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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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 mostly made of tinned copper or plain or standard aluminum and the wire can
have circular, compacted or shaped configuration. The basic requirement for
transmission and distribution of electricity are power cables and accessories
from the point of generation to the point of consumption. Low voltage cable is
an important component for secondary distribution of electricity. Low voltage
accessories are utilized to maintain cables in distribution network.
Increasing
demand of renewable power and expansion in urbanization and industrialization
are expected to remain major driving factors for the growth in low voltage
cable market. Lack of financial support and delays in authorization of
different projects could be restraining factors for the growth of low voltage
cable market. The global low voltage cable market offers new growth opportunities,
due to rising demand of power and increasing automotive industry growth in Asia
Pacific region. The price of raw material is unpredictable and growing neutral
market providing cheap products and low quality is expected to promote the
usage of low voltage cables.
Low voltage
cable is segmented on the basis of end users and application. On the basis of
end users, low voltage cable market is segmented into infrastructure,
utilities, oil & gas, industrial, renewables, and others. 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 of achieving global emission target.
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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 fitting,
conductor, and fixture. Underground segment observe significant growth subject
to less damage from environmental and weather conditions benefits. On the basis
of underground, low voltage market more segmented into cable transmission, PVC
cable, cable joints, and XLPE cable.
Asia Pacific
region was the most attractive and largest market region dominates the global
industry in low voltage cable market. 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. The Europe region is estimated to view
attractive growth subjected to rising adoption of viable technology. In India,
the sales customer vehicles, two wheelers and commercial vehicles grew in 2016.
The Middle East and Africa low voltage cable market is in nascent stage of
development. 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, and Bahra Advanced Cable Manufacture Co. Ltd. among others.
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