Low Voltage Power Cables Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Material Type (Aluminum, Copper, Others), By Installation (Overhead, Underground), By Cable Type (Twisted Pair, Coaxial), By Application (Data Transmission, Security & Alarm System, Audio & Vedio Survellienace, Telecommunication Cable, Others), And By Geography - Forecasts From 2023 To 2028

Insulated cabling with non-metallic wrapping that carries 50 V or less of electricity is referred to as low-voltage wiring. Comparatively, 120 V is the voltage of regular wall outlets found in rooms and corridors. In the average home, low-voltage wire is utilized for network cables, TV cables, doorbells, and thermostats. The majority of wall outlets for cables use 120V or 240V energy. However, the low-voltage wire does not carry the same amount of current as standard electrical outlets, fixtures, and switches used in residences. Low voltage wire is intended to transport 50 volts or less of energy. The low voltages of 12V, 24V, and 48V are typical.

Throughout recent years, there has been a rising tendency in Europe, particularly in Germany and the Netherlands, to replace the current overhead distribution lines with subterranean cable and to favor underground cabling for new projects. According to the white paper “Smart Cities in India: Framework for ICT Infrastructure 2020” issued by the Telecom Regulatory Authority of India in September 2020, India is seeing an increase in the use of subterranean cables. Several of the 100 smart city initiatives started in June 2015 around the nation use subterranean wires or underground low-voltage power cables which are showing growth in the market.

The increase in spending on transmission and distribution networks will boost low-voltage cable market growth

One of the main factors driving this market is the rising expenditure on the transmission and distribution network. The worldwide transmission and distribution (T&D) network is developing due to increased power output to meet the rising demand for electricity. Power cables and accessories are essential parts of the T&D network and will expand in tandem with it. The market for low-voltage cables and accessories is anticipated to expand more quickly in emerging nations where the T&D sector is still in its infancy. Additionally, the market will expand in developed nations in Europe and North America and in major Asia Pacific nations such as China & India as a result of an upgrade to their current T&D networks.

According to the ministry of power of India in 2014 two central sector schemes, namely the North Eastern Regional Power System Improvement Project (NERPSIP) and the Comprehensive Scheme for Strengthening of Transmission & Distribution, have been implemented to improve the transmission and distribution infrastructure of India's North Eastern States, this would have increased the low power cable market in a substantial way. Also, according to the ministry of power transmission capacity expansion has contributed to a threefold rise in renewable energy (excluding hydro), from 35.52 GW in 2014–15 to 104.88 GW in 2021–22 which propel the demand for the low-voltage power cables in the country at a rapid pace.

The increasing demand for electricity is expected to boost market growth.

The demand for electricity is expected to rise due to a number of important causes, including a growing population, as a major driver with fast industrialization, urbanization, and increased infrastructure construction due to population increase. Additionally, according to the United Nations in mid-November 2022, there were 8.0 billion people on the planet, up from 2.5 billion in 1950, 1 billion since 2010, and 2 billion since 1998. The population of the world is projected to rise by about 2 billion people over the course of the next 30 years, from the present 8 billion to 9.7 billion in 2050, with a potential peak of roughly 10.4 billion in the middle of the 1980s. (source: https://www.un.org/). This shows that electricity consumption is going to rise and demand for the low voltage power cable will increase at a rapid pace giving a boost to the market growth.

During the forecast period, Asia pacific is expected to show significant growth in the low-voltage power cables market

Due to the region's rapid urbanization and population growth in nations like China, India, South Korea, and Japan, market growth in recent years has been phenomenal. The result has been a rise in building activity, which has boosted the demand for power. As more transmission lines are needed for solar and wind, the adoption of renewable has also had an influence on the market for LV cables. North America and Europe are the next two biggest regions for the LV cable sector, after Asia Pacific.

In July 2022 a scheme was launched by the Prime minister of India the Revamped Distribution Sector Scheme, this Ministry of Power's flagship program aims to increase the operational effectiveness and financial viability of distribution companies (DISCOMs) and power agencies. The scheme aims to provide financial assistance to DISCOMs for modernization and strengthening of distribution infrastructure, focusing on improvement of the reliability and quality of supply to end consumers, with a five-year investment of more than Rs 3 lakh crore from FY 2021–2022 to FY 2025–2026 This shows the improvement in distribution infrastructure will require the low voltage power cable accessories which will grow the low voltage power cable market at a rapid pace in coming years (Source: pib.gov.in).

Market Key Developments.

• In July 2021 UK’s Northern PowerGrid announced a five-year, USD 321.5 million grid digitization and decarbonization strategy to hasten the company's transition to the distribution network operator. An estimated $8.2 million was budgeted for the analysis and replacement of outdated low-voltage wires.
• In July 2022, Remee Wire & Cable unveiled the new ActivateTM range of PowerPipeTM Distribution Cables. They are a leading manufacturer of electrical cables and wires. For dispersed electronics requiring long-distance runs, Remee now offers a new family of copper multipair and hybrid copper/fibre cables that are more durable and reasonably priced Class 4 fault-managed power solutions.

Low Voltage Power Cables Market Scope:

Segmentation

• By Material type
  • Aluminum
  • Copper
  • Others
• By Installation
  • Overhead
  • Underground
• By Cable type
  • Twisted Pair
  • Coaxial
• By Application
  • Data Transmission
  • Security & Alarm System
  • Audio & Vedio Survellienace
  • Telecommunication Cable
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    •  Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Suadi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Others