Low Voltage Cable Low Voltage Cable Market

Global Low Voltage Cable Market Overview                     

The global Low Voltage Cable market accounted for USD 145.9 Billion in 2020 and is expected to reach USD 216.2 Billion by 2028, growing at a CAGR of around 4.9% between 2021 and 2028.           

Escalating demand for renewable energy and rapid industrialization is forecast to drive low voltage cable market trends. Apart from this, the thriving automotive sector has further added to the evolution of the low voltage cable market. Lack of funding along with delays in the project authorization, however, can restrict the development of the low voltage cable market shortly. Nevertheless, the emerging trend of smart grid applications and easy availability of products at competitive pricing is anticipated to stimulate the demand for the low voltage cable market over the ensuing years.

COVID-19 Impact Analysis:

The global Low Voltage Cable market has witnessed a slight decline, due to reduced demand and supply chain bottlenecks in all the regions. The restrictions imposed by various nations to contain COVID had stopped the production resulting in disruption across the whole supply chain. Lockdowns of varying degrees, mass business closures, and social distancing mandates have heavily influenced industrial electricity demand in recent months, which could deter low-voltage cable installation. The impact was observed to a larger extent in developing nations. The market would remain bullish in the upcoming year.  The significant decrease in the global Low Voltage Cable market size in 2020 is estimated based on the COVID-19 outbreak and its negative impact on the economies and industries across the globe. Various scenarios have been analyzed based on inputs from various secondary sources and the current data available about the situation.

Growth Factors

Various factors such as the increasing industrialization and urbanization, increased renewable energy production, growth in transmission and distribution networks, and governmental initiatives to expand or upgrade the system are driving the global low voltage cable market. However, funding constraints and complex planning & authorization are restraining the market.

Report Scope:  

Segment Analysis Preview  

Key application segments covered in this study include overhead and underground. Based on end-users, the market has been segmented into infrastructure, utilities, oil & gas, industrial, renewable, and others. Based on application, underground cabling gives a more safe and more aesthetic look over overhead however, overhead cables share a major share now which will witness a downfall in coming years.

Regional Analysis Preview  

Regionally, Asia Pacific has been leading the worldwide low voltage cable market and is anticipated to continue in the dominant position in the years to come. The flourishing vehicle sector and scarcity of power supply in the region leading to mammoth demand for electricity is the main factor behind the dominance of the Asia Pacific low voltage cable market. The high number of market players being headquartered in the Asia Pacific is another significant factor that is supporting the growth of this regional low voltage cable market. In addition, large-scale sales of passenger vehicles, commercial vehicles, and two-wheelers will further lead to proliferation in the growth of low voltage cable market.

Key Market Players & Competitive Landscape

ABB Ltd, Sumitomo Electric Industries, Nexans S.A, Prysmian S.P.A, Finolex Cables Limited, and General Cable are some of the key vendors of low voltage cable across the world.

 The global Low Voltage Cable  market is segmented as follows:

By End User

• Infrastructure
• Utilities
• Oil & Gas
• Industrial
• Renewables & Others

By Application

• Overhead
• Underground

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa