Low Voltage Cables & Accessories Market Size

Low Voltage Cables & Accessories Market Growth Projections and Opportunities

The surge in global electricity demand has spurred significant growth in the low voltage cables & accessories market worldwide.

Projections indicate a substantial 6.23% Compound Annual Growth Rate (CAGR) for the global low voltage cables & accessories market between 2021 and 2027. In 2020, Asia-Pacific dominated this market with a commanding 42.3% share, followed by Europe & North America, accounting for 24.1% and 18.6% shares, respectively.

This expansive market has been categorized by installation, component, application, and region. Installation-wise, it's divided into overhead, underground, and other components, with the underground sector expected to witness the swiftest growth during the forecast period, securing a dominant 55.3% share of the market in 2020.

The component-based segmentation includes cable joints, terminations, connectors, clamps, conductors, and more. Among these, cable joints are anticipated to experience the most rapid growth throughout the forecast period, capturing a significant 29.4% market share in 2020.

Moreover, the market is further classified by application into residential, commercial, industrial, and utility sectors. The utility segment is forecasted to register the highest growth rate among applications during the stipulated period, holding a noteworthy 36.7% share of the global low voltage cables & accessories market in 2020.

This trajectory in demand can be attributed to the escalating global need for electricity, propelling various transmission & distribution (T&D) projects worldwide. The expansion of inter-country and island power distribution endeavors presents a promising landscape for both existing players and newcomers in this market. Notably, projects such as the Euro-Asia Interconnector are indicative of this burgeoning trend. This initiative, spanning the Middle East and Asia, entails the construction of the world’s longest submarine power cable, connecting countries like Greece, Israel, and Cyprus. The project's commencement in 2022, planned in two phases, showcases the potential for substantial growth opportunities for entities engaged in the low voltage cables & accessories market on a global scale.

In essence, the escalating demand for electricity on a global scale is the primary driver propelling the growth of the low voltage cables & accessories market. The market's future growth trajectory seems promising, marked by a steady increase in demand across various sectors and geographical regions, fostering innovation and development in the realm of low voltage cables and their associated accessories.