Low Voltage Cable Market Share

APAC Market Forecast

Low voltage cable market in Asia Pacific is anticipated to hold the largest with a share of about 37% by the end of 2037. The market growth in the region is also expected on account of the increasing demand for low voltage cables from major countries such as India, China, and Japan. This is owing to the increasing number of infrastructure projects, residential buildings, and industrial complexes, among others, that are being constructed in these countries. For instance, in India there is expected to be an increase in the construction of residential buildings in the coming years. This growth is being supported by the governments Housing For All initiative. The Pradhan Mantri Awas Yojana (PMAY) which is scheduled to be finished by 2020. The PMAY aims to construct 60 million houses by 2022 with 40 million in areas and 20 million, in urban areas.

North American Market Statistics

The North America low voltage cable market is estimated to be the second largest, registering a share of about 28% by the end of 2037. The market’s expansion can be attributed majorly to the increased demand for cables in the residential and commercial sectors for the development of smart cities and digital infrastructure, driven by the growing need for energy-efficient solutions. In addition, when installing rooftop solar panels to meet the electricity needs of a single house it is necessary to establish new low voltage lines. It has been noted that in 2021 there was an installation of 513,000 residential solar systems, representing a year-on-year growth rate of 30%. Furthermore, it is projected that there will be a 14% growth, in installations this year.