Low Voltage Cables and Accessories Market

Market Definition

The Low Voltage Cables and Accessories Market size was valued at USD 120.18 billion in 2023 and is predicted to reach USD 186.37 billion by 2030 with a CAGR of 6.5% from 2024-2030.

Low-voltage cables and accessories are essential components of any low-voltage electrical system. These cables and accessories ensure the system operates safely and reliably as they transmit electricity at a voltage lower than that of a conventional power line. Low voltage cables include data cabling, communication cabling, audio & video cabling, and control cabling. The cable is insulated with a variety of materials, including PVC, XLPE, teflon, or silicone. The insulation provides protection against electrical shock and helps to prevent interference from other electrical signals. Low-voltage accessories are designed to safely connect the low-voltage cable to other electrical components such as switches and outlets. Low-voltage cables and accessories are typically used in applications such as security systems, home automation systems, fire alarm systems, and telecommunications.

Market Dynamics and Trends

The increasing demand for electricity, driven by growing urbanization and the rapid establishment of industries, is fueling the growth of the low-voltage cables and accessories market. According to the latest report published by the Central Intelligence Agency, global urbanization is experiencing significant growth, with rates reaching 81.9% in Canada, 81.5% in South Korea, and 81.8% in France.

This surge in urbanization worldwide is driving the need for reliable electrical infrastructure, thereby boosting the demand for low-voltage cables and accessories. Moreover, rising government initiatives towards sustainability and renewable energy is further driving the growth of the low voltage cable and accessories market. According to the recent report published by the International Energy Agency, investment in clean energy is growing at a significant rate across the globe, with investment reaching USD 1740 billion in 2023, up from USD 1617 billion in 2022.

This surge in investment in sustainable energy solutions is creating a favorable environment for the expansion of the low voltage cable and accessories market. However, the high cost of low-voltage cables and accessories due to their specialized design and the materials used and is the major factors restraining the growth of the market. 

On the contrary, the introduction of flame-retardant, oil-resistant, and wear-resistant cables and accessories that are designed to withstand extreme temperatures, chemical, and mechanical stresses is expected to create ample opportunities for the low-voltage cables and accessories market.

Market Segmentations and Scope of the Study

The low-voltage cables and accessories market share is segmented on the basis of product type, voltage, conductor material, installation, component, application, and region. On the basis of product type, the market is divided into power cables, control cables, instrumentation cables, cable glands, cable ties, cable markers, connectors, switches, outlets, and others. On the basis of voltage, the market is classified into 1V-240V, 241V-440V, 441V-1000V. On the basis of conductor material, the market is segmented into copper, aluminium, and others. On the basis of installation, the market is divided into underground, overhead, and submarine. On the basis of components, the market is classified into Cable Joints, cable terminations, connectors, clamps, conductors, and others. On the basis of application, the market is divided into utility, residential, commercial, industrial, and others. Regional breakdown and analysis of each of the aforesaid segments include regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

Asia Pacific holds the dominant share of the low-voltage cables and accessories market and is expected to continue its dominance during the forecast period. The growing population, the rise in industrial activities, and infrastructural developments in the region are leading to a surge in the demand for low-voltage cables and accessories. According to World Energy & Climate Statistics, China is the largest electricity consumer with 31% of global electricity consumption in 2021, and it is anticipated to grow rapidly in the forecasted years.

Moreover, the increasing need for the power sector due to rapid urbanization in countries such as China, India, and Japan are expected to further drive the demand for the low-voltage cables and accessories market. As per the latest report published by the Central Intelligence Agency, China’s urban population reached 64.6%, while India’s urban population reached 36.4%, growing at a rate of 1.78% and 2.33% in 2023 respectively.

On the other hand, North America is expected to show a steady rise in the low-voltage cables and accessories market due to the rising demand for reliable and efficient power transmission along with increasing investment in the clean energy sector is driving the growth of the low-voltage cables and accessories market in this region. For instance, in September 2021, the government of the U.S. invested USD 550 billion in clean energy generation and transmit electricity across the nation.

Moreover, the increasing adoption of smart home technologies and energy-efficient products, which rely on low-voltage cables and accessories for sustainable electricity usage, is fueling the demand for the low-voltage cables and accessories market. According to the World Economic Forum's recent report, the U.S. is experiencing substantial growth in smart home adoption, with more than 70 million households utilizing smart home devices and accessories.

Competitive Landscape

Various market players operating in the low-voltage cables and accessories market include Prysmian Group, ABB Ltd, Nexans S.A., General Cable, NKT Cables, Encore Wire Corporation, Finolex Cables, Bahra Cables Company, BRUGG Cables, Riyadh Cables Group Company, Polycab India, KEI Industries, Prysmian S.p.A., Elsewedy Electric Co S.A.E., Hitachi Energy, and others. These market players are adopting various strategies such as product launches to remain dominant in the low-voltage cables and accessories market. 

For instance, in December 2022, NKT Cables launched a low-voltage power cable using low-carbon materials. Through this launch, the company aims to reduce the carbon footprint of the power cable and move toward becoming a net-zero emissions company.

Moreover, in November 2021, Nexans launched its Mobiway Un’Reel solution to make cable installation simple, smart, more cost-effective, and secure across a range of different low and medium-voltage cables.

Key Benefits

• The report provides quantitative analysis and estimations of the low-voltage cables and accessories market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep dive analysis of the low-voltage cables and accessories market including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the low-voltage cables and accessories market is provided in the report. 

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

Key Market Segments

By Product Type 

• Power Cables

• Control Cables

• Instrumentation Cables

• Cable Glands

• Cable Ties

• Cable Markers

• Connectors

•  Switches

• Outlets

• Others

By Voltage 

• 1V-240V

• 241V-440V

• 441V-1000V

By Conductor Material 

• Copper

• Aluminium

• Others

By Installation 

• Underground

• Overhead

• Submarine

By Component 

• Cable Joints

• Cable Terminations

• Connectors

• Clamps

• Conductors

• Others

By Application 

• Utility

• Residential

• Commercial

• Industrial

• Others

By Region

• North America    

  • The U.S.

  • Canada

  • Mexico

• Europe    

  • The U.K.

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Netherlands

  • Finland

  • Sweden

  • Norway

  • Russia

  • Rest of Europe

• Asia-Pacific    

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• Rest of the World (RoW)    

  • Latin America

  • Middle East 

  • Africa

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2023	USD 120.18 Billion
Revenue Forecast in 2030	USD 186.37 Billion
Growth Rate	CAGR of 6.5% from 2024 to 2030
Analysis Period	2023–2030
Base Year Considered	2023
Forecast Period	2024–2030
Market Size Estimation	Billion (USD)
Growth Factors	Rising demand for electricity worldwide Increasing focus on clean and renewable energy sources
Countries Covered	28
Companies Profiled	15
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.

KEY PLAYERS

• Prysmian Group

• ABB Ltd.

• Nexans S.A

• General Cable

• NKT Cables

• Encore Wire Corporation

• Finolex Cables

• Bahra Cables Company

• BRUGG Cables

• Riyadh Cables Group Company

• Polycab India

• KEI Industries

• Prysmian S.p.A

• Elsewedy Electric Co S.A.E

• Hitachi Energy