapid industrialization and rising automation in the region are also driving the demand for low-voltage cables in the region over the forecast period. 

The report provides a detailed overview of the low voltage cable market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for the low voltage cable market has been offered for all regional market shares, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the low-voltage cable market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which are anticipated to have a substantial impact on the growth of the low-voltage cable market. Some key countries and region included in the low voltage cable market report are as follows:

• Low voltage cable market detailed segments and segment-wise market breakdown
• Low voltage cable market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in low voltage cable industry)
• Current, historical, and forthcoming 10 years market valuation in terms of low voltage cable market size (US$ Mn), volume (Meters), share (%), Y-o-Y growth rate, CAGR (%) analysis
• Low voltage cable market demand analysis
• Low voltage cable market pricing analysis over the forecast period (by key segment and by region)
• Low voltage cable market regional insights with a region-wise market breakdown
• Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
• Latest developments and innovations in low low-voltage cable market
• Regulatory landscape by key regions and key countries
• Supply chain and value chain analysis in low voltage cable market
• Low voltage cable market sales and distribution strategies
• A comprehensive overview of the parent market
• A detailed viewpoint on low voltage cable market forecast by countries
• Mergers and acquisitions in low low-voltage cable market
• Essential information to enhance market position
• Robust research methodology