Low Voltage Power and Control Cable Market Size - By Product (Power, Control), By Application (Utilities, Industries), Regional Outlook & Global Forecast, 2024 – 2032

Low Voltage Power and Control Cable Market Size

Low Voltage Power and Control Cable Market was valued at USD 58.1 billion in 2023 and is projected to grow at over 7.2% CAGR from 2024 and 2032, driven by the increasing infrastructure development, industrial automation and urbanization. Growing demand from industrial sectors, coupled with the adoption of renewable energy sources, fuels market expansion.
 

According to the International Energy Agency's (IEA) Renewables 2023 report, renewable electricity capacity reached 507 gigawatts (GW) in 2023, with solar photovoltaic (PV) installations accounting for 75% of global additions. Technological advancements, regulatory initiatives promoting energy efficiency, and the need for reliable power transmission also contribute to the growth.
 

COVID–19 Impact

The COVID-19 pandemic disrupted the low voltage power and control cable market, causing supply chain disruptions, project delays, and reduced investments. Lockdowns and restrictions hampered construction activities, while economic uncertainties led to subdued demand. The market experienced a slowdown globally due to these factors and fluctuations in construction and industrial activities.
 

Low Voltage Power and Control Cable Market Trends

Low voltage power and control cable industry is witnessing a substantial growth in demand owing to the growing demand for energy-efficient cables in response to sustainability concerns. There's a rising preference for fire-resistant and halogen-free cables, driven by safety regulations and environmental awareness. The cable is equipped with unique sheath material and is easy to cut along with enhanced flexibility, which makes its laying faster. Moreover, the adoption of advanced materials and technologies, such as XLPE insulation and fiber-optic control cables, is gaining traction.
 

Low Voltage Power and Control Cable Market Analysis

The power cables product segment held a dominant market share of over 65% in 2023, due to increasing urbanization, industrialization, and infrastructure development. Expansion of industrial and utility sector drives demand for power cables to supply electricity. The integration of renewable energy sources necessitates the installation of power cables to transmit generated electricity. Technological advancements in cable design, such as improved insulation materials and higher conductivity, further fuel market growth. Additionally, regulatory initiatives promoting energy efficiency and safety standards contribute to the increased adoption of power cables in various applications.
 

The industrial sector is estimated to grow at a CAGR of over 7% through 2032, owing to the increased automation, machinery integration, and control system advancements. Industries such as manufacturing, oil and gas, and transportation rely heavily on low voltage power and control cables to power equipment and ensure efficient operations. Moreover, the transition towards smart factories and Industry 4.0 initiatives further drives demand for advanced cable solutions. The expansion of industrial infrastructure and the need for reliable power transmission contribute to the market's growth in the industrial sector.
 

Asia Pacific low voltage power and control cable market is projected to reach USD 52.7 billion by 2032, propelled by rapid urbanization, infrastructure development, and industrial expansion across the region. Growing demand for electricity across various sectors drives the market. As per the Statistical Review of World Energy, published by Energy Institute, primary energy consumption in the Asia Pacific region reached 277.6 exajoules in 2022, indicating a 2.1% rise compared to the preceding year. Additionally, government initiatives promoting infrastructure modernization, renewable energy integration, and smart city projects fuel market growth.
 

Low Voltage Power and Control Cable Market Share

Prysmian Group stands as one of the major players in the low voltage power and control cable industry. Renowned for its extensive product portfolio and innovative solutions, Prysmian Group dominates with its advanced technologies and commitment to sustainability. Its widespread presence and reputation for reliability solidify its position as the foremost player in the industry.
 

Low Voltage Power and Control Cable Market Companies

Some of the major key players operating across the low voltage power and control cable industry are:

• Bergen Cable Technology
• Belden Inc.
• Ducab
• Furukawa Electric Co., Ltd.
• KEI Industries Limited
• KEC International Limited
• Klaus Faber AG
• LS Cable & System Ltd.
• NKT A/S
• Nexans
• Prysmian Group
• Riyadh Cables
• RR Kabel
• Southwire Company LLC
• Sumitomo Electric Industries Limited
   

Low Voltage Power and Control Cable Industry News

• In September 2022, Nexans introduced AXQJ Easy 1 kV, a new generation of halogen-free power cable. The cable is equipped with unique sheath material and is easy to cut along with enhanced flexibility, which makes its laying faster. The product can be frequently used across the industry for energy supply to power equipment. This launch expanded the company’s product portfolio and enhanced its customer base across power and control cable industry.
   
• In January 2022, Elsewedy Electric signed a new subcontract with EDECS for the supply, testing, and execution of networks & infrastructure of Alexandria Port. This project worth over USD 33 million includes the electromechanical and civil works of the port. This project enabled the company to expand its presence across the region in the power and control cable industry.
   

This low voltage power and control cable market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2019 to 2032, for the following segments:

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Market, By Product

• Power cable
• Control cable

Market, By Application

• Utilities
• Industries

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico 
• Europe
  • UK
  • France
  • Netherlands
  • Italy
  • Spain
  • Germany
  • Russia 
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Kuwait
  • South Africa
  • Egypt
• Latin America
  • Brazil
  • Argentina
  • Peru