Low Voltage Cables and Accessories Market to Reach $186 Billion by 2030, Driven by Growth in Construction, Industrial Applications, and Renewable Energy

Low Voltage Cables and Accessories Market to Reach $186 Billion by 2030, Driven by Growth in Construction, Industrial Applications, and Renewable Energy

According to the study by Next Move Strategy Consulting,  the global Low Voltage Cables and Accessories Market is projected to reach $186 billion by 2030, growing at a compound annual growth rate (CAGR) of 7% from 2024 to 2031. This growth is driven by the increasing demand for energy-efficient solutions, the expansion of electrical infrastructure, and the growing adoption of renewable energy technologies, all of which require robust and reliable low-voltage systems for residential, commercial, and industrial applications.

Get a FREE Sample: https://www.nextmsc.com/low-voltage-cables-and-accessories-market/request-sample

Low voltage cables and accessories, which are used for the transmission of electrical power and signals in environments where the voltage does not exceed 1,000 V, are essential for a wide range of applications, from electrical distribution and telecommunications to smart buildings, automated industrial systems, and renewable energy projects. The market is poised for substantial growth as industries continue to prioritize energy efficiency, safety, and sustainability in their operations.

Key Market Drivers:

  1. Growing Demand for Energy-Efficient Electrical Solutions: The increasing focus on energy-efficient infrastructure, particularly in residential, commercial, and industrial buildings, is a major driver for the low voltage cables and accessories market. With global energy consumption rising, governments and businesses are investing heavily in sustainable, energy-saving technologies. Low voltage cables, which help manage power distribution with minimal energy loss, are critical in meeting these sustainability goals, making them a key component in modern electrical systems.
  2. Expansion of the Construction and Infrastructure Sectors: The ongoing boom in construction and urban development across emerging economies is significantly contributing to the demand for low voltage cables and accessories. Low voltage cables are integral to the wiring of smart buildings, commercial complexes, residential projects, and industrial facilities, where they power essential services such as lighting, heating, ventilation, air conditioning (HVAC), and electrical systems. The growth of the real estate and infrastructure sectors, particularly in countries like India, China, and the UAE, is driving the adoption of low voltage cables for new developments.
  3. Growth of Renewable Energy and Smart Grids: The rise of renewable energy sources, such as solar power, wind energy, and hydropower, is driving the demand for low voltage cables and accessories. These systems require reliable electrical distribution networks to connect power generation facilities to grids and deliver electricity to end-users. Low voltage cables are increasingly used in solar power installations, battery storage systems, and smart grids to ensure the safe and efficient transfer of power. The global push for clean energy, coupled with government incentives, is expected to further fuel market demand in the coming years.
  4. Adoption of Industrial Automation and IoT: The industrial sector is rapidly adopting smart factory solutions, IoT-based automation, and robotics for greater efficiency and productivity. Low voltage cables and accessories play a vital role in the operation of these advanced systems by providing the necessary power and data transmission capabilities. With Industry 4.0 transforming manufacturing processes, demand for low voltage cables in automation, process control systems, and industrial networking is increasing steadily.
  5. Rising Use of Low Voltage Cables in Telecommunications and Data Centers: The telecommunications industry’s rapid expansion, including the rollout of 5G networks, is increasing the demand for low voltage cables and accessories. These cables are crucial in telecommunications infrastructure, connecting network components, power supply systems, and data centers. Additionally, the growing need for high-speed data transfer and cloud computing is driving the adoption of low voltage cables in data centers, which require robust and secure electrical systems for uninterrupted operations.
  6. Increasing Focus on Safety and Fire Prevention: The demand for low voltage cables with fire-resistant properties is increasing as safety regulations and standards become stricter, especially in public buildings, hospitals, schools, and industrial facilities. Low voltage cables that meet fire retardant and non-toxic standards are being increasingly specified to minimize the risks associated with electrical fires. The growing awareness of safety regulations is prompting the use of high-quality, safety-certified low voltage cables across various sectors.

Inquire Before Buying: https://www.nextmsc.com/low-voltage-cables-and-accessories-market/inquire-before-buying

Market Segmentation:

The low voltage cables and accessories market is segmented by type, application, end-user industry, and region.

  • By Type:
    • Low Voltage Power Cables: These cables are used for the transmission of power in buildings, infrastructure, and industrial facilities. They are often insulated and armored to protect against electrical hazards.
    • Control Cables: Control cables are used in automation and process control systems. They transmit control signals and data in a variety of industrial applications.
    • Telecommunication Cables: These cables are used for data transmission and signal communication in telecommunications and networking systems, including fiber optic cables and copper cables.
    • Instrumentation Cables: These cables are used in industries like oil and gas, chemical, and power plants for transmitting control signals and data between instruments and control systems.
    • Accessories: Includes cable connectors, junction boxes, cable glands, and cable trays that support cable installation and ensure a secure connection.
  • By Application:
    • Residential: Low voltage cables are commonly used in homes for lighting, power supply, and wiring of electrical systems.
    • Commercial: Commercial buildings, including office buildings, shopping malls, and hotels, require low voltage cables for powering lighting systems, HVAC systems, and other electrical infrastructure.
    • Industrial: In industrial settings, low voltage cables are critical for powering machinery, automation systems, lighting, and control systems. Industrial applications span sectors such as manufacturing, oil and gas, mining, and chemical processing.
    • Renewable Energy: Low voltage cables are used in solar panels, wind turbines, and other renewable energy systems for efficient power transmission from generation sources to storage or grid systems.
    • Telecommunications & Data Centers: Low voltage cables support telecommunications and data systems in network infrastructure, including 5G, fiber optics, and data centers.
    • Others: Other applications include transportation systems, smart grids, and automotive systems.
  • By End-User Industry:
    • Construction & Real Estate: The largest market for low voltage cables, driven by the demand for wiring in residential, commercial, and industrial buildings.
    • Energy & Utilities: Renewable energy projects, smart grids, and power transmission networks are major consumers of low voltage cables.
    • Telecommunications: The telecommunications industry relies on low voltage cables for data transmission and network infrastructure, especially for mobile communication and internet connectivity.
    • Manufacturing & Automation: With the rise of Industry 4.0 and industrial automation, the manufacturing sector increasingly adopts low voltage cables for machinery and control systems.
    • Transportation & Automotive: Low voltage cables are used in vehicles, trains, airports, and other transportation systems to power electronics, sensors, and communication systems.
    • Others: Includes sectors such as healthcare, public infrastructure, and military.
  • By Region:
    • North America: North America is expected to dominate the market, particularly in construction, telecommunications, and energy sectors. The U.S. is a significant consumer of low voltage cables in infrastructure and renewable energy projects.
    • Europe: Europe is a major market for low voltage cables, with high demand in the construction and renewable energy industries. Regulations on energy efficiency and safety are driving market growth in the region.
    • Asia-Pacific: The Asia-Pacific region is expected to see the highest growth rate, driven by the booming construction industry, smart city initiatives, and expansion of renewable energy projects in countries like China, India, and Japan.
    • Latin America & Middle East & Africa: These regions are witnessing steady growth in the demand for low voltage cables, driven by infrastructure development, urbanization, and increasing investments in energy and telecommunications.

Key Players in the Low Voltage Cables and Accessories Market:

Leading companies in the low voltage cables and accessories market include Prysmian Group, Nexans S.A., General Cable (now part of Prysmian Group), Southwire Company, LLC, Leoni AG, Finolex Cables Ltd., Havells India Ltd., Sumitomo Electric Industries, LS Cable & System, AFL Global, and TE Connectivity. These companies are focusing on product innovation, expansion of manufacturing capabilities, and strategic acquisitions to strengthen their position in the growing low voltage cables and accessories market.

Outlook:

The low voltage cables and accessories market is set to experience substantial growth over the next decade, driven by the demand for energy-efficient solutions, the expansion of smart infrastructure, and the increasing reliance on renewable energy systems.

As industries continue to evolve and invest in advanced technologies such as smart grids, industrial automation, and telecommunications, the need for reliable, high-performance low voltage cables will remain a critical factor in powering the future.

Also, Browse Related Reports:

For more inquiries, please contact:
Next Move Strategy Consulting
E-Mail: info@nextmsc.com
Direct: +1-217-650-7991
Website: https://www.nextmsc.com/
Follow Us: LinkedIn | Twitter | YouTube | Facebook | Instagram

About Next Move Strategy Consulting:

Next Move Strategy Consulting is a premier market research and management consulting firm that has been committed to provide strategically analysed well documented latest research reports to its clients. The research industry is flooded with many firms to choose from, what makes Next Move different from the rest is its top-quality research and the obsession of turning data into knowledge by dissecting every bit of it and providing fact-based research recommendation that is supported by information collected from over 500 million websites, paid databases, industry journals and one on one consultations with industry experts across a diverse range of industry sectors. The high-quality customized research reports with actionable insights and excellent end-to-end customer service help our clients to take critical business decisions that enables them to move beyond time and have competitive edge in the industry.

We have been servicing over 1000 customers globally that includes 90% of the Fortune 500 companies over a decade. Our analysts are constantly tracking various high growth markets and identifying hidden opportunities in each sector or the industry. We provide one of the industry’s best quality syndicated, as well as custom research reports across 10 different industry verticals. We are committed to deliver high quality research solutions in accordance to your business needs. Our industry standard delivery solutions that range from the pre consultation to after-sales services, provide an excellent client experience and ensure right strategic decision making for businesses.

Back to blog