Newark, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The brainy Insights estimates that the USD 155.31 billion in 2022 low-voltage cables market will reach USD 256.45 billion by 2030. Energy consumption in developing economies has increased due to fast urbanization and industrialization. In the upcoming years, smart grids will dominate the energy and power industries since they are more efficient and produce fewer carbon emissions. The expansion of the low-voltage cable market will also be aided by government subsidies and incentives for creating advanced transformers, conductors, circuits, and switchgear that complement the market’s growth. This market will continue to expand because of the wide range of applications, which include electronics, appliances, lighting, heating, and cooling.
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Key Insight of the Low-voltage Cables Market
Asia Pacific to account for the largest market size during the forecast period.
Asia Pacific is expected to have the largest market share in low-voltage cables. China will dominate the Asia Pacific low-voltage cables market. In developing economies, rapid urbanization has raised energy needs. The expansion of the low-voltage cables market has been influenced by the emergence of industry 4.0 in the region, which has greatly increased the region's energy consumption. Given its size, expanding economy, and rising industrial sector, China ranks second in the world regarding energy consumption after the United States. To maintain the economic momentum, the Chinese market is changing toward developing smart power grids, propelling the low-voltage cables market growth.
The commercial segment is expected to augment the low-voltage cables market during the forecast period.
The application segment is divided into residential, commercial, transportation, renewables, industrial and others. The commercial segment dominated the market with a revenue share of around 39% in 2022.
The underground segment market size is 83.86 billion in 2022
The installation type segment is divided into overhead and underground. The underground segment dominated the market with a market share of around 54% in 2022.
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Advancement in market
April 2022 - The first Class 4 certification was awarded to Belden's Digital Electricity (DE) Cables by UL, a top provider of specialized networking solutions worldwide. Digital electricity cables can support new digital power technologies safely and effectively as buildings grow more sophisticated. A new classification standard, Class 4, is explicitly intended for fault-managed power systems. Low-voltage power solutions, such as Power over Ethernet (PoE), which provides up to 100W, are offered by these systems. They are convenient and safe. Offering a secure substitute for AC, Class 4 provides nearly 20 times the power of PoE over distances of hundreds of metres. They supply power and data in a single run and are more affordable than AC power, saving valuable installation time. Like PoE, low-voltage integrators installing Category cabling can also install DE Cables. DE Cables are a wonderful addition to PoE applications, powering PoE switches that use regular Ethernet connections to power devices like lighting, wireless access points, and small cells.
Market Dynamics
Driver: The increasing global energy consumption
The growing industrialization and urbanization of the modern world depend on electricity. The seamless operation of all economic infrastructure, from residential to commercial places, depends on electricity. For instance, the digitalization and automation of the healthcare and education sectors are powered by new smart TVs, digital healthcare, and other electronic equipment. For these industries to prosper, there must be a constant supply of electricity or other energy. Low voltage cables will be more in demand as smart technology-driven energy demands rise in residences, workplaces, and industrial facilities. The growing need for energy in all industries will drive the global low-voltage cables market.
Restraint: Complex and costly installation of low-voltage cables
Before low-voltage cables are installed in the electricity networks and given the go-ahead to function, several adjustments, repairs, and replacements must be made to prevent future accidents. Low voltage cable, sophisticated transformers, lines, and wires that decrease power loss, provide faster transmission and are safe. These cutting-edge components are occasionally incompatible with the current transmission and distribution networks, or their integration is expensive and time-consuming, restricting the market growth.
Opportunities: Increasing adoption of smart-electric grids
To reduce power loss during transmission and distribution, industry players are creating innovative products and technology that encourage energy conservation. As a result of increased investments in the research and development of machinery with superconducting technology that will cut emissions, there will be several prospects in the market for low-voltage cables. Obviously, government initiatives have been to develop smart power networks and renewable energy sources. By encouraging the development and integration of smart electric grids, renewable energy sources, and modern transmission and distribution systems, the government's subsidies and incentives will also create lucrative chances for low-voltage cables.
Challenge: Stringent government regulations
When dealing with energy production, transmission, and distribution, sufficient safety procedures are required. As a result, governments and regulatory organizations have established strong protective guidelines, regulations, laws, and standards to oversee the authorization for the production, use, and distribution of new energy items. The laws and regulations protect stakeholders' interests from being exploited by major market participants while ensuring end-user safety. Due to these stringent rules, the low-voltage cable industry may find it difficult to grow.
Some of the major players operating in the low-voltage cables market are:
• ABB
• Bahra Cables Company
• BRUGG Cables
• Encore Wire Corporation
• Finolex Cables
• General Cable Corporation
• Nexans
• NKT Cables
• Polycab India
• Prysmian Group
Key Segments cover in the market:
By Application
• Residential
• Commercial
• Transportation
• Renewables
• Industrial
• Others
By Installation Type
• Overhead
• Underground
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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