Low Voltage Cable Market Trends

Growth Drivers

• Increasing Demand for Energy- The demand for low voltage cables is increasing due to the rising demand for energy. Due to the growth of the global population, it is projected that there will be a 49% surge in global energy demand, over the next two decades. As more people and industries require electricity to power their homes and operations, the need for reliable and efficient cables has become paramount. Furthermore, the shift towards renewable energy sources such as wind and solar power has also contributed to the demand for low voltage cables. These energy sources require specialized cables that can withstand harsh weather conditions and deliver power efficiently over long distances.
• Rising Construction Activities: The rise in construction activities is one of the major factors contributing to the increasing demand for low voltage cables. As more buildings, both residential and commercial, are being constructed, the need for reliable and safe electrical wiring systems has become paramount. Low voltage cables are an essential component of these systems, as they provide a safe and efficient means of transmitting electricity from the source to the end user.
• Advancements in Technology- Advancements in technology have played a significant role in driving the demand for low voltage cables. As technology continues to evolve, so do the requirements for reliable and efficient power transmission. For example, the increasing use of renewable energy sources such as solar and wind power requires specialized low voltage cables that can handle variable loads and transmit power over long distances. In 2022 it was observed that the majority of the growth, in power came from rooftop solar photovoltaic (PV) energy, which saw a significant increase of 191 GW. On the hand geothermal energy experienced a more modest rise of 181 MW.

Challenges

• Concern of Voltage Drop: Low voltage cables are designed to carry lower voltages, and over long distances, they can experience voltage drop, leading to reduced power delivery at the end of the cable. This can result in decreased performance or efficiency for devices and equipment connected to the cable.
• Sustainability and Environmental Concerns due to harsh weather conditions
• Compromised integrity of low voltage cables due to Physical damage from abrasion, crushing, bending, or puncturing