Low Voltage Cable Market to total US$ 255.0 billion by 2033 amid Rapid Expansion of Residential and Industrial Sectors

The United States is expected to maintain its leadership in the global low voltage cable market, driven by rapid industrial expansion, increased automation and renewable energy adoption, and the growing trend of smart buildings.

NEWARK, Del, Oct. 09, 2023 (GLOBE NEWSWIRE) — According to a Future Market Insights (FMI) report, the global low voltage cable market value is anticipated to increase from US$ 144.5 billion in 2023 to US$ 255.0 billion by 2033. Over the assessment period, global sales of low voltage cable are predicted to climb at 5.8% CAGR.

Overhead cables segment is forecast to retain its dominance during the projection period. This is due to the cost-effective installation of these cables. The target segment is poised to exhibit a 5.6% CAGR through 2033.

Several factors are expected to stimulate growth in the low voltage cable industry. These include growing energy demand, expansion of residential and industrial sectors, and rise of renewable energy sources.

Low voltage cable are gaining immense popularity in several applications requiring low voltages. These cables are designed to carry or transmit low voltage safely and effectively. They are widely used in residential, industrial, and commercial sectors.

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Rising energy demand from residential and industrial sectors is expected to boost the global low voltage cable market. These cables often transmit electricity from power plants and other sources to end users.

Renewable energy sources like wind and solar power are becoming popular due to their benefits and declining costs. This is expected to uplift demand for low voltage cable as they are essential for integrating renewable energy into the power grid.

Rapid infrastructural development is anticipated to bolster low voltage cable sales. Governments worldwide are investing heavily in infrastructure development projects. These projects require low voltage cable for power supply and communication.

Surging popularity of smart buildings and adoption of automation & control systems are another key factors expected to foster the low voltage cable market growth. Low-voltage cables are widely used for power distribution, lighting control, data transmission, and other applications.

Leading low voltage cable manufacturers focus on producing novel solutions from eco-friendly materials to reduce the carbon footprint. This will positively impact the overall performance of the worldwide low voltage cable industry.

Key Takeaways from the Low Voltage Cable Market Report:

  • The global low voltage cable industry is forecast to reach US$ 255.0 billion by 2033.
  • Based on installation type, overhead segment is set to thrive at 5.6% CAGR through 2033.
  • By end use, residential segment is anticipated to expand at a CAGR of 5.4%.
  • The United States market revenue is expected to total US$ 46.3 billion by 2033.
  • Sales revenue in China is forecast to total US$ 37.2 billion by 2033.
  • Demand in Japan is projected to increase at 6.0% CAGR between 2023 and 2033.
  • The United Kingdom market is set to thrive at a CAGR of 6.2% through 2033.
  • Korea is predicted to witness a CAGR of 5.5% over the forecast period.

“The exponential growth of residential and industrial sectors due to increasing population and economic growth is expected to create demand for low voltage cable during the forecast period. Key players are concentrating on developing more efficient and reliable low voltage cable to boost their revenues”, – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Who is Winning?

ABB Group, Encore Wire Corporation, Finolex Cables Ltd., General Cable Corporation, Nexans SA, NKT Cables Group GmbH, Polycab Wires Pvt. Ltd, Prysmian Group, Sumitomo Electric Industries Ltd., and Finolex are leading low voltage cable manufacturers listed in the report.

To gain maximum profits and expand their customer base, key companies are implementing several strategies. These include new product launches, facility expansions, partnerships, mergers, acquisitions, and collaborations.

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Recent Developments in the Low Voltage Cable Industry:

  • In May 2023, a new range of low-carbon distribution grid cables was launched by Nexans in the French market.
  • In December 2022, new low-voltage power cables using low-carbon materials were developed by NXT.

More Insights Available:

Future Market Insights (FMI), in its new offering, presents an unbiased analysis of the global low voltage cable market presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.

The study reveals market projections based on installation type (overhead and underground), end use (residential, commercial, and industrial), and region (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, and Middle East and Africa).

Low Voltage Cable Industry Segmentation Analysis:

By Installation Type:

By End Use:

  • Residential
  • Commercial
  • Industrial

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • East Asia
  • South Asia and Pacific
  • Middle East and Africa

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About FMI – Industrial Automation:

The industrial automation division of Future Market Insights (FMI) Research offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry.

We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.

Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Explore Future Market Insights, Inc. Extensive Coverage in Industrial Automation Domain:

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Originally published at https://www.einpresswire.com/article/660764487/low-voltage-cable-market-to-total-us-255-0-billion-by-2033-amid-rapid-expansion-of-residential-and-industrial-sectors-future-market-insights-inc