Low Voltage Power and Control Cable Market Size - By Product, By Application, Analysis, Share, & Forecast, 2025 - 2034

Low Voltage Power and Control Cable Market Size

The global low voltage power and control cable market was valued at USD 62.9 billion in 2024 and is estimated to reach the value of USD 122.7 billion by 2034, growing at a CAGR of 6.8% from 2025 to 2034, owing to the requirements from the residential, commercial, and industrial markets. The modern urbanization along with the ever reliable electricity in already developed countries as well as the developing countries is primarily driving this expansion.
 

One of the primary factors is the increasing growth of construction and infrastructure works in developing countries like India, China, and Southeast Asia. In 2024, China’s Gross Domestic Product (GDP) was around USD 18.7 trillion, which marks a 5% growth year on year. Urbanization is raising the demand for residential smart homes, commercial buildings, and even industrial parks which all need proper low voltage cable systems for powering and controlling lighting, fire alarms, HVAC systems, and automation, as well as intelligent systems integration.
 

The rapid expansion of the industry's emerging technologies segments is further fueled by the surge in renewable energy utilization. Strong cables are required for the interconnections of panels, inverters, batteries and grid systems. The U.S. solar industry further grew in the first quarter of 2024 with an unprecedented addition of 50 gigawatts (GW) of solar capacity. Cables that operate in the low voltage DC range are also required. As new capacity of renewables expand across the world, the demand for cables increases simultaneously.
 

An additional catalyst are advances in technology. Meeting ever-increasing safety requirements and performance expectations has led manufacturers to develop cables with better insulative, flame-retardant, and durability attributes. In more sophisticated uses, the emergence of smart cables capable of real-time monitoring of temperature, load, and faults is also rising.
 

The strongest region is Asia Pacific due to their advanced infrastructure and industrial development. Europe and North America closely follow due to investments towards grid modernization and energy-efficient techniques. The market also retains competitiveness globally with Prysmian Group, Nexans and KEI Industries innovating and expanding capacity.
 

The LV power and control cable market, alongside many others, will experience severe price inflation and reductions in profit margins due to the Trump-era tariffs on imported electrical components. Domestic manufacturers will benefit temporarily, but supply chain disruptions and counter tariffs from other countries will lead to market volatility which slowed investment in infrastructure renewals.
 

Low Voltage Power and Control Cable Market Trends

• The integration of smart technologies into power distribution systems is a significant trend. The development of smart cables equipped with sensors enables real-time monitoring of parameters like temperature and current flow, facilitating proactive maintenance and enhancing system efficiency. Additionally, innovations such as self-healing cables are emerging, designed to automatically detect and repair faults without human intervention, thereby reducing downtime and improving reliability.
   
• Environmental concerns and stringent safety regulations are influencing the market towards the adoption of eco-friendly and fire-resistant cables. In 2024, global CO2 emissions reached record highs, with total emissions hitting 41.6 billion tonnes, up from 40.6 billion tonnes in 2023. Therefore, demand for halogen-free cables, which emit less toxic smoke in case of fire, is rising, especially in sensitive environments like hospitals and schools.
   
• The global shift towards renewable energy sources is propelling the demand for low voltage cables. For instance, Europe installed 16.4 GW of new wind power capacity in 2024. These cables are essential in connecting solar panels and wind turbines to inverters and the grid, ensuring efficient power transmission. The expansion of renewable energy installations worldwide is expected to sustain the demand for power and control cables in the long term.
   
• Rapid urbanization, particularly in the Asia-Pacific region, is leading to increased investments in infrastructure, thereby boosting the demand for low voltage power and control cables. Countries like China and India are investing heavily in smart city projects, which require extensive cabling for power distribution and control systems.
   
• There is a growing preference for underground cabling over overhead lines, especially in urban areas, due to factors like space constraints, aesthetic considerations, and improved reliability. Underground cables are less susceptible to environmental disruptions, leading to fewer outages and maintenance issues.
   

Low Voltage Power and Control Cable Market Analysis

• The global market for low voltage power and control cable was valued at USD 53.6 billion in 2022, USD 58.1 billion in 2023, and USD 62.9 billion in 2024. One of the core drivers is the surge in infrastructure development, particularly in emerging economies such as India, China, Indonesia, and parts of Africa and Latin America. These regions are investing heavily in housing, transportation networks, commercial buildings, and industrial zones.
   
• In 2024, global energy investment was expected to USD 3 trillion for the first time in, with USD 2 trillion going to clean energy technologies and infrastructure. These investments will significantly drive the overall market of low voltage power and control cable across the world in coming years.
   
• In the low voltage power and control cable market, based on products, the power cable segment is anticipated to exceed USD 79.6 billion by 2034 owing to the increasing demand for efficient power distribution across residential, commercial, and industrial infrastructures, coupled with rising urbanization, smart grid deployments, and electrification of transport systems.
   
• By 2024, investment on smart grid devices and systems, including advanced metering infrastructure, was forecasted to reach USD 6.4 billion. Additionally, government-led initiatives toward renewable energy integration and rural electrification programs are fueling the expansion of distribution networks, thereby boosting the deployment of power cables.
   
• Similarly, control cable segment is also anticipated to exceed USD 42.8 billion by 2034 on account of the rising need for reliable signal transmission and control in automation systems, industrial machinery, and building management systems. The growing adoption of Industry 4.0, along with the expansion of smart manufacturing facilities and automated production lines, is driving the demand for high-performance control cables.
   

• In the low voltage power and control cable market, based on applications, the industries segment is expected to grow with a CAGR of over 6.9% till 2034 due to increasing industrialization across emerging economies, growing automation in manufacturing facilities, and the rising demand for uninterrupted power and control systems.
   
• Similarly, utility segment held a market share of 44.9% in 2024 due to the increasing investments in power distribution infrastructure, growing demand for grid modernization, and the integration of renewable energy sources into existing networks. In 2025, China's State Grid will likely invest a record over USD 88.7 billion in the country's power grid. These investments will significantly drive the demand for LV power and control cable market in coming years.
   
• The shift toward Industry 4.0, integration of IoT and smart equipment, and the need for reliable communication and control in critical processes are fueling the adoption of advanced cabling infrastructure. As industries embrace automation, there is a growing emphasis on seamless data transmission, real-time monitoring, and predictive maintenance which rely heavily on robust and high-performance cable networks.
   
• Moreover, the expansion of sectors such as oil & gas, mining, steel, pharmaceuticals, and automotive, along with rising investments in industrial infrastructure modernization, continues to accelerate the deployment of low voltage power and control cables. In 2024, U.S. crude oil production averaged 13.2 million barrels per day (b/d), a 2% increase compared to the previous year. These end use industries significantly will drive the demand for low voltage power and control cable market.
   
• Particularly in developing areas, the government-sponsored electrification initiatives and the increasing demand for rural and urban grid integration are adopting dependable cabling solutions in the utility industry. The shift to smart grids and digital substations also greatly supports the segment’s leadership as utilities focus on dependable, high-quality cabling to enable automated control, surveillance, and real-time information routing, which requires secure and sophisticated data transfer.
   

• Holding USD 7.5 billion in 2022, USD 8 billion in 2023, and USD 8.6 billion in 2024, the U.S. low voltage power and control cable market grew steadily. This consistent growth is driven by the residential and commercial expansion, infrastructural advancements as well as the modernization of the grid in the appraisal.
   
• The synchronous demand for low voltage power and control cables was stimulated by the adoption of energy efficient technologies, expansion of EV charging networks, and an increase in the smart building construction. In 2023, approximately 20% of cars sold were electric. Electric car sales neared 14 million in 2023, 95% of which were in China, Europe and the U.S. Therefore, the demand for these cables will be significantly high in coming years.
   
• Europe is actively contributing to the growth of the low voltage power and control cable industry regionally and globally, due to advancements in various sectors. In 2024, the European Union's GDP was projected to reach USD 20.287 trillion. The region places strong emphasis on modernizing its power grid, advancing cross-border interconnection projects, and integrating renewable energy sources into the system.
   
• Asian Pacific countries capture a substantial share of the low voltage power and control cable market due to increasing urbanization, industrial growth, and infrastructure development in emerging markets like China, India, Indonesia, and Vietnam. The region is undergoing tremendous investment in smart city schemes, renewable energy integration, and electrification which require significant low voltage cabling for power transmission and control applications.
   
• The Middle East and Africa (MEA) region is emerging as a significant growth frontier in the low voltage power and control cable market, primarily driven by large-scale infrastructure development, rapid urbanization, and expanding industrial activities. Countries such as Saudi Arabia, the UAE, South Africa, and Egypt are witnessing substantial investments in smart cities, power generation projects, oil & gas facilities.
   

Low Voltage Power and Control Cable Market Share

Prysmian, Belden, Furukawa, Sumitomo together have more than 20% market share. Their deep expertise in energy systems and consistent investment in R&D have positioned them as preferred partners for large-scale utility modernization projects. These companies offer a wide range of high-performance cable solutions, such as fiber optics, coaxial, submarine, data, power, and industrial cables, targeting multiple verticals including telecommunications, energy, automotive, construction, and industrial automation.
 

Low Voltage Power and Control Cable Market Companies

• May 2023: The LS cable and systems announced the completion of an HVDC submarine cable factory in Donghae, Gangwon Province. It is the only HVDC submarine cable factory in Korea. The factory unit was completed with an ultra-high-rise manufacturing tower standing 172 m tall.
   
• In 2023 January, Nexans had the sales of approximately USD 6.8 billion, significantly influencing the power and control cable sector. Nexans joined Authentic Vision in fighting cable counterfeiting through the adoption of Meta-Anchor technology, showing the industry’s fidelity towards product verification and supply chain security.
   
• In July 2024, Prysmian S.p.A completed the acquisition of Encore Wire Corporation, a U.S.-based cable producer. This acquisition will significantly create a strong impact on the cable industry, since Prysmian has a strong leverage for the technology, which will help them to gain considerable market share in power and control cable market in coming decades.
   

Major players operating in the low voltage power and control cable market are:

• Bergen Cable Technology
• Belden
• Ducab
• Furukawa Electric
• KEI Industries
• KEC International
• Klaus Faber
• LS Cable & System
• NKT A/S
• Nexans
• Prysmian Group
• Riyadh Cables
• RR Kabel
• Southwire Company
• Sumitomo Electric
   

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 sheathing material and is easy to cut along with enhanced flexibility, which makes its laying faster. The product can be frequently used across 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 power and control cable industry.
   

This low voltage power and control cable market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2021 to 2034, 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