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The global landscape for low voltage cables and accessories is poised for substantial expansion, driven by the escalating demand for power connections both within countries and across borders. This surge in demand stems from various factors, including the burgeoning global population, rapid urbanization, and the escalating need for electricity across residential and industrial domains. As a result, power companies worldwide are ramping up their efforts in transmission and distribution (T&D) projects, creating a fertile ground for both established vendors and new players eyeing the low voltage cable & accessories market.
This growth trajectory is further bolstered by a surge in projects facilitating inter-country and island power connections on a global scale. An illustrative example is the Euro-Asia Interconnector project, a significant initiative aimed at establishing connections between the Middle East and Asia. This venture forms a crucial segment of an expansive European network designed to interlink intra-country and cross-border electricity grids through bidirectional cables. The objective is to ensure consistent and uninterrupted electricity transmission, thereby bridging nations like Greece, Israel, and Cyprus through the construction of what is projected to be the world's lengthiest submarine power cable.
Anticipated to kick off in 2022, the Euro-Asia Interconnector project is mapped out to unfold in two distinct phases. Such ambitious endeavors in inter-country and island power distribution underscore the promising landscape for growth within the global low voltage cables & accessories market. These initiatives are indicative of a larger trend wherein power companies are actively engaged in developing infrastructure to meet the escalating demand for electricity across diverse regions.
The surge in transmission and distribution projects spearheaded by power companies is a response to the mounting need for stable and efficient power supply in both urban and remote areas. This surge in demand is expected to offer a wealth of opportunities for vendors specializing in low voltage cables and accessories. Moreover, these projects signify a concerted effort to ensure the seamless flow of electricity across borders, thereby elevating the significance of reliable and resilient cable systems.
The evolution of these projects underscores the potential for growth and innovation within the global low voltage cables & accessories market. The burgeoning demand for reliable power connections, coupled with the need for robust infrastructure to support this surge, creates an environment ripe for vendors and newcomers to capitalize on the expanding opportunities in this dynamic landscape.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Installation, Component, Application, and Region |
Low Voltage Cables & Accessories Market Highlights:
Global Low Voltage Cables & Accessories Market Overview:
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
Low Voltage Cables & Accessories Market Trends
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Rising demand for electricity and oil and gas exploration and production, combined with the use of renewable energy, is driving the market growth
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.
Low Voltage Cables & Accessories Market Segment Insights:
Low Voltage Cables & Accessories Installation Insights
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.
Low Voltage Cables & Accessories Component Insights
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.
Low Voltage Cables & Accessories Application Insights
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
Low Voltage Cables & Accessories Regional Insights
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.
Low Voltage Cables & Accessories Key Market Players & Competitive Insights
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.
Key Companies in the Low Voltage Cables & Accessories market include
- 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)
Low Voltage Cables & Accessories Industry Developments
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.
Low Voltage Cables & Accessories Market Segmentation:
Low Voltage Cables & Accessories Installation Outlook
- Underground
- Overground
- Submarine
Low Voltage Cables & Accessories Component Outlook
- Cable Joints
- Cable Termination
- Connectors
- Clamps
- Conductors
- Others
Low Voltage Cables & Accessories Applications Outlook
- Utility
- Residential
- Commercial
- Industrial
Low Voltage Cables & Accessories Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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