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Low Voltage Cables & Accessories Industry Report 2025-2034: Market Dynamics, Trends, And Forecasts
Low Voltage Cables & Accessories Market Demand
What Is the Expected Low Voltage Cables & Accessories Market Size During the Forecast Period?
In recent times, there has been a significant expansion in the market size of low voltage cables & accessories. The market which was valued at $165.73 billion in 2024 is predicted to escalate to $175.53 billion in 2025, with a compound annual growth rate (CAGR) of 5.9%. Factors such as rural area electrification, growth in telecommunications, increasing residential construction, stringent safety standards and regulations, along with electrified transportation, have all contributed to the growth observed in the historical period.
The market for low voltage cables and accessories is predicted to experience robust expansion in the coming years. The expectation is for the market value to reach $229.33 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 6.9%. This projected growth during the forecast period can be associated with factors such as the establishment of electric car charging networks, the drive towards smart city initiatives, the rise in decentralized energy production, the expansion of e-commerce platforms, and enhanced emphasis on environmental sustainability. The forecast period also sees key trends shaping the market including the rollout of 5G networks, the rise in digitization and automation, the growth in data center capacity, the modernization of infrastructure, and the implementation of energy storage solutions.
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What Are the High-Growth Segments in the Low Voltage Cables & Accessories Market?
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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What Key Drivers Are Expected to Influence Future Low Voltage Cables & Accessories Market Growth?
Anticipations of escalating electricity needs are set to drive growth in the market for low voltage cables and accessories. The surge in worldwide electricity requirements stems from robust economic expansion in emerging nations, elevating household incomes, the increasing electrification of transportation, and the growing appetite for digitally connected devices. This heightened need for electricity is predicted to enhance the usage of low-voltage cables and accessories, which are primarily used for secondary electrical distribution to various industrial and domestic components. To illustrate, The International Energy Agency, headquartered in France, released a report in September 2024 stating that total net electrical production in June 2024 had soared to 902.8 TWh-a significant 5.4% rise compared to the same timeframe the previous year. Consequently, this mounting electricity requirement is forecast to stimulate the demand for low-voltage cables and accessories in the approaching period.
Which Companies Hold the Largest Share Across Different Low Voltage Cables & Accessories Market Segments?
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.
What Trends Are Driving Growth in The Low Voltage Cables & Accessories Market?
Key industry players in the low voltage cables and accessories market are channeling efforts towards creating low smoke zero halogen (LS0H) electrical cables to advance fire safety by minimizing toxic emissions during combustion. Low smoke zero halogen (LS0H) electrical cables are ones that emit minimal smoke and no dangerous halogen gases like chlorine or fluorine when encountering fire. These electrical cables are totally devoid of halogens, ensuring no release of damaging gases in case of fire, thereby significantly improving safety during emergencies. For example, RR Kabel Ltd, a company based in India, unveiled Firex LS0H-EBXL, a revolutionary house wire solution, in June 2024. This innovation empowers the wire to endure extreme temperatures up to 900°C, making it a perfect fit for high-risk situations. This wire can endure temperatures during short-circuits that are over 85% higher, affording a safety increase of ten times compared to traditional alternatives.
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What Are the Emerging Geographies for The Low Voltage Cables & Accessories Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Low Voltage Cables & Accessories Market?
2. What is the CAGR expected in the Low Voltage Cables & Accessories Market?
3. What Are the Key Innovations Transforming the Low Voltage Cables & Accessories Industry?
4. Which Region Is Leading the Low Voltage Cables & Accessories Market?
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