Global Low Voltage Cable Market Will Reach USD 163.5 Billion by 2022: Zion Market Research
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.
Sarasota, FL, Oct. 10, 2017 (GLOBE NEWSWIRE) -- 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.
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.
Browse through 16 Market Tables and 50 Figures spread through 120 Pages and in-depth TOC on "Global Low Voltage Cable Market Size & Trends: Industry Share and Forecast 2016 – 2022”.
Major driving factors for the growth of low voltage cable market are Increasing demand of 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.
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.
Browse the full " Low Voltage Cable Market (By End Users: Infrastructure, Utilities, Oil & Gas, Industrial, Renewable & Others; For Overhead And Underground Applications): Global Industry Perspective, Comprehensive Analysis, And Forecast, 2016 – 2022" report at https://www.zionmarketresearch.com/report/low-voltage-cable-market
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.
Low voltage cable is an important component for secondary distribution of electricity.To satisfy the growing demand for electricity transmission and distribution, the network is expanding globally. Low voltage accessories are utilized to maintain cables in the distribution network. 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.
Asia Pacific region was the most attractive market and it dominates the global industry in low voltage cables, accounting for more than 35% of the market share.In 2016, the sales customer vehicles, two-wheelers, and commercial vehicles grew by 6.83% in India. 1.2 million Vehicles were sold in 2016 by Australian Federal Chamber of Automotive Industries which was 2% higher than the previous year. Due to the rise in vehicle production increase in demand for low voltage cables required for electrical interconnections in the vehicle.
The Europe region is estimated to foresee attractive growth subjected to rising adoption of viable technology. Europe will generate 26% of their electricity from renewable sources and has an objective of cutting down its greenhouse gas emission to 40% during forecast period. In 2016, the last coal-powered thermal power plant in the UK announced that it will be closed in 2025.
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. In 2016, the U.S announced back electricity grid project with a financial plan of USD 210 million.The Middle East and Africa low voltage cable market are in the nascent stage of development.
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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Source: GlobeNewswire
(October 10, 2017 - 1:48 AM EDT)
