Global Low Voltage Cable Market Outlook
Revenue, 2023
Forecast, 2033
CAGR, 2024 - 2033
The Low Voltage Cable industry revenue is expected to be around $132.9 billion in 2024 and expected to showcase growth with 6.5% CAGR between 2024 and 2033. The market, for low voltage cables is an example of innovation and interconnectedness, ingrained in the electrical infrastructure landscape. At around USD 117.2 billion in 2023 and expected to grow to USD 182.1 billion by 2030 at a compound annual growth rate of 6. 5%. This sector shows promising growth potential and forecasts suggest that by 2035, the market could exceed USD 249 billion highlighting the increasing need, for transmission solutions.
Low voltage power cables are widely used to distribute energy and are versatile, in handling voltage levels up to 1kV for residential and industrial needs due to their flexibility and durability against environmental factors that ensure top performance, in various settings
Market Key Insights
- The Low Voltage Cable market is projected to grow from $117.2 billion in 2023 to $220 billion in 2033. This represents a CAGR of 6.5%, reflecting rising demand across Residential Wiring, Industrial Automation and Telecommunications.
- Nexans, Southwire, Prysmian Group are among the leading players in this market, shaping its competitive landscape.
- U.S. and Germany are the top markets within the Low Voltage Cable market and are expected to observe the growth CAGR of 4.2% to 6.2% between 2023 and 2030.
- Emerging markets including Brazil, Mexico and South Africa are expected to observe highest growth with CAGR ranging between 7.5% to 9.0%.
- Transition like Energy Transition has greater influence in U.S. and Germany market's value chain; and is expected to add $7 billion of additional value to Low Voltage Cable industry revenue by 2030.
- The Low Voltage Cable market is set to add $103 billion between 2023 and 2033, with manufacturer targeting 241V-440V & 441V-1000V Voltage projected to gain a larger market share.
- With Increased urbanization, and Technological advancements, Low Voltage Cable market to expand 88% between 2023 and 2033.
Opportunities in the Low Voltage Cable
The rapid growth of industries and cities in developing countries presents an opportunity, for the production & consumption of low voltage cables
Growth Opportunities in North America and Asia-Pacific
North America Outlook
The market, for low voltage cables in North America is competitive due to advancements and infrastructure investments in technologies. Southwire and Nexans leading the way by leveraging the regions emphasis on renewable energy and upgrading electrical systems already in place. Strict regulations and top notch standards boosting market durability encouraging manufacturers to prioritize creative solutions that meet regulatory demands and ensure top notch performance
Asia-Pacific Outlook
The low voltage cable market, in the Asia Pacific region is rapidly expanding due to the growth of industrialization and urbanization in countries like India and China. Prysmian Group and General Cable are taking advantage of the market opportunities in the region by setting up manufacturing facilities and forming partnerships. In this landscape of the regions market with a focus o cost sensitivity manufacturers are constantly striving to enhance efficiency in production and supply chain management. While facing challenges, in the Asia Pacific market both local and global companies have growth prospects to explore
Market Dynamics and Supply Chain
Driver: Increased Urbanization, and Focus on Renewable Energy
The advancement of technologies such, as IoT and automation is also increasing the need for low voltage cables across different industries. These cables are also essential for connectivity and efficient control in the integration of these technologies
Restraint: Price Volatility of Raw Materials
Opportunity: Focus on Sustainable Solutions and Smart Infrastructure Development
The emergence of cities offers a chance, for companies that produce low voltage cables to thrive and grow their business further by incorporating these cables into smart infrastructure initiatives to boost efficiency and connectivity through advanced solutions in demand
Challenge: Regulatory Challenges
Supply Chain Landscape
Copper
Aluminum
Nexans
Southwire
Prysmian Group
General Cable
Exporter / Importers
Super Distributors
Regional / Area Distributors
Power Utilities
Electrical Contractors
Copper
Aluminum
Nexans
Southwire
Prysmian Group
General Cable
Exporter / Importers
Super Distributors
Regional / Area Distributors
Power Utilities
Electrical Contractors
Applications of Low Voltage Cable in Residential Wiring, Industrial Automation & Telecommunications
Low voltage cables play a role in the wiring of homes by ensuring safe and efficient power distribution, within residential environments. They are used in applications such as lighting systems, reliable connections for HVAC units and security systems. Nexans has introduced solutions, for residential wiring that meet safety regulations and also contribute to energy conservation efforts
In manufacturing industries low voltage cables play a role in the functioning of automation and control systems by linking sensors actuators and various devices to enable operations and monitoring. Prysmian Groups industrial cables are crafted to endure conditions guaranteeing durability and dependability in challenging settings like factory automation and process control
The telecommunications sector heavily depends on low voltage cables, for transmitting data and communication systems. It is used for purposes like telephone lines and internet connections. CommScope has been a leader in developing cutting edge low voltage solutions that improve data speeds and bandwidth to meet the increasing need for high performance communication networks
Low voltage cables are crucial, in energy setups like solar & wind power systems. These cables link wind turbine & solar panels to inverters or junctions and grids for smooth energy transmission purposes. ABB's low voltage solutions aim to enhance efficiency in energy setups and support the effort, towards sustainable energy sources
Recent Developments
Nexans has introduced a series of eco-friendly low voltage cables aimed at reducing environmental impact without compromising performance
Prysmian Group has finalized the purchase of General Cables assets to enhance its presence in the low voltage cable industry
Southwire has launched a range of low voltage cables designed specifically for automation to improve connectivity and dependability, in manufacturing settings