Low-voltage Cable Market Overview, 2023-28

Worldwide, low voltage systems run at less than 1000 VAC or 1500 VDC, ensuring effectiveness and safety. For communication, appliances, and illumination, they are used all over the world. Transformator devices lower high voltage for distribution. Low Voltage Direct Current (LVDC) is a technology that is gaining a lot of traction throughout the world due to its energy efficiency in a range of applications. The global trends in low voltage systems have been evolving towards greater energy efficiency, integration of renewable energy sources, smart automation, LVDC adoption, and electrification of transportation. Energy efficiency remains a key focus worldwide, driving the demand for low voltage systems that minimize power losses during transmission and improve overall energy utilization. This is achieved through advancements in equipment design, power management strategies, and the use of energy-efficient components. Smart homes and buildings have become increasingly popular, and low voltage systems enable intelligent automation, energy management, and remote monitoring. These systems offer greater control over lighting, HVAC, security, and other functions, resulting in improved energy efficiency and comfort. The adoption of Low Voltage Direct Current (LVDC) systems is growing due to their potential for higher energy efficiency. LVDC reduces conversion losses and enables seamless integration with DC-powered devices like LED lighting, data centers, and solar power systems.

According to the research report, Global Low Voltage Cable Market Overview, 2023-28 the market is anticipated to across USD 181.90 Billion market size by 2028, increasing from USD 123.10 Billion in 2022. The market is projected to grow with 6.77% CAGR by 2023-28.In recent years, the rising population has surged the demand for power across the global. 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 trends is set to continue during the forecast period and therefore help the LV cable market to grow at healthy rate .the competitive landscape of this market is dominated by ABB , Prysmian group and Nexans .A widespread geographical presence in various parts of world, along with higher brand value as compared to other players has been the prominent factors supporting the sales of these companies in recent years . The Asia Pacific region holds significant importance in the low voltage market due to various factors. First and foremost, the region is home to a large and rapidly growing population, driving the demand for residential, commercial, and industrial infrastructure. This surge in construction and urbanization leads to increased adoption of low voltage systems for lighting, appliances, and communication purposes. Moreover, the Asia Pacific region has witnessed substantial economic growth over the years. This economic expansion has resulted in increased investment in manufacturing, industrialization, and infrastructure projects. These sectors heavily rely on low voltage systems for powering machinery, equipment, and control systems.

Technological advancements are another key factor contributing to the significance of the Asia Pacific region in the low voltage market. Countries in this region have been at the forefront of electronics, telecommunications, and renewable energy innovations. As a result, there is a high demand for low voltage systems to support the integration of advanced technologies and facilitate energy-efficient solutions. China's significance in the low voltage market is primarily attributed to its status as a manufacturing hub. The country is known as the world's factory and has a robust manufacturing sector that spans various industries, including electronics, appliances, automotive, and more. These industries require extensive use of low voltage systems for powering equipment, machinery, and control systems. China's manufacturing prowess and large-scale production capabilities result in significant demand for low voltage components and systems. The country's ability to produce and supply low voltage products at competitive prices has made it a key player in the global market. Chinese manufacturers often benefit from economies of scale, enabling them to offer cost-effective solutions to domestic and international customers. International Electrotechnical Commission (IEC), Institute of Electrical and Electronics Engineers (IEEE), National Electrical Manufacturers Association (NEMA), International Association of Electrical Inspectors (IAEI), International Council on Large Electric Systems (CIGRE) are some of the association for low voltage market. Recent developments in the global low voltage sector include increased adoption of Low Voltage Direct Current (LVDC) systems for improved energy efficiency, integration of low voltage systems into smart grids, integration of energy storage systems with low voltage networks, development of electric vehicle charging infrastructure, and the introduction of energy efficiency regulations. These developments aim to enhance energy management, grid stability, and promote sustainable practices in the low voltage market. It is important to stay informed through industry reports and publications for the most up-to-date information on recent developments in the low voltage sector.

Overhead power lines are widely used in many regions, particularly in rural and remote areas where wide-open spaces are available. This installation method is common in countries with extensive rural areas and is often preferred for its lower initial installation cost and easier maintenance and repairs. Underground power distribution is more prevalent in urban and suburban areas, especially in developed countries with a focus on aesthetics, safety, and reducing visual impact. Submarine installations require specialized equipment, marine engineering expertise, and adherence to environmental regulations. They are particularly prominent in coastal regions with extensive offshore wind energy development or where international power exchange is necessary.Commonly used materials in the global low voltage market include copper and aluminum for conductors, steel for structural components, plastics for insulation and sheathing, and ceramics for high-temperature and high-voltage applications. These materials offer properties such as conductivity, durability, insulation, and protection. The selection of materials depends on factors such as application requirements, cost-effectiveness, safety standards, and regional preferences. Advancements in materials science continue to drive innovation, introducing new materials and alternative solutions to meet the evolving needs of the low voltage industry worldwide. The COVID-19 pandemic had significant effects on the global low voltage industry. Disruptions in the supply chain led to delays in manufacturing and delivery of low voltage components and equipment. Construction projects were delayed or put on hold, resulting in reduced demand for low voltage systems. The industry also witnessed a shift in priorities, with a greater emphasis on health and safety measures in building designs and improved ventilation systems. Remote work and digitalization trends also impacted the low voltage sector, driving the need for enhanced connectivity and infrastructure to support remote operations. Restraints in the global low voltage market include economic uncertainty impacting construction investments, regulatory challenges in compliance with diverse standards, high initial costs of advanced technologies, the rapid pace of technological advancements, limited awareness about low voltage benefits, and a skills gap in the industry. Additionally, environmental concerns and restrictions on certain materials or processes can hinder the adoption of specific low voltage technologies. Overcoming these restraints requires collaborative efforts, government support, technological innovations, and educational programs to enhance awareness and skills within the industry. Globally, the usage of low voltage systems is widespread across various end users. These include residential buildings, commercial and office spaces, industrial facilities, infrastructure projects, retail and commercial spaces, and applications related to renewable energy and electric vehicle charging. These end users span across different regions and countries worldwide, with varying levels of demand and adoption based on local market conditions and infrastructure development.

Considered in this report

• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Regional covered in the report:

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

Aspects covered in this report

• Global Low Voltage Cable market with its value and forecast along with its segments
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Installation Type:

• Overhead
• Underground
• Submarine

By End Users:

• Power Infrastructure (Energy, Power Transmission, and Distribution)
• IT & Telecommunication
• Building & Construction (Commercial and Residential)
• Aerospace & Defence
• Consumer Electronics
• Automotive (Passenger, Commercial, and Utility Vehicles)
• Others (Oil & Gas Industry, Industrial Machinery and Manufacturing, Medical Equipment, Logistics, etc.)

The approach of the report:

This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to ready to washing machine industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.