Low Voltage Cables & Accessories Market Trends, Growth, Analysis, Forecast By 2032

Low Voltage Cables & Accessories Market Analysis:

Low Voltage Cables & Accessories Market is projected to grow from USD 97.2 Billion in 2023 to USD 172.21 Billion by 2032, registering a CAGR of 7.41% during the forecast period (2023 - 2032).

COVID-19 has led to major impact across every industry across the world. The rapid spread has made governments across the world in taking stricter actions for the operations of offices and industrial plants resulting in stricter lockdowns. The government-imposed lockdowns had a notable impact on the power sector as the demand for power has decreased majorly from the industrial and commercial sectors.

The emergence of COVID-19 has declined the market's growth rate in 2020 and the market is likely to witness slow growth by the closing of 2021. This market has been primarily hit via obstacles created amid the COVID-19 pandemic for the construction industry which also includes availability of resources, health and safety measures, contractual obligations, project cancellations or delays, and deliverables.

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Key Players:

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)

Drivers

Growing Need for Energy to Boost Market Growth

Along with being used in commercial and residential applications, low voltage cables are also used in different industrial processes that have equipment working on low voltages. Growing number of small-scale industries over the past decade are driving the market. Fueling stations, natural gas stations, and petroleum industries all need low voltage supply lines. Besides, the mining industry too needs equipment which works on low voltage and thus mining activities also cater to the market growth of such cables.

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Challenges

Volatile Raw Material Prices to act as Market Challenge

The volatile raw material prices and electricity losses between transmissions will act as market challenge over the forecast period.

Market Segmentation

The low voltage cables & accessories market has been bifurcated based on installation, component, and application.

By installation, the underground segment will lead the market over the forecast period as they offer the advantages of good aesthetics and more safety. Besides it also has higher insulation thus there are less chances of damage.

By component, the cable joints segment will dominate the market over the forecast period. Resin type cable joints, heat shrink, and cold shrink are ideal for the working of the jointing of low voltage cables in electrical development areas, rail, substations, oil and gas, offshore, and marine areas where execution and top caliber joints guarantee the continued distribution of power supply to critical circuits.

By application, the utility segment will spearhead the market over the forecast period. In utility applications, these low voltage cables are utilized in direct burial applications, duct installations, and also other overheard and underground urban network systems. Such cables are easy to install as well as maintain and are mostly used for electric power distribution of the utilities.

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Regional Analysis

APAC to Have Lions Share in Low Voltage Cables and Accessories Market

The APAC region will possess the lions share in the low voltage cables and accessories market over the forecast period. Increased need for energy, growing population, rising per capita disposable income, low voltage and accessories manufacturers collaborating as well as signing agreements with other companies to supply electrical components and refurbish the electrical infrastructure, abundant availability of natural resources, the presence of emerging economies like Indonesia and India, and proposed government legislation to increase investments in the low voltage cables and accessories sector are adding to the global low voltage and cables accessories market growth in the region.

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