Low Voltage Cable Market Size, Share and Industry Analysis, By Installation (Overhead, Underground), By voltage (1V-240V, 241V-440V, 441V-1000V), By Application (Residential, Commercial and Industrial), and Regional Forecast, 2019-2032

The global low voltage cable market size was USD 93.39 billion in 2018 and is projected to reach USD 235.75 billion by 2032, exhibiting a CAGR of 6.91% during the forecast period. In recent years there has been an exponential rise in electricity consumers over the globe which has driven the low voltage cable installation. New infrastructures, the introduction of renewable like solar and wind, have added boost to the market. 

These cables are the cables which act as the final step in the supply of electricity from the utility. After voltage adjustment in the transformers as per the requirement, these lines run overhead or underground to the end-user. Low voltage cable type includes variations in the materials being used for the manufacturing of cables. In most cases, copper and aluminum are the materials considered for their manufacturing. The growing demand for energy has led to an increase in petroleum and natural gas industries, mining activities, which has a considerable impact on this market.

MARKET TRENDS

Adoption of Renewable Resources for Power Generation Drives Low Voltage Cable Market

In recent years, the rising population has surged the demand for power across the globe. This 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. Also, setting up rooftop solar panels to satisfy the electricity demand of a single house requires the setting of new low voltage lines. These cables support has helped the increased renewable energy adoption, and this trend is set to continue during the forecast period and therefore help the LV cable market to grow at a healthy rate.

Growing Infrastructure Opens Up Doors of Opportunities for LV Cable Market

The growing population and urbanization across various regions have led to the construction of new residential buildings and commercial offices. These new constructions certainly require a smooth supply of electricity and are therefore boosting the low voltage cable market growth. This cable lighting is being preferred in these constructions owing to their safety and economic advantages. Besides this, the renovation work of old constructions being carried out requires replacement of electricity supply networks, which drives LV cable demand.

MARKET DRIVERS

Introduction and Adoption of Advanced Technologies will AugmentGrowth

With the introduction of new electronics technologies that simplify the working of an organization, the market for these cables has gained pace. For example, the internet services, which are mandatory for any organization to work smoothly, power supply for computers being installed for working, camera surveillance that has become an important factor in terms of security, separate generator set installations, and others. These all, coupled with the Internet of things, have helped this market positively.

Rising Demand for Energy Directly Drives LV cables Market

Apart from being used in residential and commercial applications, low voltage cable are also mandatory in various industrial processes that have equipment working on low voltages. A rising number of small scale industries over the last decade has driven the market. Petroleum industries, natural gas stations, and fueling stations all require LV supply lines. The mining industry requires equipment that works on low voltage, and therefore mining activities also cater to the market growth of these cables. 

MARKET RESTRAINT

Volatility in Raw Materials Price and Undue Electricity Losses Can Hinder Market Growth

Low voltage cable require a very high conductivity as they carry the regulated voltage from transformers to the end use sectors. Aluminum and copper being the majorly used metals for cables, any change in the price of these metals has a direct impact on the price of cables per meter, and therefore the global market. Losses during transmission also negatively impact market growth. Additionally, the implementation of low voltage cable roll out programs requires a huge investment to make electricity available at the required location. These factors can hamper the market growth during the given forecast period.

SEGMENTATION

By Installation Analysis

Operational Advantages of Underground Cabling will Surge its Market Growth

Based on the installation, the market of low voltage cable is segmented into overhead and underground. Underground cabling gives the advantage of more safety and good aesthetics as compared to the overhead segment. Also, underground cabling has higher insulation than overhead cables, and therefore there are less chances of any damage. Overhead cables segment, on the other hand, occupy a major share now, but with a switch from overhead lines to underground lines, this segment will witness a downfall in the coming years. Therefore, the underground segment is estimated to dominate the market during the forecast period.

By Voltage Analysis

Up to 240V Will Dominate Market Owing to Major Deployment in Residential Sector

Based on voltage, the market of low voltage cable is segmented into up to 240V, 241V-440V, and 441V-1000V. Among these, up to 240V currently dominates the market, and this trend is set to continue over the forecast period as this is the sufficient voltage required for the residential sector. Using this voltage range, most of the appliances and electrical equipment operate easily, and therefore this voltage level is sufficient for any of the residential buildings to operate. Also, with new low voltage appliances being introduced for household applications, the segment is expected to grow significantly in the coming years.

By Application Analysis

Growing Customers in Residential Sector Will Lead to Its Domination in the market 

In terms of application, the market is segmented into residential, commercial, and industrial. The residential sector will dominate the market as it holds the highest customer base in terms of the consumption of electricity. Certain plans are being brought up to make sure every house in the country gets access to electricity, and this certainly drives the segment growth. The residential sector has an operating voltage of up to 240V, which holds the lion share in the market. Additionally, the rising urbanization has led to the construction of new residential buildings to accommodate this moving population in urban areas. Following the residential sector, the commercial sector is the 2^nd major application sector. The industrial sector uses the voltage range from 241V-1000V. 

REGIONAL ANALYSIS

The market size of low voltage cable in the Asia Pacific stood at USD 34.25 billion in 2018. The market in the region has witnessed a tremendous hike in recent years following the impeccable rise in population and urbanization in countries like China, India, South Korea, and Japan. This has led to increased construction activities, and therefore demand for electricity has grown. The adoption of renewable has also impacted the LV cable market as new transmission lines are required for solar and wind. Following Asia Pacific, North America and Europe are the other two major regions for the LV cable industry.

In North America, the electronics industry has been driving the LV cable market, with the region being home to the top electronic companies around the world. In Europe, the adoption of renewable and upgradation of present grids has been the driving factor for the market. Latin America and the Middle East and Africa markets are expected to witness a healthy growth, with electrification plans being rolled out in many of the countries. Brazil and Mexico are the leading nations in Latin America and GCC countries that will lead the market in the Middle East and Africa.

KEY INDUSTRY PLAYERS

ABB, Prysmian Group and NexansEmerge as Leading Players with Diverse Portfolio

The competitive landscape of this market is dominated by ABB, Prysmian Group, and Nexans. A widespread geographical presence in various parts of the world, along with higher brand value as compared to other players, has been the prominent factors supporting the dominance of the companies mentioned above. The presence of a diverse product portfolio has also enhanced the sales of these companies in recent years. 

However, regional and domestic low voltage cable manufacturers such as Riyadh Cables Group Company, Polycab India, Finolex Cables, Encore Wire Corporation, and others have entered the market and are investing in various advancements to improve the performance standards. This is projected to positively impact the market to gain more market revenue during the forecast period.

LIST OF KEY COMPANIES PROFILED:

• Prysmian Group (Italy)


• ABB (Switzerland)


• Nexans (France)


• General Cable (U.S.)


• NKT Cables(Denmark)


• Encore Wire Corporation (U.S.)


• Finolex Cables (India)


• Bahra Cables Company(Saudi Arabia)


• BRUGG Cables (Switzerland)


• Riyadh Cables Group Company (Saudi Arabia)


• Polycab India  (India)


• KEI Industries (India)

KEY INDUSTRY DEVELOPMENTS:

• In July 2021, UK’s Northern Powergrid announced a five-year grid digitalization and decarbonization plan worth USD 321.5 million to help the company speed up its transition to the distribution network operator. Around USD 8.2 million are allocated to analyze and replace obsolete low voltage cables.


• In July 2021, An International Atomic Energy Agency (IAEA) team of experts completed a review of the long-term operational safety of units 5 and 6 of the Kozloduy nuclear power plant in Bulgaria. The team assessed the plant's preparedness, organization, and programs related to long-term operation (LTO) against IAEA safety standards. The team specifically monitored the condition of low voltage cables and verified if important cables are still reliable.


• In July 2021, Mozambique's publicly owned electricity company, EDM, initiated the replacement of obsolete cables and pylons for 7 kilometers in the inner Maputo neighborhood of Malhangalene to improve the quality of power reaching consumers. The initiative worth USD 126,000 will completely replace low voltage cables and metallic pylons, with insulated cables and concrete pylons.


• In June 2021, Zest WEG entered into a supply agreement with Anglo American Platinum, to install a range of electric control and instrumentation equipment for Mogalakwena mine’s North Concentrator Plant in Limpopo province. About 70 km of low voltage and medium voltage cable will be laid for the project.

REPORT COVERAGE

The low voltage cable market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation