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Low Voltage Cables & Accessories Market Analysis With Key Players, Applications, Trends And Forecast To 2033
Low Voltage Cables & Accessories Market
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.
Market Overview -
The low voltage cables & accessories refer to low voltage electrical wires used for secondary distribution of electricity at voltages less than 1 kV. Low-voltage cables and accessories are widely used for digital and communication purposes.
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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.
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.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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