Cables and Accessories Market Insights | Key players: Prysmian, Nexans, NKT Cables, General Cables, Sumitomo, and ABB

According to recent research "Cables and Accessories Market by Voltage (Low, Medium, High), LV by Installation (Overhead (Conductors, Accessories), Underground (PVC, XLPE, Terminations, and Joints)), LV by End-User (Industrial, Renewables), and Region - Global Forecast to 2022", the global cables and accessories market is expected to grow at a CAGR of 5.40%, from 2017 to 2022, to reach a market size of USD 158.25 billion by 2022. The increasing demand for electric power worldwide, subsequent investments in installing renewable generation capacity, and rapidly growing industrialization are likely to drive the cables and accessories market during the forecast period.

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The cables and accessories market is dominated by a few major players that are established brand names with a wide regional presence. The leading players in the cables and accessories industry include Prysmian (Italy), Nexans (France), General Cable (US), NKT Cables (Germany), and Sumitomo (Japan).

Renewable segment is estimated to be the fastest-growing demand segments for the low voltage cables and accessories market, by end-user, from 2017 to 2022. This segment is being driven by factors such as government mandates to increase power generation through clean energy that would result in reduction of greenhouse emissions. Increase in number of wind power projects in countries such as Japan, Denmark, Spain, Portugal, among others has led to an increased share of renewable energy in the total power generation globally.

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Based on installation, underground segment is estimated to grow at the fastest rate from 2017 to 2022. This is due to various factors such as protection against bad weather conditions and lightning sparks. Underground lines have less tendency to short circuits and lightning sparks making it less hazardous. Also, underground cables have lesser transmission and distribution losses as they have efficient copper conductors and can operate at lower temperatures compared to overhead lines.

The share of solar power in renewable segment is estimated to grow at a faster rate from 2017 to 2022. The decreasing costs of solar installations and greenhouse gas emission restrictions are driving the adoption of renewable energy sources for power generation in the commercial, residential, and industrial sectors. Driven by attractive policy incentives, solar PV has emerged as one of the fastest growing renewable energy sources which would drive the low voltage cables and accessories market.

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Cables and accessories in low voltage segment based on region is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. Asia Pacific is projected to grow at the fastest rate from 2017 to 2022 followed by Middle East & Africa and North America. Countries such as China and India are the largest markets and have increased their investments in power sector in the recent past. China accounted for the maximum share in the Asian region in 2016 and is projected to grow at the highest CAGR of 5.47% from 2017 to 2022. Increase in the demand for electricity from residential and commercial sectors and integration of distributed energy resources would have a positive impact on low voltage cables and accessories market in Asia-Pacific. Also, increasing urbanization and industrialization are also the major factors impacting the growth of the low voltage cables and accessories in this region.

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