Low Voltage Cable Market size is expected to surpass USD 23 billion by the end of 2035, growing at a CAGR of 7% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size for low voltage cables was USD 9 billion. This growth can be attributed to the increasing urbanization and development of infrastructure. As urban areas continue to expand and there is a need for infrastructure like buildings, roads and transportation networks the demand for low voltage cables has also increased. These cables are used in applications such, as power distribution, communication, and data transmission.
Industries that aim for automation and modernization heavily rely on an effective power source. This is typically accomplished by utilizing low voltage cables to distribute electricity within complexes enabling the smooth operation of machinery and equipment. In industrial applications, low voltage cables are often the preferred choice. They have been specifically engineered to handle amounts of power and cover greater distances compared to conventional high voltage cables. As a result, they offer a dependable power supply.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~7% |
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Base Year Market Size (2022) |
~ USD 9 Billion |
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Forecast Year Market Size (2035) |
~ USD 23 Billion |
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Regional Scope |
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Installation (Overhead, Underground)
The underground segment in the low voltage cable market is estimated to gain the largest revenue share of about ~58% in the year 2035. Underground cabling ensures more reliable performance of cables as compared to overhead cabling. This is due to the lesser exposure of underground cables to extreme weather conditions. Underground cabling also helps reduce the risk of fire hazards, as compared to overhead cables, which increases its demand in the market. Furthermore, underground cables are not exposed to UV rays, which can reduce their efficiency over time. This makes them more reliable and durable, which makes them more desirable than overhead cables.
Voltage (1V-240V, 241V-440V, 441V-1000V)
The 240V segment is estimated to gain a significant share of about 36% in the year 2035. Higher voltage power is required to power larger appliances such as air conditioners and electric ovens which are increasingly becoming necessities in residential households. This has led to an increase in the demand for higher voltage power, such as 240V, which is expected to continue into the near future. Furthermore, the introduction of new low voltage appliances has made it possible for people to use this range of voltage for their homes, thus increasing the popularity of this voltage range.
Our in-depth analysis of the low voltage cable market includes the following segments:
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Installation |
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Voltage |
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Material |
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End User |
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APAC Market Forecast
Low voltage cable market in Asia Pacific is anticipated to hold the largest with a share of about ~37% by the end of 2035. The market growth in the region is also expected on account of the increasing demand for low voltage cables from major countries such as India, China, and Japan. This is owing to the increasing number of infrastructure projects, residential buildings, and industrial complexes, among others, that are being constructed in these countries. For instance, in India there is expected to be an increase in the construction of residential buildings in the coming years. This growth is being supported by the governments Housing For All initiative. The Pradhan Mantri Awas Yojana (PMAY) which is scheduled to be finished by 2020. The PMAY aims to construct 60 million houses by 2022 with 40 million in areas and 20 million, in urban areas.
North American Market Statistics
The North America low voltage cable market is estimated to be the second largest, registering a share of about ~28% by the end of 2035. The market’s expansion can be attributed majorly to the increased demand for cables in the residential and commercial sectors for the development of smart cities and digital infrastructure, driven by the growing need for energy-efficient solutions. In addition, when installing rooftop solar panels to meet the electricity needs of a single house it is necessary to establish new low voltage lines. It has been noted that in 2021 there was an installation of 513,000 residential solar systems, representing a year-on-year growth rate of 30%. Furthermore, it is projected that there will be a 14% growth, in installations this year.
Author Credits: Payel Roy, Dhruv Bhatia
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