Low Voltage Cables Market Size Worth USD 155.52 Billion, Globally, by 2026 at 6.7% CAGR

According to Fortune Business Insights, the global Low Voltage Cables market size is projected to grow from USD 93.39 billion in 2018 to USD 155.52 billion in 2026, at CAGR of 6.7% during forecast period;

Pune, India, Oct. 20, 2022 (GLOBE NEWSWIRE) — The global Low Voltage Cables Market was USD 93.39 billion in 2018. The global market size is expected to gain momentum by reaching USD 155.52 billion by 2026, exhibiting a CAGR of 6.7% during the forecast period from 2019-2026. This information is provided by Fortune Business Insights, in its report, titled, “Low Voltage Cables Market, 2019-2026.”

According to our analysts, the increasing population and their dependency on electricity for various residential, industrial, and commercial purposes to spur the growth. Low voltage cables are utilized in electrical equipment within the voltage rate of 75 and 1500V for direct current and within 50 to 1000V for altering current. Low voltage cables are usually made of copper and aluminum and are not subject to high electric stress.

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Report Highlights:

COVID-19 Impacts:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this, too, shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling, and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

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Drivers and Restraints:

Rising Demand for Energy Will Bolster growth

The increasing demand for electricity from all residential, commercial, and industrial sectors is a major factor promoting the low voltage cables market growth. This, coupled with the rising construction activities, development of smart homes, smart commercial spaces, and other smart infrastructure and facilities, also increases the need for electricity, further boosting the market for low voltage cables. Furthermore, the increasing demand for energy, coupled with the advent of the internet of things into daily lives, has further increased the demands for efficient and smooth current flow, thus augmenting the overall growth of the market in the forthcoming years.

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.

List of Key Players Mentioned in the Report:

• 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)

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Key Benefits for Low Voltage Cables Market:

• The Low Voltage Cables market analysis covers in-depth information of major industry participants.
• Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
• Major countries have been mapped according to their individual revenue contribution to the regional market.
• The report provides an in-depth analysis of the Low Voltage Cables market during the forecast period (2022–2026).
• The report outlines the current market trends and future scenario of the global Low Voltage Cables market to understand the prevailing opportunities and potential investment pockets.
• The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.

Regional Insights:

Asia Pacific to Continue Dominating Market with Increasing Number of Smart Home Projects

Asia Pacific generated a revenue of USD 34.25 billion in 2018 and earned the largest low voltage cables market share. Factors responsible for this dominance include increasing population, rapid urbanization, and the need to supply electricity to their increasing demand. This, coupled with the rise in construction activities in nations such as India, South Korea, Japan, and China will also augment the regional market growth in the forecast duration. On the other side, North America and Europe are in close competition to Asia Pacific.

The presence of major companies dealing with LV cables is promoting the North America market growth. Moreover, upgradation of present electric grids and the adoption of renewable energy for electricity production is boosting the Europe market. Additionally, the newly laid electrical plans for LV cable installation will help promote Latin America and the Middle East and Africa market in the coming years.

Competitive Landscape:

Duopolistic Nature of Market to Propel Other Companies to Engage in Collaborative Efforts

Companies such as Nexans, ABB, and Prysmian Group are currently dominating the market owing to their wide geographical expansion and high brand value. Other vendors engaged in merger and acquisition, joint ventures, agreements and contracts, and other collaborative efforts to gain a competitive edge in the market. They are also investing in better product development and efficient operations of the product to attract more low voltage cables market revenue in the forthcoming years.

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Global Low Voltage Cables Market Size Segmentation:

By Installation

• Overhead
• Underground

By Voltage

• Up to 240V
• 241V – 440V
• 441V – 1000V

By Application

• Residential
• Commercial
• Industrial

Table of Contents

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Emerging Trends – For Major Countries
  • Latest Technological Advancement
  • Regulatory Landscape
  • Industry SWOT Analysis
  • Porters Five Forces Analysis
• Global Low Voltage Cables Market Analysis (USD Billion), Insights and Forecast, 2015-2026
  • Key Findings / Summary
  • Market Analysis, Insights and Forecast – By Installation
    • Overhead
    • Underground
  • Market Analysis, Insights and Forecast – By Voltage
    • Up to 240V
    • 241V-440V
    • 441V-1000V
  • Market Analysis, Insights and Forecast – By Application
    • Residential
    • Commercial
    • Industrial
  • Market Analysis, Insights and Forecast – By Region
    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East and Africa

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