Global low voltage cables & accessories market is expected to witness exponential growth during the forecast period
The global Low Voltage Cables & Accessories market is expected to progress with ~6.23% CAGR from 2021to 2027.
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Low voltage cables and accessories are an important part of the secondary distribution of electricity at a voltage range below 1 kV. Low voltage accessories are used to support cables in the distribution network. Different types of accessories are used for different types of cable installations, including overhead and underground installations.
Asia-Pacific is one of the largest markets for low voltage cables & accessories in the world. There is an increased demand for energy in the region because of the growing population and rising per capita disposable income in the region. Low voltage cable and accessories manufacturers are collaborating and signing agreements with other companies for supplying the electrical components in the region and refurbishing the electrical infrastructure in the region. Asia-Pacific is estimated to showcase significant growth owing to the abundant availability of natural resources in the region. Emerging economies such as India and Indonesia promise sizeable growth due to proposed government legislation to increase investments in the low voltage cables & accessories sector.
The Global Low Voltage Cables & Accessories market is Estimated to Witness ~6.23% CAGR During the Period from 2021 to 2027
The global market for low voltage cables & accessories is segmented based on installation, component, application, and region.
Based on installation, the global low voltage cables & Accessories market has been segmented into underground, overhead, and submarine. The undergroundsegment held a share of 55.34% of the low voltage cables & Accessories market.
Based on component, the global low voltage cables & Accessories market has been segmented into cable joints, cable terminations, connectors, clamps, conductors, and others. The cable joints segment held a 29.44% share of the global market.
Based on application, the global low voltage cables & Accessories market has been segmented into utility, residential, commercial, and industrial. The utility segment held a 36.67% share of the low voltage cables & Accessories market.
By installation, the global market has been segmented intounderground, overhead, and submarine.The undergroundsegment is expected to hold the largest share during the forecast period.The cables are introduced or laid under the ground. The dependability of underground cable networks significantly relies on factors such as the legitimate laying of cables, quality of cable joints, and branch connections. The underground installation is very effective because it increases the life of the cables as these cables will be touched or operated only when required, which leads to minimizing damage to the cables due to human digging and machine digging. The cables in this process are sometimes laid directly on the ground, in ducts, or in cable tunnels.
By component, the global market has been segmented intocable joints, cable terminations, connectors, clamps, conductors, and others. Thecable jointssegment is expected to hold the largest share during the forecast period. Cold shrink, heat shrink, and resin type cable joints are suitable for the working of the jointing of low voltage cables in the marine, offshore, oil & gas, substations, rail, and electrical development areas where top caliber and execution joints guarantee the continued distribution of power supply to critical circuits.
By application, the global market has been segmented into utility, residential, commercial, and industrial. The utility segment within the low voltage cables & Accessories market holds the largest share. In utility applications, the low voltage cables are used in direct burial applications, duct installations, and other overheard & underground urban network systems. These cables are easy to install and maintain. They are mainly utilized for electric power distribution to the utilities.
By region, the low voltage cables & Accessories market is segmented into Europe, Asia-Pacific, North America, the Middle East & Africa, and South America. Asia-Pacific dominates the low voltage cables & Accessories market. The region is one of the largest markets for low voltage cables & accessories in the world. There is an increased demand for energy in the region because of the growing population and rising per capita disposable income in the region. Low voltage cable and accessories manufacturers are collaborating and signing agreements with other companies for supplying the electrical components in the region and refurbishing the electrical infrastructure in the region. Asia-Pacific is likely to showcase significant growth owing to the abundant availability of natural resources in the region. Emerging economies such as India and Indonesia promise sizeable growth due to proposed government legislation to increase investments in the low voltage cables & accessories sector.
The major players operating in the global low voltage cables & accessories marketare 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).
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging and high-growth segments. The market data comprises the necessary assessment of the competitive scenarios and strategies in the global low voltage cables & accessories market, including high-growth regions and/or countries and political and economic environments. The project report further provides both historical market values and pricing & cost analysis.