Market Size of Low Voltage Cable Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Low Voltage Cable Market Analysis
The global low voltage cable market is expected to grow at a CAGR of more than 3% over the period of 2020-2025. Factors such as the growing urban population and expansion of distribution network to improve the electrification rate, along with the robust construction activity in the commercial sector, are driving the market demand. Moreover, the booming renewable industry incorporates the use of low voltage cables such as powering of vital equipment of a wind turbine and interconnections between solar panels and other photo-voltaic systems, which in turn is expected to drive the low voltage cable market. The challenge, however, is the delay in transmission & distribution (T&D) projects and slow economic growth globally, which is restraining the growth of the market.
- The underground cable segment is to expected to be the fastest growing segmentfor the low voltage cable market during the forecast period, owing to its several advantages in comparison to overhead installations plus increasing adoption of underground cable deployment by several developing countries.
- With rising electrification projects in Africa, low voltage cables are used to provide electricity from the distribution substations to the customer. The increasing rural electrification is expected to offer a tremendous opportunity for low voltage cables.
- Asia-Pacific is expected to lead the market and also be the fastest growing market during the forecast period, driven by rise in energy demand associated with China and India, which are the major drivers of the low cable voltage market.
