New York, Nov. 09, 2023 (GLOBE NEWSWIRE) -- The global low voltage cable market size is projected to grow at a CAGR of over ~7% from 2023 to 2035. The market is expected to garner a revenue of USD 23 billion by the end of 2035, up from a revenue of ~USD 9 billion in the year 2022.The growing urbanization will boost the demand for urbanized buildings and the development of new infrastructures, and others. As urban populations grow, so will the demand for new construction projects such as housing, commercial buildings, and infrastructure.
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The world is growing more urbanized. Over fifty percent of the world's population now lives in cities, up from about one-third in 1950 and expected to rise to around two-thirds by 2050. Significant developments in both commercial and residential real estate divisions have resulted in the development of high-rise buildings, malls, hotels, and other structures as a result of urbanization. Real estate developers have actively invested in metropolitan areas to fulfill the increased demand for homes and commercial spaces.
Growing Demand for Energy to Boost the Growth of the Low Voltage Cable Market
Energy generating is the largest and one of the fastest-growing sectors, because of largely increased access to dependable energy in emerging countries. Increasing electrification is mitigated in part by improved efficiency in industrialized countries. Global demand will reach approximately 660 quadrillion Btu in 2050, an increase of about 15% over 2021, suggesting a larger population and greater income. Low voltage cabling establishes an electrical network foundation upon which digital technology within a building operates. Moreover, low voltage cables have a very high conductivity therefore they are for transporting regulated voltage from transformers to end use sectors.
Low Voltage Cable Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rapid Expansion of Electrification in the Region is to Boost the Market Growth in the Asia Pacific Region
Electrification rates have significantly improved over the last decade, with the regional electrification rate reaching 96.6 percent in 2019. However, according to UNESCAP data, 157 million people in the region lacked access to electricity, a considerable decrease from 545 million in 2010. Moreover, Asia has made significant headway in its own electrification ambitions, powering 1.2 billion people in the region. Asia is home to numerous emerging nations, yet their access to financial resources to invest in renewable sources is limited, increasing their reliance on fossil fuels. Access to suitable financing will be important in assisting countries in reducing their reliance on fossil fuels. By 2030, annual renewable energy investment in emerging countries will have increased sevenfold. This will rise the generation of renewable energy and is going to boost the demand for low voltage cable in the region.
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Growing Development of Smart Infrastructures is to Elevate Market Growth in North America
According to the Smart America Challenge, municipal governments in the United States are going to allocate approximately USD 41 trillion over the next 20 years to improve infrastructure and use IoT solutions. Smart city technologies are being developed at a pace that is unprecedented in North America. Cities like New York, San Francisco, and Boston are leading the way in this field by implementing modern technologies for better transit, energy efficiency, and public safety. Moreover, since urban neighborhoods become more diverse, many cities in North America are looking to technology and smart city solutions to create healthier surroundings and better public service delivery. These projects have the potential to boost public engagement, increase access to city services, and stimulate economic growth.
Low Voltage Cable, Segmentation by Installation
- Overhead
- Underground
On the basis of installation, the underground segment in low voltage cable market is expected to garner the largest revenue by the end of 2035. The growth of the segment is majorly attributed to the damages caused to electrical infrastructure due to natural calamities and other reasons. Storms, unpredictable weather, and rising electrical consumption are putting a strain on our world's aging power system. Every year, millions of people are affected by power outages, putting public well-being and security at risk. Power outages have a domino effect on other infrastructure and cost billions of dollars each year. Weather-related incidents were responsible for approximately 83% of reported major outages in the United States between 2000 and 2021. The effect of climate change is increasing the number and intensity of extreme weather that disrupts our electricity grid, from burns to heat waves to hurricanes. Therefore, the underground laying of low voltage cables is becoming more popular and efficient.
Low Voltage Cable, Segmentation by Material
- Copper
- Aluminium
Low Voltage Cable, Segmentation by End User
- Commercial
- Residential
- Industrial
- Infrastructure
On the basis of end user, the infrastructure segment in low voltage cable market is expected to gain the highest market revenue over the forecasted period. The segment’s growth is primarily attributed to the increasing development of smart cities and smart infrastructures. For instance, Virtual Singapore, a dynamic 3D city model and collaborative data platform, is being developed by the National Research Foundation. It has been accessible to public and commercial companies for the development of tools for concept testing. Furthermore, the emirate is in the midst of a seven-year strategy to digitalize all government services, which includes more than 100 programs in transport, communications, infrastructure, electricity, economic services, and urban planning.
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A few of the well-known indsutry leaders in low voltage cable market that are profiled by Research Nester are ABB Ltd., Prysmian SpA, KEI Industries Limites, NKL Cables Group GmbH, Cablel Hellenic Cables Group, General Cable, Brugg Kabel AG, Zest WEG, Encore Wire Corporation, and Finolex Cables.
Recent Developments in the Low Voltage Cable Market
- Northern Pyramid has announced the plan to achieve carbon neutrality and digitize the grid in the next five years in the United Kingdom. The company has allocated around USD 321 million in order to speed up the new digitized ways of integration into the distribution network operator. Apart from digitization, some sum of money will also be dedicated to monitoring and replacing the existing low voltage cables.
- Zest WEG Group has signed a historic supply arrangement with Lonmin Platinum, the world's third-largest platinum producer. Lonmin Platinum will be able to reach its medium-term low voltage electric motor energy savings goals because of the new IE2 WEG motor efficiency specification. Zest WEG is widely recognized for its tried-and-true Total Cost of Ownership (TCO) program for low voltage motors.
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