The global low voltage cable market has witnessed remarkable growth, achieving a substantial valuation of USD 135.3 billion in 2022. This upward trajectory is set to continue, with an anticipated value of USD 144.5 billion by the end of 2023, showcasing robust year-over-year expansion. Looking ahead, the market is forecasted to experience a significant Compound Annual Growth Rate (CAGR) of 5.8% for low voltage cable sales, culminating in a remarkable revenue milestone of USD 255.0 billion by 2033, indicating sustained and substantial growth.
A pivotal driver behind this expansion is the consistent demand within the residential sector. The increasing need for electricity in households, alongside the growing prevalence of smart homes, serves as a significant catalyst propelling this demand. The latest market analysis underscores the poised growth of the residential segment, projecting a CAGR of 5.4% through 2033, reaffirming the indispensable role of low voltage cables in shaping the contemporary residential landscape.
Rising energy demand from residential and industrial sectors is expected to boost the global low voltage cable market. These cables often transmit electricity from power plants and other sources to end users.
Renewable energy sources like wind and solar power are becoming popular due to their benefits and declining costs. This is expected to uplift demand for low voltage cable as they are essential for integrating renewable energy into the power grid.
Rapid infrastructural development is anticipated to bolster low voltage cable sales. Governments worldwide are investing heavily in infrastructure development projects. These projects require low voltage cable for power supply and communication.
Surging popularity of smart buildings and adoption of automation & control systems are another key factors expected to foster the low voltage cable market growth. Low-voltage cables are widely used for power distribution, lighting control, data transmission, and other applications.
Leading low voltage cable manufacturers focus on producing novel solutions from eco-friendly materials to reduce the carbon footprint. This will positively impact the overall performance of the worldwide low voltage cable industry.
Key Takeaways from the Low Voltage Cable Market Report:
- The global low voltage cable industry is forecast to reach USD 255.0 billion by 2033.
- Based on installation type, overhead segment is set to thrive at 5.6% CAGR through 2033.
- By end use, residential segment is anticipated to expand at a CAGR of 5.4%.
- The United States market revenue is expected to total USD 46.3 billion by 2033.
- Sales revenue in China is forecast to total USD 37.2 billion by 2033.
- Demand in Japan is projected to increase at 6.0% CAGR between 2023 and 2033.
- The United Kingdom market is set to thrive at a CAGR of 6.2% through 2033.
- Korea is predicted to witness a CAGR of 5.5% over the forecast period.
“The exponential growth of residential and industrial sectors due to increasing population and economic growth is expected to create demand for low voltage cable during the forecast period. Key players are concentrating on developing more efficient and reliable low voltage cable to boost their revenues”, – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Who is Winning?
ABB Group, Encore Wire Corporation, Finolex Cables Ltd., General Cable Corporation, Nexans SA, NKT Cables Group GmbH, Polycab Wires Pvt. Ltd, Prysmian Group, Sumitomo Electric Industries Ltd., and Finolex are leading low voltage cable manufacturers listed in the report.
To gain maximum profits and expand their customer base, key companies are implementing several strategies. These include new product launches, facility expansions, partnerships, mergers, acquisitions, and collaborations.
Recent Developments in the Low Voltage Cable Industry:
- In May 2023, a new range of low-carbon distribution grid cables was launched by Nexans in the French market.
- In December 2022, new low-voltage power cables using low-carbon materials were developed by NXT.
Low Voltage Cable Industry Segmentation Analysis:
By Installation Type:
- Overhead
- Underground
By End Use:
- Residential
- Commercial
- Industrial
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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