Low Voltage Cables Accessories Market Drivers:
The low voltage cables and accessories market is influenced by a variety of drivers, including:
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Increasing demand for electricity: The growing global population and increasing urbanization have led to a significant increase in the demand for electricity. This has created a need for low voltage cables and accessories to transmit and distribute electricity from power stations to homes, offices, and other buildings.
Growth in renewable energy installations: The shift towards renewable energy sources such as wind and solar power has led to an increase in the installation of low voltage cables and accessories to connect these power sources to the grid.
Infrastructure development: The construction of new infrastructure projects such as highways, airports, and railways requires the use of low voltage cables and accessories to provide power and connectivity.
Industrialization and automation: The increasing adoption of automation and robotics in various industries has created a need for low voltage cables and accessories to provide power and connectivity to these machines.
Low Voltage Cables Accessories Market Analysis:
Low Voltage Cables Accessories Market is projected to be worth USD 166.2 Billion, registering a CAGR of 7.41% during the forecast period (2023 - 2030).
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.
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.
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.
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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.
