Global Low Voltage Cable Market to exceed USD 163.5 Billion by 2022
Zion Market Research has published a new report titled “Low Voltage Cable Market (By End Users: Infrastructure, Utilities, Oil & Gas, Industrial, and Renewable & Others; For Overhead And Underground Applications): Global Industry Perspective, Comprehensive Analysis, And Forecast, 2016 – 2022”. According to the report, global low voltage cable market was valued at USD 110.8 billion in 2016 and is expected to reach USD 163.5 billion in 2022, growing at a CAGR of 6.3% between 2017 and 2022.
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To satisfy the growing demand for electricity transmission and distribution, the network is expanding globally on account of rising in power generation. Accessories and power cables are important components for transmission and distribution system and will also grow with the growth in transmission and distribution system. Low voltage cables are utilized for electrical equipment with a voltage rating for alternating current between 50 to 1000v and for direct current between 75 to 1500v, thus they are not subjected to high electric stress. Low voltage cables are built up with solid and standard, rigid, copper and aluminum conductors, flexible copper conductors. Low voltage cable is an important component for secondary distribution of electricity. Low voltage accessories are utilized to maintain cables in the distribution network.
Major driving factors for the growth of low voltage cable market are Increasing demand for renewable power and expansion in urbanization and industrialization. The global low voltage cable market offers new growth opportunities, due to rising demand for power and increasing automotive industry growth in Asia Pacific region with high potential. Lack of financial support and delays in authorization of different project could be restraining factors for the low voltage cable market. The price of raw material is unpredictable and growing neutral market providing cheap products and low quality is expected to promote the use of low voltage cables. The smart grid is expected to fuel the demand further over the forecast years of low voltage cable market.
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On the basis of application, low voltage cable market is segmented into overhead and underground. Overhead segment held the largest market share due to low installation, O&M cost and huge demand across the globe. On the basis of overhead, low voltage cable market is further segmented into the fitting, conductor, and fixture. Underground segment observes significant growth subject to less damage from environmental and weather conditions benefits. On the basis of the underground, low voltage market more segmented into cable transmission, PVC cable, cable joints, and XLPE cable. Low voltage cables through both PVC and XLPE insulation are suitable for outdoor and indoor applications. The XLPE insulating material has the best manufacturing and testing practice with dielectric strength voltage. Underground segment observes significant growth subject to less damage from environmental and weather conditions.
On the basis of end users, low voltage cable market is segmented into infrastructure, utilities, oil & gas, industrial, renewable & others. The renewable segment is estimated to account for the largest low voltage cable market shares among all the end users. Renewable will develop extensively due to growing approval of sustainable technologies in global emission. Due to growing construction activities in developing countries infrastructure will increase moderately. The industrial sector will observe substantial growth owing to increasing investment towards up gradation of grid infrastructure.
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Asia Pacific region dominated the global industry in low voltage cable market. In India, the sales customer vehicles, two-wheelers, and commercial vehicles grew in 2016. The Middle East and Africa low voltage cable market are in the nascent stage of development. The Europe region is estimated to view attractive growth subjected to rising adoption of viable technologies. Low voltage cable market is expected to observe an extensive growth due to increasing economy by the government and other financial institution in U.S. China, U.S, India, Germany, U.K, Brazil, South Africa and Japan are the major countries contributing to the growth of the global low voltage cable market.
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Some of the major players involved in the global low voltage cable market include ABB Ltd, Sumitomo Electric Industries, Nexans S.A, Prysmian S.P.A, Finolex Cables Limited, General Cable, NKT Cables, Group GmbH, Encore Wire, Polycab Wires Pvt. Ltd, Bahra Advanced Cable Manufacture Co. Ltd.
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