How Has The Low Voltage Cables & AccessoriesMarket Size Evolved In Recent Years?
The low voltage cables & accessories market has seen considerable growth due to a variety of factors.
• In the past few years, the market size for low voltage cables & accessories has seen a significant increase. The market is predicted to expand from $165.73 billion in 2024 to $175.53 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 5.9%.
This growth in the historical period is due to factors such as rural electrification, advancements in telecommunications, expansion in residential construction, safety standards and regulations, and the increase in electrified transportation.
What Is The Projected Growth Of The Low Voltage Cables & Accessories Market?
The low voltage cables & accessories market is expected to maintain its strong growth trajectory in upcoming years.
• The market for low voltage cables & accessories is projected to experience significant expansion in the upcoming years, with its value estimated to reach $229.33 billion by the year 2029, growing at a compound annual growth rate of 6.9%.
The projected growth during this period is a result of various factors such as the development of electric vehicle charging infrastructure, initiatives for smart cities, decentralized energy generation, the surge in e-commerce, and emphasis on environmental sustainability. The forecast period is also expected to see key trends such as the broadening of the 5G network, heightened digitalization and automation, data center enlargement, the modernization of infrastructure, and energy storage solutions.
What Key Factors and Trends are Driving the Growth of the Low Voltage Cables & Accessories Market?
The surge in electricity needs is predicted to fuel the market for low voltage cables and accessories. This surge in global electricity consumption can be attributed to robust economic development in emerging nations, an escalating rise in household earnings, electrification of transport, and an increased demand for digitally connected gadgets. This heightened electricity requirement will likely augment the usage of low-voltage cables and accessories, which serve as the primary component for the distribution of electricity to various industry and household elements. For example, as per a report released by The International Energy Agency, a French-based organization in September 2024, the total net electricity production in June 2024 escalated to 902.8 TWh, marking a 5.4% increase in comparison to the same timeframe the prior year. Therefore, it is anticipated that the surge in electricity demand will stimulate the need for low-voltage cables and accessories over the projected period.
What are the Market Segments in the Low Voltage Cables & Accessories Market?
The low voltage cables & accessories market covered in this report is segmented –
1) By Product: Overhead Products, Underground Products
2) By Voltage: Up to 240V, 241V – 440V, 441V – 1000V
3) By Material: Copper, Aluminum
4) By End-User: Commercial, Residential, Industrial
Subsegments:
1) By Overhead Products: Overhead Conductors, Insulators, Connectors And Terminations, Support Hardware
2) By Underground Products: Underground Cables, Cable Joints And Terminations, Ducts And Conduits, Accessories
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What Trends are Shaping the Low Voltage Cables & Accessories Market?
Leading corporations in the low voltage cables and accessories market are concentrating their efforts on creating low smoke zero halogen (LS0H) electrical cables, aiming to improve fire safety by minimizing harmful emissions during combustion. LS0H electrical cables are a variety of cable that, when set ablaze, gives off minimal smoke and no dangerous halogen gases like chlorine or fluorine. These cables are fully devoid of halogens, thus not producing hazardous gases during a fire, thereby markedly improving safety during emergency situations. For example, in June 2024, RR Kabel Ltd, an Indian cable firm, introduced its pioneering house wire solution, Firex LS0H-EBXL. This pioneering technology enables the wire to endure extreme heat, up to 900°C, rendering it perfect for use in high-risk setups. The wire boasts an over 85% increase in short-circuit temperature endurance capacity, delivering a safety upgrade that's ten times greater compared to traditional alternatives.
Who Are the Key Players in the Low Voltage Cables & Accessories Market?
Major companies operating in the low voltage cables & accessories market include:
• Prysmian S.P.A.
• Nexans S.A.
• Sumitomo Electric Industries Ltd.
• NKT Cables Group GmbH
• ABB Ltd.
• Encore Wire Corporation
• Finolex Cables Limited
• Polycab Wires Pvt. Ltd.
• Riyadh Cables Group Company
• Hellenic Cables Holdings S.A.
• Ensto UK Ltd.
• Elsewedy Electric Co. S.A.E.
• Ikebana Engineering Ltd.
• Raychem Rpg(P) Ltd.
• Alcon Megarad Inc.
• Te Connectivity Ltd.
• Repl International Ltd.
• 3M Company
• Hitachi Energy Ltd.
• BBC Cellpack Gmbh
• Southwire Company LLC
• LS Cable & System Ltd.
• Furukawa Electric Co. Ltd.
• Leoni AG
• KEI Industries Limited
• Belden Inc.
• Lapp Group
• Caledonian Cables Ltd.
• Tratos Ltd.
What are the Regional Insights into the Low Voltage Cables & Accessories Market?
Asia-Pacific was the largest region in the low voltage cables & accessories market share in 2024, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the low voltage cables & accessories market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
