Global low voltage cable & accessories market was valued at USD 119 Billion in 2022 and is now projected to reach the amount of USD 167 Billion, growing at a CAGR of 7.9% from 2023 to 2028.
The global market for Low voltage cable market is expected to perform well with a decent growth rate in terms of CAGR for the forecasted period of 2023-2028.March 2019: L.S. Cable Asia has announced that LS Vina, its Vietnamese manufacturing subsidiary, would help supply over US$50 million worth of power cables to a large-scale solar power plant project in Vietnam. June 2018: Prysmian Group has announced the acquisition of General Cable, one of the leading companies in this particular segment.In 2008, IFC had invested around $120 million to pick up a 12% stake in Polycab.In 2017, China topped the list for investments made in smart grid technologies and allied services accounting for about USD 3.43 billion.India, on the other hand, has launched National Smart Grid Mission, under which it aims to invest USD 44 billion in the country throughout 2017-2027.
Low Voltage Cables Market Drivers & Restraints:
Various factors such as increasing industrialization and urbanization, increased renewable energy production, growth in the transmission and distribution network, and government initiatives to develop or modernize the system, are fuelling the worldwide low-voltage cables market. However, some of the factors like funding constraints, sophisticated planning, and authorizations, restrict the market growth.
Market Taxonomy:
Geographically speaking, the market is segmented into as Latin America, Asia Pacific, Europe, North America, and the Middle East and Africa. The demand for low-voltage cables and accessories is expected to grow more rapidly in developing countries, where the T & D sector is in a growth phase. Besides, in the developed countries of Europe and North America, the market will develop as a result of the modernization of their existing T & D network.
Key Market Players:
Some of the key market players actively working in this domain are:Prysmian S.P.A (Italy), Nexans S.A. (France), General Cable Corporation (U.S.), Sumitomo Electric Industries (Japan), NKT Cables Group GmbH (Germany), ABB Ltd. (Switzerland), Encore Wire Corporation (U.S.), Finolex Cables Limited (India), and Polycab Wires Pvt. Ltd. (India).
Research Report Key Highlights:
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