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Top Factor Driving Low Voltage Cables & Accessories Market Growth in 2025: Low Voltage Cables And Accessories Meeting The Growing Electricity Demand
Low Voltage Cables & Accessories Market
The growing need for electricity is predicted to drive the market for low voltage cables and accessories. The global demand for electricity is increasing due to robust economic development in emerging nations, expanding household earnings, electrification of transport, and an escalating demand for connected digital tools. This surge in electricity requirements is believed to enhance the deployment of low-voltage wires and supplementary equipment, which serve as the primary components for the secondary dispersion of electrical power to diverse industrial and household elements. For instance, a report released by The International Energy Agency, a France-based body, in September 2024, stated that the total electricity generation in June 2024 saw a rise to 902.8 TWh, recording a 5.4% growth compared to the same timeframe the prior year. As such, the mounting electricity needs are anticipated to fuel the demand for low-voltage cables and accessories throughout the projected period.
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What is the projected compound annual growth rate (CAGR) of the low voltage cables & accessories market from 2025 to 2034, and what factors influence it?
In recent times, there has been a robust expansion in the market size of low voltage cables and accessories. This market is projected to escalate from $165.73 billion in 2024 to $175.53 billion in 2025, showcasing a compound annual growth rate (CAGR) of 5.9%. Factors contributing to this growth during the historic period include rural electrification, growth of telecommunications, residential construction, the implementation of safety standards and regulations, and the proliferation of electrified transportation.
In the coming years, the market size for low voltage cables & accessories is anticipated to experience significant growth, expanding to $229.33 billion in 2029 with a CAGR of 6.9%. This predicted growth in the forecast period can be linked to the development of electric vehicle charging structures, initiatives for smart cities, decentralized energy production, e-commerce growth, and environmental sustainability. The forecast period is also expected to show major trends such as the expansion of the 5G network, the rise in digitalization and automation, data center enlargement, modernization of infrastructure, and solutions for energy storage.
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How are the latest trends influencing the growth of the low voltage cables & accessories market?
Prominent players in the low voltage cables and accessories market are concentrating their efforts on the development of low smoke zero halogen (LS0H) electrical cables to boost fire safety by minimizing harmful emissions during combustion. Low smoke zero halogen (LS0H) cables are those that, when set alight, produce minimal smoke and do not release poisonous halogen gases such as chlorine or fluorine. Essentially, these electrical cables are devoid of halogens, meaning they don't give off dangerous gases if a fire breaks out, significantly improving safety during emergencies. For example, RR Kabel Ltd, an Indian cable company, roll-out Firex LS0H-EBXL, an innovative household wiring solution, in June 2024. This technology enables the wire to endure extremely high temperatures, up to 900°C, making it appropriate for environments that are at high risk. This wire has more than 85% higher short-circuit temperature tolerance, giving it a ten times safety advantage over traditional alternatives.
What are the major segments of the low voltage cables & accessories market and their role in driving growth?
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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Which regions are key players in the growth of 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.
Who are the key firms paving the way for growth 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.
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What Is Covered In The Low Voltage Cables & Accessories Global Market Report?
•Market Size Forecast: Examine the low voltage cables & accessories market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the low voltage cables & accessories market for a structured understanding.
•Key Players Overview: Analyze major players in the low voltage cables & accessories market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the low voltage cables & accessories market.
•Segment Contributions: Evaluate how different segments drive overall growth in the low voltage cables & accessories market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the low voltage cables & accessories market.
•Industry Challenges: Identify potential risks and obstacles affecting the low voltage cables & accessories market.
•Competitive Landscape: Review strategic developments in the low voltage cables & accessories market, including expansions, agreements, and new product launches.
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