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Low Voltage Cables & Accessories Market Outlook 2024: Exclusive Report By The Business Research Company | Prysmian S.P.A., Nexans S.A., General Cable Corporation, Sumitomo Electric Industries Ltd., NKT Cables Group GmbH
Low Voltage Cables & Accessories Market Size
The Business Research Company offers in-depth market insights through Low Voltage Cables & Accessories Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The low voltage cables & accessories market size has grown strongly in recent years. It will grow from $157.95 billion in 2023 to $168.58 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to electrification of rural areas, telecommunications expansion, residential construction, safety standards and regulations, electrified transportation.
The low voltage cables & accessories market size is expected to see strong growth in the next few years. It will grow to $219.5 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to electric vehicle charging infrastructure, smart cities initiatives, decentralized energy generation, growth of e-commerce, environmental sustainability. Major trends in the forecast period include 5g network expansion, digitalization and automation, data center expansion, infrastructure modernization, energy storage solutions.
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Market Segmentation:
The main types of low voltage cables & accessories include overhead products and underground products. Underground products refer to low voltage cables & accessories such as PVC cables, XLPE cables, cable termination, cable joints, and others used in the installation of cables below the ground. The materials used in the manufacturing of low voltage cables & accessories include copper and aluminum. The different voltage ranges in low voltage cables & accessories include up to 240V, 241-440V, and 441V-1000V. They are used by industrial, commercial, and residential customers.
Major Driver - Low Voltage Cables And Accessories Meeting The Growing Electricity Demand
The rising electricity demand is expected to propel the low voltage cables and accessories market. Global electricity demand is rising due to strong economic growth in developing countries, a rising increase in household incomes, electrification of transportation, and growing demand for digitally connected devices. The increased demand for electricity is expected to boost the utilization of low-voltage cables and accessories, as they act as the main component for the secondary distribution of electricity to various industrial and household components. According to the International Energy Agency (IEA) report in 2021, a France-based autonomous intergovernmental organization for energy, worldwide electricity demand is expected to grow by 2.4% in 2022 after the previous year's 6% increase in electricity consumption. Therefore, the rising electricity demand is expected to boost demand for low-voltage cables and accessories during the forecast period.
Competitive Landscape:
Major companies operating in the low voltage cables & accessories market include Prysmian S.P.A., Nexans S.A., General Cable Corporation, 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.
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Top Trend - Technological Innovations Shaping The Low-Voltage Cables And Accessories Market
Technology innovations and advancements in the design of cable accessories are key trends gaining popularity in the low-voltage cables & accessories market. The companies operating in the low-voltage cables and accessories sector are focusing on developing innovative products with the latest technologies, improvised product offerings, and cost-efficiency. For instance, in April 2021, Lapp India Pvt. Ltd., an India-based supplier, and manufacturer of cables and cable accessories launched ETHERLINE T1, a new single-pair Ethernet cable for transmitting digital signals. The Ethernet T1 cable is made up of copper braid and aluminum-laminated foil and is used as a double shield to prevent electromagnetic interference., which is capable of supplying power and data simultaneously to SPE (Single Pair Ethernet) terminals with low energy consumption and can transmit data up to a range of 1200m at 10 Mbit/s.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Low Voltage Cables & Accessories Market Characteristics
3. Low Voltage Cables & Accessories Market Trends And Strategies
4. Low Voltage Cables & Accessories Market - Macro Economic Scenario
5. Low Voltage Cables & Accessories Market Size And Growth
…..
27. Low Voltage Cables & Accessories Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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