Low Voltage Cables & Accessories Market Research Report—Global Forecast till 2030

Low Voltage Cables & Accessories Market Research Report: Information by Installation (Underground, Overhead, and Submarine), Component (Cable Joints, Cable Terminations, Connectors, Clamps, Conductors, and Others), Application (Utility, Residential, Commercial, and Industrial), and Region (North America, Europe, Asia-Pacific, and Rest of the World) - Forecast till 2030

ID: MRFR/E&P/9166-CR | August 2021 | Region: Global | 188 pages         

Low Voltage Cables & Accessories Market

Low Voltage Cables & Accessories Market is projected to be worth USD 166.2 Billion by 2028, registering a CAGR of 7.41% during the forecast period (2021 - 2028)

Segmentation

By Installation Underground Overhead Submarine
By Component Cable Joints Cable Terminations Connectors Clamps Conductors Others
By Application Utility Residential Commercial Industrial

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)
  • Brugg Cables AG (Norway)

Drivers

  • Rising demand for electricity
  • Increasing share of renewable energy
  • Rise in exploration & production of oil and gas
Speak to Analyst Request a Free Sample

Low Voltage Cables & Accessories Market Synopsis:


Low Voltage Cables & Accessories Market is projected to be worth USD 166.2 Billion by 2028, registering a CAGR of 7.41% during the forecast period (2021 - 2028), The market was valued at USD 98.85 billion in 2020.

Cable accessories feature insulating conductors and connecting cables from direct contact with the earth's surface. Cable accessories protect cables from erosion and degradation caused by environmental stress, UV light, and other mediums. They also enhance the durability of cables. It helps to provide a reliable service for longer operating life in overhead and underground installations. Cable accessories are used in establishing transmission and distribution (T&D) networks for electricity consumption, internet and wiring systems, and telephones.

Expansion of the transmission and distribution network to meet the rising demand for electricity and rapid urbanization are helpful for the global market expansion. A low voltage cable is a crucial component for the secondary electricity distribution at a voltage range below 1 kV. Furthermore, aging power grid infrastructure and the introduction of new power generation power projects are anticipated to boost the low voltage cable accessories market. Technological innovations and advancements in the design of cable accessories to optimize their operational efficiency are estimated to augment the global low voltage cable accessories market during the forecast period. However, constraints related to funding, delays in authorization, and complex planning of projects are likely to hamper the global market during the forecast period.

Based on installation, the global low voltage cables & Accessories market has been segmented into underground, overhead, and submarine. The underground segment held a share of 55.34% of the global low voltage cables & Accessories market.

Based on component, the global low voltage cables & Accessories market has been segmented into cable joints, cable terminations, connectors, clamps, conductors, and others. The cable joints segment held a 29.44% share of the global low voltage cables & Accessories market.

Based on application, the global low voltage cables & Accessories market has been segmented into utility, residential, commercial, and industrial. The utility held a 36.67% share of the global low voltage cables & Accessories market.


COVID-19 Analysis:


COVID-19 has led to severe impact across all the industries around the world. The rapid spread has led governments across the globe to take stricter actions for the operations of industrial plants and offices, leading to stricter lockdowns. The lockdown had a notable impact on the power sector overall as power demand had decreased majorly from commercial and industrial sectors.


Market Dynamics:


Drivers:


  • Rising Demand for Electricity


The growing population, rapid industrialization, urbanization, and increasing infrastructure development are a few key factors anticipated to increase the global electricity demand. Additionally, as per the United Nations (UN), the global population is predicted to reach approximately 8.5 billion and 9.7 billion by 2030 and 2050, respectively.


Restraints:


  • Volatility in Raw Material Costs and Unexpected Electricity Loss


The volatile price of raw materials and electricity losses between transmissions are the major drawbacks restricting the growth global low voltage cable & accessories market during the forecast period. Low voltage cables need high conductivity as they are used to transmit electricity between transformers and end-users.


Opportunities:


  • Growing Demand for Intercountry and Inland Power Connections


The growing demand for inter-country and inland power connections across the world will provide lucrative opportunities for vendors and new entrants in the global low voltage cable & accessories market. The growing global population, increasing number of dense cities, and rising demand for electricity from domestic and industrial sources have boosted the number of transmission & distribution (T&D) projects by power companies across the globe.


Segment Overview:


By Installation:


  • Underground


In the underground installation, the cables are introduced or laid under the ground. The dependability of underground cable networks significantly relies on factors such as the legitimate laying of cables, quality of cable joints, and branch connections.



  • Overhead


An overhead installation involves laying cables on poles. The major advantages of this installation technique are its low initial expense and easy fault identification and repair. However, this installation is not secured as the wires are easily exposed to lightning.



  • Submarine


In the submarine installation, the cables are laid by using uniquely designed boats. These boats convey the submarine cable ready and gradually spread it out on the seabed according to the plans given by the cable administrator. This installation is expensive and technically challenging.


By Component:


  • Cable Joints


Cold shrink, heat shrink, and resin type cable joints are suitable for the working of the jointing of low voltage cables in marine, offshore, oil & gas, substations, rail, and electrical development areas where top caliber and execution joints guarantee the continued distribution of power supply to critical circuits.



  • Cable Terminations


Termination is an electrical course that comes in metal and plastic form. Cable terminators help connect a wire or fiber to a gadget, such as panels or a wall outlet, which includes interfacing the link to different links or gadgets.



  • Connectors


The cable connectors are always attached to a cable so that they can be connected to another terminal (either a fixed instrument or another cable). The connectors can be utilized in many applications, including landscape lighting, alarm system sensors, and controls.



  • Clamps


Cable clamps are accessories for wires and cables and are a significant part of establishing and maintaining cable systems. Cable clamps are utilized in home development, cars, fixing, and industrial and production applications. The clamps are accessible in a wide assortment of types and sizes.



  • Conductors


The primary materials used for making the electrical conductors are copper, copper-covered steel, high-strength copper compounds, and aluminum. The conductors are manufactured using pure nickel, pure silver, copper-covered aluminum, and a large group of metals, metal alloys, and metal combinations.



  • Others


The components included in this segment include cable glands, cleats & cable fixings, and cabinets. A cable gland is a piece of equipment that joins the end of an electrical cable to tie it down to a device. Additionally, cable glands are referred to as cable connectors, cable fittings, cord grips, and cable strain reliefs.


By Application:


  • Utility


In utilities, the low voltage cables are used in direct burial applications, duct installations, and other overheard & underground urban network systems. These cables are easy to install and maintain. They are mainly utilized for electric power distribution to the utilities.



  • Residential


In the residential sector, low voltage wiring is often used for garage door opener controls, landscape lighting, smart doorbells, heating & cooling thermostats, telephones, alarm system sensors & controls, audio-visual wiring, Internet network & Wi-Fi, LED or low voltage lighting, and audio-visual wiring.



  • Commercial


In the commercial sector, the low voltage cables are used for security, video surveillance, lighting, and fire alarm systems in gardens, shops, amusement parks, and the food & hotel industry, among other commercial applications.



  • Industrial


In the industrial sector, low voltage cables are used in oil & gas, mining, chemicals & petrochemicals, and cement plant applications. In this sector, low voltage cables have applications in outside installations, cable carriers, and conduits, among others.


Regional Analysis:


  • North America


North America is one of the biggest contributing regions to the overall low voltage cables & accessories market. The regional market's growth can be attributed to the rising use of electricity in the countries in the region.


  • Europe


Europe is one of the largest regions in the low voltage cables & accessories market. The growing demand for power supply and increasing trend replace the existing overhead distribution lines with underground cabling and give preference to underground cabling for new projects drive the growth of the low voltage cables & accessories in this region.


  • Asia-Pacific


Asia-Pacific is one of the largest markets for low voltage cables & accessories in the world. There is an increased demand for energy in the region because of the growing population and rising per capita disposable income in the region.


  • Middle East & Africa


Most of the countries in the Middle East & Africa are oil and gas producers and have been powering their national grids for years. The major factor driving the low voltage cables & accessories market in the region is the growth of renewable energy electricity generation.


  • South America


South American countries witness enormous demand for energy, most of which is consumed by residential and industrial consumers. Furthermore, to limit the effects of climate change, the region is seeing increased investment in renewable power generation.

Competitive Landscape:

The global low voltage cables & accessories marketis characterized by the presence of many local, regional, and global vendors. The market is highly competitive, with all the players continually competing to gain a larger market share.

Prysmian Group is a corporation that manufactures electric power transmission and telecommunications cables and systems. It offers its products under three brands: Prysmian, General Cable, and Draka.

The prominent players operating in the global low voltage cables & accessories marketareNKT 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).

Recent Developments

For instance, the Indian government had announced that the renewable energy sector in the country attracted an investment of more than US$ 42 Bn over the last four years. An increase in investment in the construction of residential & commercial establishments is anticipated to propel the global low voltage cable accessories market during the forecast period. Also, an increase in investment in the infrastructure sector, growth in the economy, and migration of the population toward urban areas are likely to propel the market shortly.

In developing countries such as China and India, electricity demand is top-notch. Rapid urbanization & industrialization, and strong economic growth are critical factors projected to boost the market in the region.

Report Overview:



  • The report for the global low voltage cables & accessories market by MRFR covers extensive primary research. This is accompanied bya detailed analysis of qualitative and quantitative aspects by various industry experts.


By Installation   


  • Underground

  • Overhead

  • Submarine


By Component 


  • Cable Joints

  • Cable Terminations

  • Connectors

  • Clamps

  • Conductors

  • Others


By Application  


  • Utility

  • Residential

  • Commercial

  • Industrial


By Region           


  • North America

  • Europe

  • Asia-Pacific

  • Middle East & Africa

  • South America



Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2028: USD 166.2 Billion
  • 2030 : Significant value
  •   CAGR   7.41% CAGR (2022-2030)
      Base Year   2021
      Forecast Period   2022 to 2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Installation, Component, Application
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   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)
      Key Market Opportunities   Growing demand for intercountry and inland power connections
      Key Market Drivers

  • Rising demand for electricity
  • Increasing share of renewable energy
  • Rise in exploration & production of oil and gas


  • Speak to Analyst Ask for Customization

    Frequently Asked Questions (FAQ) :

    Low Voltage Cables & Accessories market is predicted to grow at 7.41% through forecast period of 2021-2028.

    The forecast period for Low Voltage Cables & Accessories market research report is 2021-2028.

    Global Low Voltage Cables & Accessories market is dominated by North America region.