Low Voltage Cables Accessories Market Analysis
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).
Report Attribute/Metric | Details |
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) |
Regional Analysis
APAC to Have Lions Share in Low Voltage Cables and Accessories Market
The APAC region will possess the lions share in the low voltage cables and accessories market over the forecast period. Increased need for energy, growing population, rising per capita disposable income, low voltage and accessories manufacturers collaborating as well as signing agreements with other companies to supply electrical components and refurbish the electrical infrastructure, abundant availability of natural resources, the presence of emerging economies like Indonesia and India, and proposed government legislation to increase investments in the low voltage cables and accessories sector are adding to the global low voltage and cables accessories market growth in the region.
COVID-19 Analysis
COVID-19 has led to major impact across every industry across the world. The rapid spread has made governments across the world in taking stricter actions for the operations of offices and industrial plants resulting in stricter lockdowns. The government-imposed lockdowns had a notable impact on the power sector as the demand for power has decreased majorly from the industrial and commercial sectors. The emergence of COVID-19 has declined the market’s growth rate in 2020 and the market is likely to witness slow growth by the closing of 2021. This market has been primarily hit via obstacles created amid the COVID-19 pandemic for the construction industry which also includes availability of resources, health and safety measures, contractual obligations, project cancellations or delays, and deliverables.
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Drivers
Growing Need for Energy to Boost Market Growth
Along with being used in commercial and residential applications, low voltage cables are also used in different industrial processes that have equipment working on low voltages. Growing number of small-scale industries over the past decade are driving the market. Fueling stations, natural gas stations, and petroleum industries all need low voltage supply lines. Besides, the mining industry too needs equipment which works on low voltage and thus mining activities also cater to the market growth of such cables.
Opportunities
Growing Need for Inland and Inter-country Power Connections to offer Robust Opportunities
The growing need for inland and inter-country power connections across the globe will add to the low voltage cables and accessories market value over the forecast period. The growing need for electricity from industrial and domestic sources, increasing number of dense cities, and growing global population have boosted the number of transmission and distribution projects by power companies across the world.
Restraints
Delays in Authorization to act as Market Restraints
Delays in authorization, constraints related to funding, and complex funding of projects may impede the global low voltage cables and accessories market share over the forecast period.
Challenges
Volatile Raw Material Prices to act as Market Challenge
The volatile raw material prices and electricity losses between transmissions will act as market challenge over the forecast period.
Market Segmentation
The low voltage cables accessories market has been bifurcated based on installation, component, and application.
By installation, the underground segment will lead the market over the forecast period as they offer the advantages of good aesthetics and more safety. Besides it also has higher insulation thus there are less chances of damage.
By component, the cable joints segment will dominate the market over the forecast period. Resin type cable joints, heat shrink, and cold shrink are ideal for the working of the jointing of low voltage cables in electrical development areas, rail, substations, oil and gas, offshore, and marine areas where execution and top caliber joints guarantee the continued distribution of power supply to critical circuits.
By application, the utility segment will spearhead the market over the forecast period. In utility applications, these low voltage cables are utilized in direct burial applications, duct installations, and also other overheard and underground urban network systems. Such cables are easy to install as well as maintain and are mostly used for electric power distribution of the utilities.
Key Players
Eminent players profiled in the global low voltage cables and accessories market report include 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).
