The global low voltage cable market size reached USD 135.3 billion in 2022 and is estimated to total USD 144.5 billion by 2023. Over the forecast period, global low voltage cable sales are predicted to soar at 5.8% CAGR. By 2033, the low voltage cable market revenue is expected to total USD 255.0 billion.
Demand for low voltage cable is anticipated to remain high in the residential segment. This is due to growing electricity demand from the residential sector and growing popularity of smart homes. The latest low voltage cable market analysis estimates the residential segment to progress at 5.4% CAGR through 2033.
Key Market Highlights:
A Gigantic Market Valuation despite Drop in Estimated CAGR
The global market for low voltage cable is forecast to hit a massive valuation of USD 255.0 billion by 2033, despite a 1.3% drop in estimated CAGR compared to the historical one. This is attributable to increasing urbanization, the rise of renewable energy sector, and rapid expansion of the industrial sector.
United States to Retain its Market Dominance through 2033
During the assessment period, the United States is forecast to retain its dominance in the global low voltage cable market. This is due to rapid industrial growth, rising adoption of automation and renewable energy sources like solar panels, and growing trend of smart buildings.
Overhead Segment to Witness Downfall amid High Usage of Underground Cables
As per the latest report, overhead low voltage cable will continue to dominate the global market during the forecast period. This is due to these cables' cost-effective installation and easy maintenance advantages.
However, amid changing preferences toward underground low voltage cable, the overhead segment is likely to witness a downfall during the assessment period. End users are gradually shifting their preference towards underground cables owing to their several advantages.
Underground cabling provides more safety and pleasing aesthetics compared to the overhead one. They are more reliable and less susceptible to weather damage. Adoption of underground low voltage cable significantly reduces chances of damage to wildlife and public.
Growing usage of underground cables, particularly across developed and developing nations, is expected to boost the underground segment. Advanced underground cable installation equipment development will also help improve the target segment's share.
Manufacturers Using Eco-friendly Materials to Reduce their Environmental Impact
Amid rising environmental concerns and implementation of stringent government regulations, low voltage cable manufacturers are constantly innovating. They are concentrating on using eco-friendly materials like low-carbon aluminum and recycled plastic to reduce the carbon footprint of power cables.
For instance, Nexans recently launched a new range of low-carbon power grid cables in France. Similarly, NKT announced the production of a 1 kV cable using low-carbon aluminum and polyolefins in December 2022.
Using eco-friendly materials is expected to help companies meet their ambition to reduce the cable industry’s carbon footprint. It will also help them to comply with stringent environmental regulations.
| Attributes | Key Insights |
|---|---|
| Global Low Voltage Cable Market Size in 2022 | USD 135.3 billion |
| Estimated Low Voltage Cable Market Value (2023) | USD 144.5 billion |
| Projected Market Size (2033) | USD 255.0 billion |
| Predicted Low Voltage Cable Market CAGR (2023 to 2033) | 5.8% |
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Low voltage cable is designed to carry or transmit low voltage electrical signals, usually below 50 volts. They are generally used in applications requiring low voltages.
Low voltage cable is made from aluminum or copper conductors insulated in materials like polyvinyl chloride (PVC), XLPE, fiberglass, and others. They find applications in residential, commercial, and industrial settings.
Power, communication, and control cables are commonly used types of low voltage cable globally. They are used for power distribution, telecommunications, lighting control systems, and other applications.
Currently, overhead low voltage cable dominates the market. However, changing market trends and shifting preferences indicate the underground segment will likely witness significant growth through 2033.
Growing usage of low voltage cable in several applications is expected to boost the market. Low voltage cable is widely used in power distribution, communication, lighting, appliance control, and security systems.
The worldwide low voltage cable market experienced a CAGR of 7.1% between 2018 and 2022. Total market revenue totaled USD 135.3 billion in 2022. For the forecast period, a CAGR of 5.8% has been predicted for the target market.
| Historical CAGR (2018 to 2022) | 7.1% |
|---|---|
| Forecast CAGR (2023 to 2033) | 5.8% |
Global sales of low voltage increased significantly during the historical period. This was due to the remote work and learning trend and high usage of low voltage cable in the healthcare sector.
There was a surge in remote work and online learning during the COVID-19 pandemic. This increased need for home office setups and connectivity infrastructure, including use of low voltage cable for networking, connection of electronic devices, and power distribution.
With people spending more time at home, home automation and entertainment systems adoption increased rapidly between 2018 and 2022. This accelerated sales of low voltage cable as they are required for connectivity and power in smart devices and other smart home solutions.
The healthcare industry witnessed increased demand for medical devices, communication tools, and monitoring systems. This further creates need for low voltage cable as they are vital for power and data transmission in medical technologies.
Principal Consultant
The global low voltage cable market is expected to progress steadily during the forecast period. The latest low voltage cable market analysis shows that the target market is predicted to attain a gigantic valuation of USD 255.0 billion by 2033.
Several factors are expected to drive the global low voltage cable industry forward during the assessment period. These include rapid urbanization, transition towards renewable energy sources, and growing popularity of smart buildings and industrial automation.
Low voltage cable demand is expected to rise steadily in residential, commercial, and industrial construction through 2033. This is due to increasing urbanization and ongoing infrastructure development projects.
According to the World Bank, about 56% (4.4 billion inhabitants) of the world’s population lives in cities currently. This trend is expected to further escalate, with the urban population reaching around 6 billion by 2045. Driven by these, demand for flexible cables and other low-voltage cables is set to rise rapidly.
Increase in residential and commercial buildings is anticipated to create need for safe and reliable electrical wiring systems. This, in turn, is set to create demand for low voltage cable as they are essential components of these systems.
Rising energy demand and costs are prompting people to install renewable energy systems like solar panels/PV panels. This transition towards renewable energy sources is expected to boost sales of low voltage cable as they play a crucial role in connecting renewable energy systems to the grid.
Solar photovoltaic systems require low voltage cable to transmit power from solar panels to inverters, batteries, and distribution panels. Hence, growing adoption of these renewable energy systems will drive low voltage cable demand.
Low voltage cable demand will also increase due to growing trend towards smart buildings and the Internet of Things (IoT). These cables are used for applications like power distribution, data transmission, and lighting control in smart homes.
Another key factor expected to foster the low voltage cable market growth is the rising adoption of industrial automation and control systems. Similarly, expansion of telecommunication infrastructure, rising popularity of electric vehicles, and the proliferation of consumer electronics will bode well for the market.
Governments worldwide are launching new initiatives to promote renewable energy, infrastructure development, and energy efficiency. This is anticipated to create demand for quality low voltage cable.
Key companies are focusing on developing new low voltage cable and wires from environmentally friendly and recycled materials. This will help them to expand their customer base and comply with stringent regulations.
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The table below highlights key countries’ low voltage cable market revenue. China, the United States, and Japan are forecast to remain the dominant markets for low voltage cable, with expected valuations of USD 37.2 billion, USD 46.3 billion, and USD 22.6 billion, respectively, in 2033.
| Countries | Market Value (2033) |
|---|---|
| United States | USD 46.3 billion |
| United Kingdom | USD 10.4 billion |
| China | USD 37.2 billion |
| Japan | USD 22.6 billion |
| South Korea | USD 11.9 billion |
Below table shows the estimated low voltage cable market growth rates of top countries. Japan, the United Kingdom, and China are set to experience higher CAGRs of 6.0%, 6.2%, and 6.1%, respectively, through 2033.
| Countries | Projected Low Voltage Cable Market CAGR (2023 to 2033) |
|---|---|
| United States | 5.5% |
| United Kingdom | 6.2% |
| China | 6.1% |
| Japan | 6.0% |
| South Korea | 5.5% |
The table below shows the historical low voltage cable market growth rates of the top five countries. With CAGRs of 8.8%, 8.3%, and 8.2%, respectively, Japan, South Korea, and the United Kingdom were the most lucrative markets for low voltage cable manufacturers during the historical period.
| Countries | Historical Low Voltage Cable Market CAGR (2018 to 2022) |
|---|---|
| United States | 5.9% |
| United Kingdom | 8.2% |
| China | 7.7% |
| Japan | 8.8% |
| South Korea | 8.3% |
The United States low voltage cable market size is expected to reach USD 46.3 billion by 2033. Over the forecast period, low voltage cable demand in the country is likely to rise at 5.5% CAGR.
Several factors are expected to spur growth in the United States low voltage cable industry. These include rising trend of smart buildings and IoT connectivity, increasing adoption of automation, and growing focus towards replacing existing overhead cables with underground ones.
The trend towards smart buildings and IoT is expected to drive demand for low voltage cable in the United States. This is because these cables are often used for applications like power distribution, data transmission, and lighting control.
Growing adoption of automation and control systems in the industrial sector requires a robust network of low voltage cable for transmitting control signals and powering sensors & devices. This is expected to boost the United States market through 2033.
Strong presence of low voltage cable manufacturers and availability of advanced cable installation machinery are other factors improving the United States low voltage cable market share. With these dynamics, the United States will continue to dominate the global market.
As per the latest low voltage cable market analysis, China is anticipated to dominate the East Asia low voltage cable market during the forecast period. This is attributable to increasing energy demand, rapid urbanization, and expansion of the LV power distribution cables market.
China low voltage cable market value is forecast to reach a high of USD 37.2 billion by 2033. Overall sales of low voltage cable in China are likely to soar at around 6.1% CAGR during the forecast period.
Rapid urbanization and ongoing infrastructure development projects in China are expected to fuel low voltage cable sales. These cables are widely used for power distribution and other applications in the residential, commercial, and industrial sectors.
Increasing energy demand is also playing a key role in fueling demand for low voltage cable in China. This is because these cables are often used to transmit electricity from power plants to end users.
The United Kingdom low voltage cable market is forecast to thrive at 6.2% CAGR during the forecast period. Total low voltage cable market revenue in the country is expected to total USD 10.6 billion by 2033.
As per the latest report, the United Kingdom is predicted to dominate the Europe low voltage cable market through 2033. This is attributable to robust growth of renewable energy sector, favorable government policies, and expansion of telecommunication networks.
The push towards renewable energy sources like wind and solar is creating need for extensive cabling infrastructure to transmit the generated power. This is set to uplift low voltage cable demand in the country as they play a critical role in connecting renewable energy systems with the grid.
The United Kingdom government is also implementing supportive policies and regulations to promote renewable energy. Measures like renewable energy targets and feed-in tariffs have incentivized the adoption of PV systems. This is making the United Kingdom an attractive market for low voltage cable companies.
Japan is projected to remain a highly lucrative market for low voltage cable manufacturing companies during the forecast period. This is due to the electrification of transportation, growing popularity of electric vehicles, supportive government policies, and expansion of the LV electric wire market size.
As per the latest analysis, the low voltage cable market in Japan is forecast to register a CAGR of 6.0% CAGR during the assessment period. It will likely attain a high valuation of USD 22.6 billion by 2033.
The electrification of transportation, including EVs and charging infrastructure, is acting as a catalyst triggering low voltage cable demand. This is because these cables are widely used for power transmission and charging stations.
Japan is also witnessing demand for high-quality cables that are energy-efficient and safe to use. This is due to growing awareness among consumers and businesses about the importance of energy efficiency and safety.
South Korea low voltage cable market size is projected to reach USD 11.9 billion by 2033. It is set to exhibit a CAGR of 5.5% during the assessment period. This is attributable to robust industrial growth and growing adoption of usage of automation in industrial settings.
South Korea is a leading manufacturing hub, and its industrial sector is growing rapidly. This is creating high demand for low voltage cable, which are used in several industrial applications like automation and robotics.
Increasing urbanization and construction activities will also improve South Korea low voltage cable market share. This is because low voltage cable is often used in construction and other infrastructure.
The below section predicts the overhead segment's dominant market share regarding installation type. It is projected to exhibit a 5.6% CAGR through 2033.
The residential segment is set to lead the global market based on end use. It will likely expand at 5.4% CAGR during the assessment period.
| Top Segment (Installation Type) | Overhead |
|---|---|
| Projected CAGR (2023 to 2033) | 5.6% |
The LV cables market is segmented into overhead and underground based on installation type. Overhead segment is forecast to hold a prominent market share through 2033. This is attributable to high usage of overhead low voltage cable due to their multiple advantages.
As per the latest low voltage cable market analysis, overhead segment is expected to thrive at 5.6% CAGR between 2023 and 2033. Historically, the same segment exhibited a CAGR of 6.8%.
Overhead low voltage cable offer several advantages, including cost-effective installation and easy maintenance, making them popular globally. For instance, overhead installations are less expensive than underground ones.
Overhead cables are also more accessible, making maintenance and repairs easier and faster. These advantages encourage adoption of overhead low voltage cable, especially across nations with low economy and limited availability of modern underground cable installation equipment and tools like trenching machines.
On the other hand, underground low voltage cable is gradually rising to fame owing to their attractive features. Their increasing adoption might impact sales of overhead cables during the projection period.
| Top Segment (End Use) | Residential |
|---|---|
| Projected CAGR (2023 to 2033) | 5.4% |
The low voltage cable market by end-use is categorized into residential, industrial, and commercial. Among these, demand for low voltage cable is expected to remain high in the residential sector.
From 2018 to 2022, the residential segment witnessed a CAGR of 6.6%. Over the forecast period, the same segment is projected to exhibit a CAGR of 5.4%. This is attributable to rising usage of low-voltage cables in the residential segment.
Governments worldwide are launching new plans and projects to ensure every house can access electricity. This is expected to drive demand for low-voltage cables in the residential segment.
Growing adoption of renewable energy sources, such as solar panels, across residential areas will likely boost the target segment. Subsequently, rising trend of home automation and smart homes is expected to uplift low voltage cable demand and boost the LV low voltage market.
Leading manufacturers of low voltage cable listed in the report include ABB Group, Encore Wire Corporation, Finolex Cables Ltd., General Cable Corporation, Nexans SA, NKT Cables Group GmbH, Polycab Wires Pvt. Ltd, Prysmian Group, Sumitomo Electric Industries Ltd., and Finolex
Top low voltage companies are focusing on launching new products made from eco-friendly materials to reduce their footprint. They are also implementing partnerships, facility expansion, acquisitions, mergers, and collaborations to strengthen their global footprint.
Recent Low Voltage Cable Market Developments:
| Attribute | Details |
|---|---|
| Estimated Market Value (2023) | USD 144.5 billion |
| Projected Market Value (2033) | USD 255.0 billion |
| Anticipated Growth Rate (2023 to 2033) | 5.8% CAGR |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion, Volume (Meter), and CAGR from 2023 to 2033 |
| Segments Covered | Installation Type, End Use, and Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia, and the Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, and others. |
| Key Companies Profiled | ABB Group; Encore Wire Corporation; Finolex Cables Ltd.;General Cable Corporation; Nexans SA; NKT Cables Group GmbH; Polycab Wires Pvt.Ltd; Prysmian Group; Sumitomo Electric Industries Ltd.; Finolex |
The global market was valued at USD 135.3 billion in 2022.
The global market size is forecast to reach USD 144.5 billion in 2023.
By 2033, the global market value is projected to reach USD 255.0 billion.
The target market exhibited a CAGR of 7.1% from 2018 to 2022.
The global market is expected to thrive at 5.8% CAGR through 2033.
Development of eco-friendly cables to reduce carbon footprint is a key trend in the market.
Twisted pair cables and coaxial cables are used for low voltage applications.
The United States market is forecast to reach USD 46.3 billion by 2033.
ABB Group, Encore Wire Corporation, and Finolex Cables Ltd. are few top companies.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Installation Type 5.1. Overhead 5.2. Underground 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 6.1. Residential 6.2. Commercial 6.3. Industrial 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. ABB Group 17.2. Encore Wire Corporation 17.3. Finolex Cables Ltd. 17.4. General Cable Corporation 17.5. Nexans SA 17.6. NKT Cables Group GmbH 17.7. Polycab Wires Pvt. Ltd. 17.8. Prysmian Group 17.9. Sumitomo Electric Industries Ltd. 17.10. Finolex 18. Assumptions & Acronyms Used 19. Research Methodology
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Low Voltage Cable Market
