Global Low Voltage Cable Market Expected to Reach USD 198.2 Billion by 2033 - IMARC Group

January 10, 2025 | Energy & Mining

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Global Low Voltage Cable Market Statistics, Outlook and Regional Analysis 2025-2033

The global low voltage cable market size was valued at USD 123.0 Billion in 2024, and it is expected to reach USD 198.2 Billion by 2033, exhibiting a growth rate (CAGR) of 5.4% from 2025 to 2033.

Low Voltage Cable Market

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The rapid elevation in urbanization and infrastructure development globally is a significant driver of the low voltage cable market. As urban areas expand, the demand for reliable power distribution systems intensifies, requiring extensive use of low voltage cables in residential, commercial, and industrial projects. Governments and private investors are prioritizing smart cities, transportation networks, and modern buildings, all of which necessitate efficient electrical infrastructure. For instance, in July 2024, the Government of India announced the extension of its Smart Cities Mission (SCM) until Q1 2025, highlighting the increasing efforts toward advancing smart cities. Low voltage cables, known for their adaptability and cost-effectiveness, play a crucial role in ensuring seamless power transmission for lighting, heating, and other essential utilities. This trend underpins sustained market growth and innovation.

The increasing adoption of renewable energy sources, such as solar and wind power, is another major driver fueling the low voltage cable market. Renewable energy systems require extensive low voltage cabling for efficient transmission and distribution from generation sites to end-users. With governments and corporations investing heavily in green energy initiatives to meet sustainability goals, the deployment of low voltage cables is expanding rapidly. These cables are essential for connecting solar panels, wind turbines, and storage systems, ensuring reliable energy distribution. For instance, in August 2024, Nexans announced a €15 million investment in its Bourg-en-Bresse plant to boost medium-voltage cable production, supporting grid operators and renewable energy projects across France and Western Europe. This shift toward cleaner energy sources continues to generate substantial demand for high-quality, durable low voltage cables.

Global Low Voltage Cable Market Statistics, By Region

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America; Asia-Pacific; Europe; Latin America; and the Middle East and Africa. According to the report, Asia-Pacific accounted for the largest market share on account of rapid urbanization, significant infrastructure development, expanding industrialization, and increasing investments in renewable energy projects.

Asia-Pacific Low Voltage Cable Market Trends:

The Asia-Pacific low voltage cable market is experiencing robust growth driven by rapid urbanization, expanding industrialization, and significant infrastructure investments in countries like China, India, and Southeast Asia. The region’s focus on renewable energy projects, including solar and wind power, further propels demand for efficient low voltage cabling. For instance, as per industry reports, Southeast Asia demonstrates strong commitment to sustainable growth with landmark solar projects in Vietnam, Indonesia, and Thailand. ASEAN nations aim for 35% renewable energy capacity by 2025, with the region already achieving 28 GW of utility-scale solar and wind, accounting for 9% of its total electricity capacity. Additionally, the rise of smart cities and increasing electrification in rural areas contribute to market expansion, fostering innovation and boosting production capacities.

North America Low Voltage Cable Market Trends:

North America region is driven by developments in projects on renewable energy, rising applications of electric vehicles, as well as smart grid systems under development. Heavy investment toward upgrading infrastructure, besides rising pressure regarding efficiency and sustainability in generating energy, increases demand further for advanced low voltage cables.

Europe Low Voltage Cable Market Trends:

The European low voltage cable market is characterized by stringent energy efficiency regulations, increased renewable energy penetration, and massive modernization of old infrastructure. The region's focus on sustainable urban development and the integration of electric vehicles further enhances demand for advanced cable solutions that can support efficient power distribution and connectivity across residential, commercial, and industrial sectors.

Latin America Low Voltage Cable Market Trends:

The Latin America low voltage cable market is driven by increasing investments in renewable energy, urbanization, and infrastructure development. Expanding electrification in rural areas and modernization of power grids further boost demand. Governments’ focus on sustainable energy projects and economic growth across emerging markets supports the adoption of advanced cable solutions.

Middle East and Africa Low Voltage Cable Market Trends:

The Middle East and Africa low voltage cable market is fueled by growing urbanization, infrastructure expansion, and investments in renewable energy projects. The region’s focus on electrification in underserved areas and modernization of power grids drives demand for efficient cable solutions, supporting sustainable development and enhanced energy distribution networks.

Top Companies Leading in the Low Voltage Cable Industry

Some of the leading low voltage cable market companies include Prysmian Group, Nexans S.A, General Cable, ABB Group, Sumitomo Electric Industries, NK Communications, Encore Wire Corporation, Finolex Cables, TE Connectivity, Caledonian Cables, Polycab Wires, Leoni AG, Southwire Company LLC, Wanda Group, Hangzhou Cable, among many others. For instance, in September 2024, Prysmian and Encore Wire debuted their strategic partnership at NECA 2024, enhancing product offerings with innovative, safety-focused, and clean energy wire solutions for electrical contractors across North America.

Global Low Voltage Cable Market Segmentation Coverage

On the basis of the installation type, the market has been categorized into overhead and underground, wherein overhead represents the leading segment. This is due to its lower installation costs, ease of maintenance, and widespread adoption in rural and urban power distribution. Overhead systems remain a cost-effective solution, particularly in areas with challenging terrain and limited infrastructure.
Based on the material, the market is classified into copper and aluminum, amongst which aluminum dominates the market due to its cost-effectiveness, lightweight properties, and high conductivity. Aluminum cables are widely preferred for the purpose of power distribution and transmission, both in residential, commercial, and industrial applications, to serve purposes that are durable and efficient by minimizing total installation and operational costs.
On the basis of the overhead product, the market has been divided into conductors, fittings and fixtures, and others. Among these, conductors account for the majority of the market share. This dominance is attributed to their critical role in power transmission, ensuring efficient energy flow. High demand for durable, cost-effective, and high-capacity conductors drives their significant market position.
Based on the underground product, the market is segregated into PVC cables, XLPE cables, cable terminations, cable joints, and others, amongst which XLPE represents the leading segment. Their superior thermal resistance, durability, and efficiency in power transmission make them the preferred choice for underground installations, driving their leadership in this segment of the market.
On the basis of the end user, the market has been divided into infrastructure (commercial and residential, transportation, and others), industrial (utilities, oil and gas, mining, chemicals and petrochemicals, and others), and renewables (wind, solar). Among these, industrial accounts for the majority of the market share. High demand for reliable power distribution in utilities, manufacturing, and energy-intensive industries drives its dominance.

Report Features	Details
Market Size in 2024	USD 123.0 Billion
Market Forecast in 2033	USD 198.2 Billion
Market Growth Rate 2025-2033	5.4%
Units	Billion USD
Scope of the Report	Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment: Installation Type Material Overhead Product Underground Product End-user Region
Installation Types Covered	Overhead, Underground
Materials Covered	Copper, Aluminum
Overhead Products Covered	Conductors, Fittings and Fixtures, Others
Underground Products Covered	PVC Cables, XLPE Cables, Cable Terminations, Cable Joints, Others
End-Users Covered	Infrastructure: Commercial and Residential, Transportation, Others Industrial: Utilities, Oil and Gas, Mining, Chemicals and Petrochemicals, Others Renewables: Wind, Solar
Regions Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered	Prysmian Group, Nexans S.A, General Cable, ABB Group, Sumitomo Electric Industries, NK Communications, Encore Wire Corporation, Finolex Cables, TE Connectivity, Caledonian Cables, Polycab Wires, Leoni AG, Southwire Company, LLC, Wanda Group, Hangzhou Cable etc.
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Low Voltage Cable Market Expected to Reach USD 198.2 Billion by 2033 - IMARC Group

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