Low Voltage Wire and Cable Market Size - By Product (Coaxial Cables/Electronic Wires, Fiber Optics Cables, Power Cables, Signal & Control Cable, Telecom & Data Cables), By Application & Forecast, 2024 – 2032

Low Voltage Wire and Cable Market Size

Low Voltage Wire and Cable Market size was valued at USD 131.1 billion in 2023 and is estimated to grow at a CAGR of 8% between 2024 and 2032. The industry experiences a significant growth trajectory, attributed to expanding infrastructure projects and consumer electronics demand. Favorable consumer inclination towards flexible and fire-resistant wire and cable usage, aligning with environmental protection and product durability, will invigorate the business landscape.
 

Furthermore, growing investments in automotive and manufacturing sectors, alongside the expansion of IT and telecommunication applications, will fuel the market demand. For instance, the automotive industry has significantly contributed to Europe's economic growth, innovation, and prosperity, representing nearly 7% of the region's GDP, which in turn creates a positive scenario for the product deployment.

 

Low Voltage Wire and Cable Market Trends

The growth of infrastructure development activities, coupled with increased investments from both public and private sectors to reinforce programs and regulatory initiatives, is set to expand the overall industry size. Moreover, efforts to reduce greenhouse gas emissions and implement stringent energy efficiency measures have fostered a favorable business environment for product adoption. Additionally, the ongoing integration of renewable energy across the grids will further propel the demand for efficient wires and cables.
 

For instance, according to data from the World Economic Forum, the year 2023 saw a remarkable 50% surge in global renewable capacity compared to the previous year. This significant growth is expected to generate heightened demand for the product as industries and economies increasingly transition towards renewable energy sources.
 

Low Voltage Wire and Cable Market Analysis

The power cable market is projected to reach over USD 160 billion by 2032. The demand for power cables will be fueled by government initiatives aimed at bolstering existing transmission capacities by integrating sustainable and energy-efficient components. Moreover, regulatory endeavors focusing on replacing traditional power generation systems with various high-capacity clean energy sources will further enhance the business landscape.
 

Furthermore, advancements in technology and materials are expected to drive the development of more efficient and durable power cables, meeting the increasing demand for reliable and sustainable energy transmission infrastructure. Additionally, the expansion of renewable energy projects, coupled with growing urbanization and industrialization, will contribute to the continued growth of the power cable market globally.
 

The low voltage wire and cable market from utilities is projected to achieve a CAGR of over 7.5% by 2032. Utilities are increasingly relying on low voltage wire and cable for various purposes such as distribution, transmission, and infrastructure development. This growth is propelled by factors including the expansion of smart grid systems, renewable energy integration, and the modernization of aging utility infrastructure. Additionally, stringent regulations promoting energy efficiency and safety standards are further fueling demand. As utilities continue to prioritize reliability and efficiency, the market is expected to witness sustained growth in the coming years.
 

The Asia Pacific market is projected to exceed USD 170 billion by 2032. This growth will be primarily driven by escalating electricity demand and inadequate grid infrastructure in key countries, necessitating the adoption of advanced transmission and distribution networks across the area. The increasing investments and financial support from institutions including the World Bank and the IFC towards regional electrification initiatives will positively influence the business landscape.
 

Additionally, advancements in wire and cable technology boost growth in the low voltage market by enhancing efficiency, reliability, and safety for modern utility applications. For instance, in December 2022, Nexans unveiled a fresh lineup of low-carbon power grid cables, while NKT introduced the manufacturing of a 1 kV cable utilizing low-carbon aluminum and polyolefins.
 

Low Voltage Wire and Cable Market Share

Prysmian Group offers a comprehensive range of low voltage wire and cable solutions designed for residential, commercial, and industrial applications. With advanced technology and high-quality materials, Prysmian's low voltage cables ensure reliable and efficient electrical connectivity, meeting stringent safety and performance standards.
 

Low Voltage Wire and Cable Market Companies

The key players operating across the industry include:

• alfanar Group
• Bahra Cables
• BELDEN
• Brugg Kabel AG
• Ducab
• Elsewedy Electric
• Federal Cables
• Fujikura Ltd.
• HELUKABEL MiddleEast
• Jeddah Cables
• KEI Industries Limited
• Midal Cables Ltd.
• Naficon
• Nexans
• NIBE Industrier AB
• NKT A/S
• Power Plus Cables Co. L.L.C.
• Prysmian Group
• Riyadh Cables
• Saudi Cable Company
• Sumitomo Electric Industries, Ltd.
• ZTT
   

Low Voltage Wire and Cable Industry News

• In September 2023, Sumitomo Electric Group introduced the world's inaugural mass-produced ultra-low loss, multi-core fiber. This groundbreaking development signifies a significant advancement in fiber optic technology, promising enhanced performance and efficiency in data transmission. The launch of this innovative fiber is poised to revolutionize various sectors reliant on high-speed and reliable communication networks, including telecommunications, data centers, and internet infrastructure.
   
• In January 2022, Elsewedy Electric inked a fresh deal with the Public Authority for Housing Welfare in Kuwait valued at more than USD 28 million. The contract aims to facilitate power transmission for El Mutlaa Residential City. Under the agreement, the project will be executed on a turnkey basis within a span of eighteen months, with Elsewedy Electric providing its expertise in the design, supply, and installation of 132kV ground cables.
   

The Low Voltage Wire and Cable market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2019 to 2032, for the following segments:

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Market, By Product

• Coaxial Cables/Electronic Wires
• Fiber Optics Cables
• Power Cables
• Signal & Control Cable
• Telecom & Data Cables

Market, By Application

• Food & Beverages
• Automotive
• Material Handling/Logistics
• Entertainment/Leisure
• Utilities
• Railways
• Consumer Electronics
• Building Infrastructure
• Others

The above information has been provided for the following Regions:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Netherlands
  • Italy
  • Spain
  • Sweden
  • Denmark
  • Belgium
  • Germany
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Indonesia
  • Philippines
  • New Zealand
  • Malaysia
  • Thailand
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Iraq
  • Kuwait
  • Qatar
  • South Africa
  • Egypt
  • Nigeria
• Latin America
  • Brazil
  • Argentina
  • Peru