What is Global LV Power Cable Market?
The global Low Voltage (LV) Power Cable market is a significant segment within the electrical and electronics industry, focusing on cables designed to carry electrical power at relatively low voltages. These cables are essential for various applications, including residential, commercial, and industrial settings. LV power cables are typically used for electrical wiring in buildings, power distribution networks, and other infrastructure projects. They are designed to handle voltages up to 1,000 volts and are crucial for ensuring the safe and efficient transmission of electricity. The market for LV power cables is driven by the increasing demand for electricity, urbanization, and the need for reliable power distribution systems. Additionally, advancements in cable technology, such as improved insulation materials and enhanced durability, have further boosted the market's growth. The global LV power cable market was valued at US$ 1423.5 million in 2023 and is anticipated to reach US$ 1903.5 million by 2030, witnessing a CAGR of 4.3% during the forecast period 2024-2030. This growth is indicative of the rising investments in infrastructure development and the ongoing efforts to upgrade and expand power distribution networks worldwide.
Ground Cable, Underground Cable in the Global LV Power Cable Market:
Ground cables and underground cables are integral components of the global LV power cable market, each serving specific purposes in power distribution. Ground cables, also known as grounding cables, are used to connect electrical systems to the earth, providing a path for fault currents and ensuring safety by preventing electrical shocks. These cables are typically made of copper or aluminum and are designed to withstand harsh environmental conditions. Ground cables are essential in residential, commercial, and industrial settings, where they help maintain the stability and safety of electrical systems. On the other hand, underground cables are used to transmit electrical power below the ground surface. These cables are preferred in urban areas where overhead power lines are impractical or aesthetically undesirable. Underground cables offer several advantages, including reduced risk of damage from weather events, lower maintenance costs, and improved safety. They are commonly used in power distribution networks, street lighting, and other infrastructure projects. The installation of underground cables requires careful planning and execution, as they need to be protected from moisture, mechanical damage, and other environmental factors. Both ground and underground cables play a crucial role in ensuring the reliable and efficient transmission of electricity, contributing to the overall growth of the global LV power cable market.
Infrastructure, New Energy Power Generation, Petroleum & Natural Gas, Mining, Others in the Global LV Power Cable Market:
The usage of global LV power cables spans across various sectors, including infrastructure, new energy power generation, petroleum and natural gas, mining, and others. In the infrastructure sector, LV power cables are used extensively in residential, commercial, and industrial buildings for electrical wiring and power distribution. They are essential for lighting, heating, ventilation, and air conditioning systems, ensuring the smooth operation of various electrical appliances and equipment. In the new energy power generation sector, LV power cables are used in renewable energy projects such as solar and wind farms. These cables are crucial for transmitting the generated power from the renewable energy sources to the grid, facilitating the integration of clean energy into the power distribution network. In the petroleum and natural gas sector, LV power cables are used in various applications, including drilling rigs, refineries, and pipelines. They are essential for powering equipment and ensuring the safe and efficient operation of the facilities. In the mining sector, LV power cables are used to power mining equipment and machinery, ensuring the smooth operation of mining activities. They are designed to withstand harsh environmental conditions and provide reliable power supply in remote and challenging locations. Other sectors that use LV power cables include transportation, telecommunications, and healthcare, where they are essential for powering various systems and equipment. The widespread usage of LV power cables across these sectors highlights their importance in ensuring the reliable and efficient transmission of electricity, contributing to the overall growth of the global LV power cable market.
Global LV Power Cable Market Outlook:
The global LV power cable market was valued at US$ 1423.5 million in 2023 and is anticipated to reach US$ 1903.5 million by 2030, witnessing a CAGR of 4.3% during the forecast period 2024-2030. This growth is driven by the increasing demand for electricity, urbanization, and the need for reliable power distribution systems. The market is also benefiting from advancements in cable technology, such as improved insulation materials and enhanced durability. These advancements have made LV power cables more efficient and reliable, further boosting their demand. Additionally, the rising investments in infrastructure development and the ongoing efforts to upgrade and expand power distribution networks worldwide are contributing to the market's growth. The growing focus on renewable energy projects, such as solar and wind farms, is also driving the demand for LV power cables, as they are essential for transmitting the generated power to the grid. The petroleum and natural gas sector, as well as the mining sector, are also significant contributors to the market's growth, as they rely on LV power cables for various applications. Overall, the global LV power cable market is expected to witness steady growth in the coming years, driven by the increasing demand for electricity and the ongoing efforts to improve power distribution systems.
| Report Metric | Details |
| Report Name | LV Power Cable Market |
| Accounted market size in 2023 | US$ 1423.5 million |
| Forecasted market size in 2030 | US$ 1903.5 million |
| CAGR | 4.3% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Nexans, Southwire, Prysmian, LS Cable & System, Belden, Sumitomo Electric, Furukawa Electric, NKT, Leoni, Tratos Group, Hitachi, Fujikura, Trefinasa, General Cable Technologies, ZTT International, AFL, FarEast Cable, Elsewedy Electric, KEI, ZMS Electric Cable, Qingdao Hanhe Cable |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
