Low Voltage Cables & Accessories Market Size was valued at USD 97.2 Billion in 2023. The Low Voltage Cables & Accessories market industry is projected to grow from USD 104.40 Billion in 2024 to USD 172.21 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.46% during the forecast period (2024 - 2032). Increasing the need for power and renewable energy increases in oil & gas exploration and production are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Market CAGR for low-voltage cables & accessories is driven by the rising demand for electricity. It is anticipated that during the next few years, renewable energy will make up a larger portion of the energy mix utilised to produce electricity. The environment has been significantly damaged by population development, rapid urbanization, expanding infrastructure projects, and expanded access to power.
With renewable energy sources like wind, solar, hydro, and biomass, countries like India, the US, Germany, Saudi Arabia, and others are attempting to produce electricity. To enhance the proportion of renewable energy in the mix of energy sources, these countries have set goals to improve the generation capacity of these resources.
Additionally, by 2040, if the outlined policy scenario is followed, the International Energy Agency (IEA) projects that the world's yearly demand for energy will rise by 2.1%. In addition, it is anticipated that electricity will account for a larger portion of overall energy use, rising from 19% in 2018 to 24% in 2040. The rising population, rapid urbanization and industrialization, and increased infrastructure development are a few reasons that are projected to contribute to an increase in the energy demand.
The low-voltage cables & accessories market is seeing a rise in major trends related to technological advances and advancements in cable accessory design. Low-voltage cable and accessory manufacturers are working hard to develop cutting-edge products that are cost-effective, take advantage of the newest technology, and offer enhanced product options.
For instance, ETHERLINE T1, a new single-pair Ethernet cable for transporting digital signals, was introduced in April 2021 by Lapp India Pvt. Ltd., an Indian provider and producer of cables and cable accessories. Copper braid and aluminum-laminated foil are employed as a double shield in the Ethernet T1 cable, which may concurrently deliver power and data to SPE (Single Pair Ethernet) terminals with little energy usage. It can transmit data up to a range of 1200m at 10 Mbit/s. Thus, driving the low-voltage cables & accessories market revenue.
The low voltage cables & accessories market segmentation, based on installation, includes underground, overground, and submarine. The underground segment dominated the market, accounting for 35% of market revenue (78.48 Billion). The wires are inserted or installed underground during the subsurface installation. The proper installation of cables, the quality of the cable joints, and the branch connections all have a vital role in how reliable subterranean cable networks are.
The low-voltage cables & accessories market segmentation, based on components, includes cable joints, cable terminations, connectors, clamps, conductors, and others. The cable joints category generated the most income (30.2%), with the highest CAGR. Cold shrink, heat shrink, and resin-type cable joints are appropriate for use in maritime, offshore, oil and gas, substation, rail, and electrical development areas where top-quality and execution joints enable the continuous power supply distribution to key circuits.
The low-voltage cables & accessories market segmentation, based on application, includes utility, residential, commercial, and industrial. The utility category generated the most income (35.3%), with the highest CAGR. In utilities, low-voltage cables are utilized for duct installations, direct burial, and overhead and underground urban network systems. These wires require minimal setup and maintenance. They are mostly employed to supply electricity to the utilities.
Figure 1: Low Voltage Cables & Accessories Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American low voltage cables & accessories market will dominate this market, as the regional market has grown due to the area's increased use of power. North America is the world's greatest electricity consumption due to the surge in electricity consumption from the industrial sector and data centers.
The growth of the low-voltage cables and accessories market throughout the projection period is also supported by substantial low-voltage cable and accessory firms operating in North America. As a result of the fast increase in power consumption and the growing number of significant players in the low-voltage cables and accessories market, the North American market will grow over the projected period.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Low Voltage Cables & Accessories Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's low-voltage cables & accessories market accounts for the second-largest market share due to the growing trend to replace existing overhead distribution lines with subterranean cabling and to favor underground cabling for new projects, which is driving up the need for low-voltage cables and accessories in this field. Further, the German Low Voltage Cables & Accessories market held the largest market share, and the UK low voltage cables & accessories market was the largest growing market in the European region.
The Asia-Pacific low-voltage cables & accessories market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the greater energy demand due to the area's growing population and increasing per capita disposable income. Moreover, China’s Low Voltage Cables & Accessories market held the largest market share, and the Indian low-voltage cables & accessories market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the low-voltage cables & accessories market, grow even more. Additionally, market participants are engaging in a variety of strategic initiatives to increase their worldwide reach., with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations.
To expand and survive in a more competitive and rising market climate, the low-voltage cables & accessories industry must offer cost-effective items.Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the low-voltage cables & accessories industry to benefit clients and increase the market sector. In recent years, the low-voltage cables & accessories industry has offered some of the most significant advantages to medicine.
Major players in the low voltage cables & accessories market, including NKT A/S (Denmark), Hellenic Cables (Greece), Ensto (Finland), Prysmian Group (Italy), Elsewedy Electric (Egypt), Ikebana Engineering Ltd. (Thailand), Elcon Megarad (Italy), TE Connectivity (Switzerland), REPL International Ltd. (UK), 3M (US), Hitachi ABB Power Grids (Switzerland), Nexans S.A. (France), BBC Cellpack Gmbh (Germany), and Brugg Cables AG (Norway), are attempting to increase market demand by investing in research and development operations.
NKT A/S manufactures electrical components. Power cables and photonic goods are available from the company. NKT offers its services to clients all around the world. Low-voltage power lines were produced by NKT using low-carbon materials in December 2022.
A wide variety of cables are developed, designed, produced, supplied, and installed by Prysmian S.p.A. for use in the telecommunications and energy sectors. The company offers submarine transmission, asset monitoring systems, network elements, and optical fibers.
April 2021:ETHERLINE T1, a brand-new single-pair Ethernet cable for transporting digital signals, was introduced by Lapp India Pvt. Ltd., an Indian provider and manufacturer of cables and cable accessories. Copper braid and aluminum-laminated foil are used as a double shield in the Ethernet T1 cable, which can simultaneously supply power and data to SPE (Single Pair Ethernet) terminals with little energy use and transmit data up to a distance of 1200 m at 10 Mbit/s.
April 2022:Centelsa was purchased from Mexican business Xignux SA by Nexans S.A., a manufacturer of fiber optic cables, for an unknown sum. Nexans wants to focus on the value chain of sustainable energy generation, transmission, distribution, and use by becoming a pure electrification player through this acquisition. Power and communication cables are produced by Centella, a company based in Latin America.
July 2021:To install various electric control and instrumentation equipment for the Mogalakwena mine's North Concentrator Plant in the province of Limpopo, Zest WEG and Anglo American Platinum engaged in a supply agreement. About 70 km of low-voltage and medium-voltage cables will be deployed for the project.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 97.2 Billion |
| Market Size 2024 | USD 104.40 Billion |
| Market Size 2032 | USD 172.21 Billion |
| Compound Annual Growth Rate (CAGR) | 6.46% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Installation, Component, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | NKT A/S (Denmark), Hellenic Cables (Greece), Ensto (Finland), Prysmian Group (Italy), Elsewedy Electric (Egypt), Ikebana Engineering Ltd. (Thailand), Elcon Megarad (Italy), TE Connectivity (Switzerland), REPL International Ltd. (UK), 3M (US), Hitachi ABB Power Grids (Switzerland), Nexans S.A. (France), BBC Cellpack Gmbh (Germany), and Brugg Cables AG (Norway) |
| Key Market Opportunities | Escalating need for inland and cross-country power connections |
| Key Market Dynamics | Increase in power demand, rising percentage of renewable energy, increase in oil and gas exploration and production. |
Low Voltage Cables & Accessories Market Highlights:
Frequently Asked Questions (FAQ) :
The low voltage cables & accessories market size was valued at USD 97.2 Billion in 2023.
The market is projected to grow at a CAGR of 6.46% during the forecast period, 2024-2032.
North America had the largest share of the market
The key players in the market are NKT A/S (Denmark), Hellenic Cables (Greece), Ensto (Finland), Prysmian Group (Italy), Elsewedy Electric (Egypt), Ikebana Engineering Ltd. (Thailand), Elcon Megarad (Italy), TE Connectivity (Switzerland), REPL International Ltd. (UK), 3M (US), Hitachi ABB Power Grids (Switzerland), Nexans S.A. (France), BBC Cellpack Gmbh (Germany), and Brugg Cables AG (Norway).
The underground category dominated the market in 2022.
The cable joints had the largest share of the market.
The utility had the largest share of the market.
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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