Global Low Voltage Power And Control Cable Market Overview
As per MRFR analysis, the Low Voltage Power And Control Cable Market Size was estimated at 95.77 (USD Billion) in 2022. The Low Voltage Power And Control Cable Market Industry is expected to grow from 99.22 (USD Billion) in 2023 to 136.6 (USD Billion) by 2032. The Low Voltage Power And Control Cable Market CAGR (growth rate) is expected to be around 3.61% during the forecast period (2024 - 2032).
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Low Voltage Power And Control Cable Market Trends Highlighted
Key Market Drivers:The global market for low voltage power and control cables is primarily driven by the growing demand for electricity in various end-use sectors, including residential, commercial, and industrial. Population growth, urbanization, and the increasing adoption of distributed energy resources are further fueling the demand for reliable and efficient power distribution systems.
Opportunities: Emerging markets in Asia-Pacific and the Middle East present significant opportunities for low voltage power and control cable manufacturers. Rapid industrialization, infrastructure development, and government initiatives to improve electricity access are creating a favorable business environment. Additionally, the growing adoption of smart grid technologies, electric vehicles, and renewable energy sources is expected to drive new demand for specialized low-voltage cables.
Recent Trends: Recent trends in the low voltage power and control cable market include: Increasing preference for fire-resistant and flame-retardant cables to enhance safety and reduce fire hazards. Adoption of lightweight and flexible cables that offer ease of installation and reduce labor costs.
Growing demand for customized solutions to meet specific project requirements and performance standards. Integration of advanced technologies such as fiber optics and artificial intelligence to improve cable performance and network efficiency. Focus on sustainability and environmental considerations, leading to the development of recyclable and biodegradable cables.
Low Voltage Power And Control Cable Market Drivers
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Rising Demand from Industrial and Commercial Sectors
The demand for low voltage power and control cables is driven by the growing industrial and commercial sectors, especially in emerging economies. The sectors have created a demand for reliable and effective cables for transmitting power and control signals. The cables are used in different applications, namely in manufacturing, construction, infrastructure, and transportation. Additionally, most of these applications are turning to automation and digitalization, and hence, cables are needed to facilitate the implementation of sensors, actuators, and other control systems.
Advancements in Renewable Energy Generation
New opportunities for the low-voltage power and control cables market are created in the wake of the growing adoption of solar and wind power. Various types of cables are needed in different designs of renewable energy grid systems, which are designed to transmit low-voltage power and control them. Systems that are premised on the idea of renewable resources are integrated into the electrical grid in an increasing way.
This implies in no uncertain terms that it is essential to install cables that are capable of living and working in outdoor conditions due to the fact that there is no other alternative.As a result, it is imperative to construct low voltage power and control cables that are able to satisfactorily transmit renewable energy across distances.
Government Regulations and Standards
Further developments in construction, industrial, and infrastructure sectors induce the growth of low voltage power and control cables. Increasing operation of businesses, residential buildings, high-rise buildings, metro railway construction, housing, and road construction also escalate the demand for these cables. Therefore, the growing demand for these sectors is expected to catalyze the low voltage power and control cable market in the near future.
Low Voltage Power And Control Cable Market Segment Insights
Low Voltage Power And Control Cable Market Cable Type Insights
Cable Type Segment Insight and Overview The Low Voltage Power And Control Cable Market is segmented into cable types, including armored, unarmoured, screened, and unscreened. Among these, the armored cable segment held the largest market share in 2023, accounting for approximately 38.5% of the global revenue.
This dominance is attributed to the enhanced protection provided by armored cables against mechanical damage, moisture, and electromagnetic interference, making them suitable for demanding applications in industrial and outdoor environments. The unarmoured cable segment is projected to exhibit a steady growth rate during the forecast period, owing to its cost-effectiveness and flexibility, which makes it ideal for indoor applications and less demanding environments.
The screened and unscreened cable segments are also expected to witness significant growth, driven by increasing demand for enhanced signal integrity and noise reduction in various applications. In 2023, the Low Voltage Power And Control Cable Market was valued at approximately USD 99.22 billion. This growth is attributed to the increasing urbanization, industrialization, and infrastructure development worldwide, leading to a surge in demand for reliable and efficient power and control cables.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Low Voltage Power And Control Cable Market Core Material Insights
Copper is the dominant material used in low voltage power and control cables, accounting for over 60% of the global market revenue in 2023. This is due to its excellent electrical conductivity, which results in lower power losses and higher efficiency. Copper cables are also more flexible and easier to work with than aluminum cables, making them the preferred choice for many applications.
Aluminum is a less expensive alternative to copper, and its use in low-voltage power and control cables is growing. Aluminum cables are lighter and less dense than copper cables, making them easier to install.This growth is being driven by the increasing demand for electricity in developing countries, as well as the growing adoption of renewable energy sources.
Low Voltage Power And Control Cable Market Application Insights
The Low Voltage Power And Control Cable Market is segmented by Application into Power Distribution, Control and Instrumentation, Building and Construction, and Industrial. The power Distribution segment held the largest market share in 2023 and is expected to continue to dominate the market throughout the forecast period.
The growth of this segment can be attributed to the increasing demand for electricity from various industries and residential sectors. The control and Instrumentation segment is also expected to witness significant growth during the forecast period, owing to the rising demand for automation and control systems in various industries.
Building and Construction segment is expected to grow at a steady pace, driven by the increasing construction activities across the globe. The industrial segment is also expected to contribute to the growth of the Low Voltage Power And Control Cable Market due to the increasing demand for low-voltage cables in various industrial applications.
Low Voltage Power And Control Cable Market Voltage Rating Insights
The voltage rating segment is a key factor in the Low Voltage Power And Control Cable Market segmentation. The below 1 kV voltage rating segment is expected to account for a significant share of the market in 2023, owing to its widespread use in various applications such as residential, commercial, and industrial buildings. The 1-10 kV voltage rating segment is also expected to witness significant growth over the forecast period, driven by increasing demand for power distribution and control in industrial and infrastructure projects.
The Low Voltage Power And Control Cable Market revenue for the below 1 kV voltage rating segment is projected to reach 45.66 billion USD by 2024, while the 1-10 kV voltage rating segment is expected to generate revenue of 28.99 billion USD by the same year. These segments are expected to continue to grow steadily over the forecast period, driven by the increasing demand for low-voltage cables in various industries.
Low Voltage Power And Control Cable Market Product Specifications Insights
The Low Voltage Power And Control Cable Market is segmented by Product Specifications into Conductor Size, Insulation Type, Sheathing Material, and Flame Retardancy. Conductor Size: The market for low-voltage power and control cables is segmented by conductor size, with the most common sizes ranging from 14 AWG to 10 AWG. The choice of conductor size depends on the amount of current that the cable will be carrying, with larger conductors being able to carry more current.
Insulation Type: The market for low-voltage power and control cables is segmented by insulation type, with the most common types being PVC, XLPE, and EPR.The choice of insulation type depends on the voltage rating of the cable, the environment in which it will be used, and the cost. Sheathing Material: The market for low-voltage power and control cables is segmented by sheathing material, with the most common types being PVC and XLPE.
The choice of sheathing material depends on the environment in which the cable will be used, with PVC being more resistant to moisture and XLPE being more resistant to heat. Flame Retardancy: The market for low voltage power and control cables is segmented by flame retardancy, with the most common types being non-flame retardant, flame retardant, and low smoke zero halogen (LSZH).The choice of flame retardancy depends on the fire safety requirements of the application. The Low Voltage Power And Control Cable Market is expected to grow from USD 99.22 billion in 2023 to USD 136.6 billion by 2032, at a CAGR of 3.61%.
Low Voltage Power And Control Cable Market Regional Insights
The Low Voltage Power And Control Cable Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, North America is expected to hold the largest market share in 2023, followed by Europe and APAC. The growth in North America is attributed to the increasing demand for low-voltage power and control cables in the construction and industrial sectors.
Europe is also expected to witness significant growth due to the rising demand for renewable energy sources, which require low-voltage power and control cables for grid infrastructure.APAC is expected to be the fastest-growing region, driven by the rapid growth of the construction industry in countries such as China and India. South America and MEA are expected to witness moderate growth due to the increasing urbanization and industrialization in these regions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Low Voltage Power And Control Cable Market Key Players And Competitive Insights
The major players in the Low Voltage Power And Control Cable Market are focusing on increasing their geographical presence and product portfolio. They are also investing in research and development to develop innovative products/technologies that can meet the changing needs of the market. Low Voltage Power And Control Cable Market is highly competitive with a large number of leading players such as Prysmian Group, LS Cable & System, Sumitomo Electric Industries, Nexans, and NKT.
These players account for a large share of the global market and are expanding their business to sustain the competition. Leading players in the low-voltage power and control cable market are implementing various strategies to improve their position. Some of the strategies being implemented include mergers and acquisitions, partnerships, and collaboration. For instance, in 2021, Prysmian Group acquired the leading Low Voltage Power And Control Cable Market company, “General Cable,” to expand its global presence and product portfolio. ABB is the leading firm in providing low-voltage power and control cables across the globe.
The company has established itself in the Americas, Europe, and Asia. It offers a diversified range of Low Voltage Power cables such as Armored, unarmored, and shielded cables and control cables for industries. ABB has a well-established team of researchers and developers who are constantly working on developing new products/technologies. It has a strong and effective distribution network with an attractive range of products, which has helped the company attract a large number of customers. Belden is another leading company operating in the low-voltage power and control cable market.
It is located in the United States and has established its business in the Americas, Europe, and Asia. It offers an attractive range of low-voltage power cables, such as industrial, commercial, residential, and data communication cables. The company holds a strong position in the market with high-quality products, an effective distribution network, and excellent customer service. Additionally, the company is also implementing various sustainability programs to minimize environmental issues.
Key Companies in the Low Voltage Power And Control Cable Market Include
- Nexans
- Reddy's Laboratories Ltd
- Encore Wire Corporation
- Hanil Cable Co., Ltd.
- Southwire Company
- NKT
- CONNEX
- Prysmian Group
- Aluminum Cable Systems, Inc
- General Cable Technologies Corporation
- KEI Industries Ltd.
- Eland Cables
- LS Cable System Ltd.
Low Voltage Power And Control Cable Market Industry Developments
The global low-voltage power and control cable market is projected to grow from USD 99.22 billion in 2023 to USD 136.6 billion by 2032, exhibiting a CAGR of 3.61% during the forecast period. Rising demand for electricity in developing economies, coupled with increasing investments in infrastructure projects, is driving market growth. Furthermore, the growing adoption of renewable energy sources, such as solar and wind power, is propelling demand for low-voltage cables.
Technological advancements, such as the development of cables with improved insulation and flexibility, are also contributing to market expansion. Key players in the market include Prysmian Group, Nexans, LS Cable System, NKT, and Sumitomo Electric Industries. Recent developments in the market include the launch of new products with enhanced performance and durability, as well as strategic partnerships and acquisitions among key players.
Low Voltage Power And Control Cable Market Segmentation Insights
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Low Voltage Power And Control Cable Market Cable Type Outlook
- Armoured
- Unarmoured
- Screened
- Unscreened
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Low Voltage Power And Control Cable Market Core Material Outlook
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Low Voltage Power And Control Cable Market Application Outlook
- Power Distribution
- Control and Instrumentation
- Building and Construction
- Industrial
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Low Voltage Power And Control Cable Market Voltage Rating Outlook
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Low Voltage Power And Control Cable Market Product Specifications Outlook
- Conductor Size
- Insulation Type
- Sheathing Material
- Flame Retardancy
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Low Voltage Power And Control Cable Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
95.77(USD Billion) |
| Market Size 2023 |
99.22(USD Billion) |
| Market Size 2032 |
136.6(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.61% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Nexans, Dr. Reddy's Laboratories Ltd, Encore Wire Corporation, Hanil Cable Co., Ltd., Southwire Company, NKT, CONNEX, Prysmian Group, Aluminum Cable Systems, Inc, General Cable Technologies Corporation, KEI Industries Ltd., Eland Cables, LS Cable System Ltd. |
| Segments Covered |
Cable Type, Core Material, Application, Voltage Rating, Product Specifications, Regional  |
| Key Market Opportunities |
Smart Building Industrial Automation Renewable Energy Data Center Electric Vehicles |
| Key Market Dynamics |
1 Rising demand for renewable energy2 Growing infrastructure development3 Technological advancements4 Increasing emphasis on energy efficiency5 Government regulations and standards |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Low Voltage Power And Control Cable Market is expected to reach a valuation of USD 99.22 billion in 2023.
The Low Voltage Power And Control Cable Market is projected to reach a valuation of USD 136.6 billion by 2032.
The Low Voltage Power And Control Cable Market is expected to grow at a CAGR of 3.61% from 2024 to 2032.
North America region is expected to hold the largest market share in the Low Voltage Power And Control Cable Market, driven by increasing industrialization and urbanization in the region.
The industrial segment is expected to account for the largest share of the Low Voltage Power And Control Cable Market, driven by the growing demand for automation and control systems in various industries.
Some of the key competitors in the Low Voltage Power And Control Cable Market include Prysmian Group, LS Cable System, Nexans, NKT, and Sumitomo Electric Industries.
The major growth drivers of the Low Voltage Power And Control Cable Market include rising demand for electricity, increasing infrastructure investment, and growing adoption of automation and control systems.
The challenges faced by the Low Voltage Power And Control Cable Market include fluctuating raw material prices, intense competition, and stringent regulatory requirements.
The key trends shaping the Low Voltage Power And Control Cable Market include the growing adoption of smart grids, increasing demand for renewable energy sources, and the rising popularity of electric vehicles.
The potential opportunities for growth in the Low Voltage Power And Control Cable Market include expanding infrastructure in developing countries, increasing investment in renewable energy projects, and the adoption of advanced technologies such as IoT and AI.
