According to the report by Expert Market Research (EMR), the global low-voltage cable market size is projected to grow at a CAGR of 4.4% between 2024 and 2032. Aided by the rising demand for energy-efficient appliances and the growing adoption of low-voltage cables in several industries, the market is expected to grow significantly by 2032.
Low voltage cables, which handle voltages of up to 1kV, are typically used in applications that include residential and commercial lighting, as well as powering appliances and small machines. These cables play an essential role in transmitting electricity for general use, with an emphasis on safety, efficiency, and reliability. Apart from their transmission capabilities, low-voltage cables also offer superior flexibility and durability, making them valuable for various industrial applications, including automation, construction, and transportation.
The increasing consumer preference for energy-efficient appliances is one of the key factors driving the global low-voltage cable market growth. With the rising awareness of energy conservation and the benefits associated with efficient energy use, there has been a significant shift towards energy-efficient appliances that require low-voltage cables for their operation. Additionally, the rising trend of smart homes and buildings, which rely heavily on low-voltage cabling for lighting and control systems, has further contributed to the growing demand for low-voltage cables.
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The expanding use of low-voltage cables across various industries is also playing a significant role in propelling the low-voltage cable market development. In the construction industry, low-voltage cables are widely used for electrical installations in residential and commercial buildings. Similarly, in the automation sector, these cables are vital for connecting sensors, control units, and other equipment. Moreover, the growth of electric vehicles (EVs) and renewable energy systems, which rely on low voltage cables for efficient power transmission, is another key factor boosting the market expansion.
Further, technological advancements and the development of advanced materials for low voltage cables are expected to propel low voltage cable market growth over the forecast period. Manufacturers are increasingly focusing on producing cables with better insulation and higher performance to meet the evolving needs of various sectors.
Lastly, the growing focus on sustainable and green construction practices is also leading to an increased demand for low voltage cables, as these cables contribute to energy efficiency, a key consideration in sustainable building designs. With the rise of sustainable practices and the growing adoption of energy-efficient systems, the low voltage cable market is set to witness substantial growth in the coming years.
Low Voltage Cable Market Segmentation
The market can be divided based on installation, material, application, and region.
Market Breakup by Installation
- Overhead
- Conductors
- Fittings and Fixtures
- Others
- Underground
- PVC Cables
- XLPE Cables
- Cable Terminations
- Others
Market Breakup by Material
- Copper
- Aluminium
Market Breakup by Application
- Residential
- Commercial
- Industrial
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of the Low Voltage Cable Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global low voltage cable companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Prysmian S.p.A.
- ABB Ltd
- General Cable Corporation
- Sumitomo Electric Industries, Ltd
- KEI Industries Limited.
- NKT A/S
- Riyadh Cables Group
- Others
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