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Leading Companies Fueling Innovation and Growth in the Low Voltage Cables and Accessories Market
Low Voltage Cables & Accessories Market
Market Growth Outlook for Low Voltage Cables & Accessories by 2030
The size of the low voltage cables and accessories market is projected to reach $237.58 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.5%. This robust growth is fueled by factors such as expanding smart grid implementations, integration with digital monitoring technologies, and the rising construction of energy-efficient buildings in both residential and commercial sectors. Additionally, the increasing demand for advanced cable accessories and the development of connected electrical distribution systems play pivotal roles in market expansion. Key trends anticipated during this period include the adoption of energy-saving low voltage cables, deployment of intelligent electrical distribution networks, IoT-enabled cable monitoring systems, growth in digital communication infrastructure, and incorporation of sophisticated cable accessories.
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Leading Companies Driving the Low Voltage Cables & Accessories Market
The competitive landscape in this market is shaped by several major players, including 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., and Tratos Ltd.
Strategic Acquisitions Enhancing Market Presence
In a significant move in April 2024, Italy-based Prysmian S.p.A., known for its energy and telecom cables and systems, acquired Encore Wire Corporation for approximately US $4.15 billion. This acquisition is aimed at enlarging Prysmian's manufacturing footprint in North America, boosting its portfolio of low-voltage and building wire products, and strengthening its position in the integrated cable solutions sector. Encore Wire Corporation, headquartered in McKinney, Texas, is a leading provider of copper and aluminum wire and building cables in the U.S.
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Fire Safety Innovations Leading Market Trends
A major focus among companies in the low voltage cables and accessories sector is the development of low smoke zero halogen (LS0H) electrical cables to improve fire safety by minimizing toxic emissions during fires. LS0H cables emit limited smoke and do not release harmful halogen gases such as chlorine or fluorine when exposed to fire, enhancing safety in emergency situations. For example, in June 2024, Indian cable manufacturer RR Kabel Ltd introduced Firex LS0H-EBXL, a novel house wire solution capable of withstanding temperatures up to 900°C. This wire offers more than an 85% increase in short-circuit temperature resistance and provides a tenfold safety improvement compared to standard wires, making it ideal for high-risk applications.
Detailed Segment Analysis of the Low Voltage Cables & Accessories Market
This market is segmented into various categories to provide a comprehensive understanding:
1) By Product Type: Overhead Products and Underground Products
2) By Voltage Range: Up to 240V, 241V to 440V, and 441V to 1000V
3) By Material: Copper and Aluminum
4) By End-User Segment: Commercial, Residential, and Industrial
Further subsegments include:
- Overhead Products such as overhead conductors, insulators, connectors and terminations, and support hardware
- Underground Products including underground cables, cable joints and terminations, ducts and conduits, and accessories
These segmentations offer detailed insights into product types and usa*ge areas, reflecting the diverse nature and applications of low voltage cables and accessories worldwide.
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