"Actionable Insights to Fuel Your Growth"
The global low voltage cable market size was USD 93.39 billion in 2018 and is projected to reach USD 155.52 billion by 2026, exhibiting a CAGR of 6.7% during the forecast period.
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. 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. Also, 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.
Request a sample to learn more about this report.
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.
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.
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.
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.
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.
To know how our report can help streamline your business, Speak to Analyst
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 2nd major application sector. The industrial sector uses the voltage range from 241V-1000V.
Asia Pacific Low Voltage Cable Market Size, 2018 (USD Billion)
To get more information on the regional analysis of this market, Request a sample
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.
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.
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.
To gain extensive insights into the market, Request for Customization
Value (USD Billion)
Fortune Business Insights says that the global market size was USD 93.39 billion in 2018 and is projected to reach USD 155.52 billion by 2026.
In 2018, the market value stood at USD 93.39 billion.
Growing at a CAGR of 6.7%, the market will exhibit healthy growth in the forecast period (2019-2026).
The residential segment is expected to be the leading segment in this market during the forecast period.
The introduction of renewable is fuelling the demand for LV cable.
Prysmian Group, ABB, and Nexansare among the leading players in the global market.
The Asia Pacific dominated the market share in 2018.
The increasing population has led to new construction in various sectors and therefore fueling LV cable market growth.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry