Low Voltage Cables & Accessories Global Market Report 2024

Low voltage cables and accessories pertain to electrical wires designed for the secondary distribution of electricity at voltages below 1 kV. These cables and accessories find widespread application in digital and communication purposes.

The primary categories of low voltage cables and accessories encompass overhead products and underground products. Underground products, such as PVC cables, XLPE cables, cable termination, cable joints, and others, specifically relate to low voltage cables and accessories utilized in installing cables beneath the ground. The materials employed in manufacturing these products include copper and aluminum. The various voltage ranges within low voltage cables and accessories cover up to 240V, 241-440V, and 441V-1000V. They cater to the needs of industrial, commercial, and residential customers.

The low voltage cables & accessories market research report is one of a series of new reports that provides low voltage cables & accessories market statistics, including low voltage cables & accessories industry global market size, regional shares, competitors with a low voltage cables & accessories market share, detailed low voltage cables & accessories market segments, market trends and opportunities, and any further data you may need to thrive in the low voltage cables & accessories industry. This low voltage cables & accessories market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The low voltage cables & accessories market size has grown strongly in recent years. It will grow from $157.95 billion in 2023 to $168.58 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth observed in the historical period can be attributed to factors such as the electrification of rural areas, the expansion of telecommunications, residential construction activities, adherence to safety standards and regulations, and the development of electrified transportation.

The low voltage cables & accessories market size is expected to see strong growth in the next few years. It will grow to $219.5 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The anticipated growth in the forecast period can be linked to factors like the development of electric vehicle charging infrastructure, initiatives in building smart cities, the rise of decentralized energy generation, the expansion of e-commerce, and a focus on environmental sustainability. Key trends expected in this period encompass the expansion of 5G networks, increased digitalization and automation, the growth of data centers, modernization of infrastructure, and the adoption of energy storage solutions.

The increasing demand for electricity is anticipated to drive the low voltage cables and accessories market. The global rise in electricity demand is attributed to robust economic growth in developing nations, escalating household incomes, the electrification of transportation, and a growing need for digitally connected devices. This surge in electricity demand is expected to boost the usage of low-voltage cables and accessories, serving as crucial components for the secondary distribution of electricity to various industrial and household components. According to a 2021 report by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization for energy, global electricity demand is projected to grow by 2.4% in 2022 following a 6% increase in consumption the previous year, highlighting the potential for increased demand for low-voltage cables and accessories in the forecast period.

The expansion of the oil and gas industry is set to fuel the growth of the low-voltage cables and accessories market. The oil and gas sector, encompassing exploration, extraction, production, refining, and distribution of petroleum products, relies heavily on low-voltage cables and accessories for power distribution, control, safety, instrumentation, and communication. This ensures durability and compliance with safety and environmental standards. For example, in 2022, the US Energy Information Administration reported that the United Kingdom produced 934,000 barrels per day (b/d) in total liquid fuels and 1.1 trillion cubic feet (Tcf) of natural gas in 2021, underscoring the crucial role of low-voltage cables and accessories in the industry's operations.

Technological innovations and advancements in cable accessory design are emerging trends in the low-voltage cables and accessories market. Companies operating in this sector are concentrating on developing innovative products with the latest technologies, enhanced offerings, and cost-effectiveness. An illustration of this is Lapp India Pvt. Ltd., an India-based cable and cable accessories supplier, launching ETHERLINE T1 in April 2021, a single-pair Ethernet cable for transmitting digital signals. This cable, featuring copper braid and aluminum-laminated foil, acts as a double shield against electromagnetic interference, supplying power and data simultaneously to Single Pair Ethernet (SPE) terminals with low energy consumption and a data transmission range of up to 1200m at 10 Mbit/s.

Leading companies in the low-voltage cables and accessories market are introducing innovative products like low-carbon distribution grid cables to boost market revenues. This new range of cables reduces greenhouse gas emissions by 35-50%, depending on the product. For instance, in May 2023, Nexans, a France-based automation company, launched the first low-carbon power grid cable offering in France, guaranteeing a minimum 35% reduction in greenhouse gas emissions. The environmental impact of these cables extends beyond manufacturing considerations.

In April 2022, Nexans S.A., a Europe-based fiber optic cable manufacturing company, acquired Centelsa from Xignux SA of Mexico for an undisclosed amount. This strategic move positions Nexans as a pure electrification player, emphasizing the sustainable energy generation, transmission, distribution, and usage value chain. Centelsa, a Latin American-based manufacturer of power and telecommunications cables, adds strength to Nexans' electrification focus.

Major companies operating in the low voltage cables & accessories market include Prysmian S.P.A., Nexans S.A., General Cable Corporation, 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.

Asia-Pacific was the largest region in the low voltage cables & accessories market share in 2023, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the global low voltage cables & accessories market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the low voltage cables & accessories market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The low-voltage cables & accessories market consists of sales of flexible cables, power cables, armored cables, rubber cables, halogen cables, control cables, fire resistance cables, control cables, special cables, and aluminum cables. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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