March 8, 2023
Major players in the low voltage cables & accessories market are Prysmian S.P.A, Nexans S.A., General Cable Corporation, Sumitomo Electric Industries, NKT Cables Group GmbH, ABB Ltd., KEI Industries Limited, TE Connectivity, Bahra Advanced Cable Manufacture Co.
New York, March 08, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Low Voltage Cables & Accessories Global Market Report 2023” – https://www.reportlinker.com/p06318514/?utm_source=GNW
Ltd., Ensto India Private Limited, Elsewedy Electric, REPL International Ltd., Brugg Cables AG, Ikebana Engineering Ltd., Hellenic Cables, Raychemrpg, Caledonian Cables, Leoni, Southwire, Riyadh Cables Group Company, and Hangzhou Cable.
The global low voltage cables & accessories market grew from $164.89 billion in 2022 to $201.33 billion in 2023 at a compound annual growth rate (CAGR) of 22.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The low voltage cables & accessories market is expected to grow to $542.52 billion in 2027 at a CAGR of 28.1%.
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 low voltage cables & accessories refer to low voltage electrical wires used for secondary distribution of electricity at voltages less than 1 kV. Low-voltage cables and accessories are widely used for digital and communication purposes.
Asia-Pacific was the largest region in the low voltage cables & accessories market in 2022, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the low voltage cables & accessories market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of low voltage cables & accessories include overhead products and underground products.Underground products refer to low voltage cables & accessories such as PVC cables, XLPE cables, cable termination, cable joints, and others used in the installation of cables below the ground.
The materials used in the manufacturing of low voltage cables & accessories include copper and aluminium.The different voltage ranges in low voltage cables & accessories include up to 240V, 241-440V, and 441V-1000V.
They are used by industrial, commercial, and residential customers.
The rising electricity demand is expected to propel the low voltage cables and accessories market.Global electricity demand is rising due to strong economic growth in developing countries, a rising increase in household incomes, electrification of transportation, and growing demand for digitally connected devices.
The increased demand for electricity is expected to boost the utilization of low-voltage cables and accessories, as they act as the main component for the secondary distribution of electricity to various industrial and household components. According to the International Energy Agency (IEA) report in 2021, a France-based autonomous intergovernmental organization for energy, worldwide electricity demand is expected to grow by 2.4% in 2022 after the previous year’s 6% increase in electricity consumption. Therefore, the rising electricity demand is expected to boost demand for low-voltage cables and accessories during the forecast period.
Technology innovations and advancements in the design of cable accessories are key trends gaining popularity in the low-voltage cables & accessories market.The companies operating in the low-voltage cables and accessories sector are focusing on developing innovative products with the latest technologies, improvised product offerings, and cost-efficiency.
For instance, in April 2021, Lapp India Pvt. Ltd., an India-based supplier, and manufacturer of cables and cable accessories launched ETHERLINE T1, a new single-pair Ethernet cable for transmitting digital signals. The Ethernet T1 cable is made up of copper braid and aluminum-laminated foil and is used as a double shield to prevent electromagnetic interference., which is capable of supplying power and data simultaneously to SPE (Single Pair Ethernet) terminals with low energy consumption and can transmit data up to a range of 1200m at 10 Mbit/s.
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. Through this acquisition, Nexans intends to become a pure electrification player, focusing on the value chain of sustainable energy generation, transmission, distribution, and usage. Centella is a Latin American-based manufacturer of power and telecommunications cables.
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 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.
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.
Read the full report: https://www.reportlinker.com/p06318514/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.