Low Voltage Cable Market Size, Share, Industry Trends and Forecast

Low Voltage Cable Market

The Low Voltage Cable Market is expected to grow at a significant CAGR over the forecast period (2020-2027).

The factors driving the growth of Low Voltage Cable Market includes rise in the production of renewable energy around the world, expansion of smart grid networks, growing demand for power efficient transmission systems and advancements in the gird infrastructure. According to the report published by Statista, the production of renewable energy worldwide has increased from 6.5 petawatt hours in 2018 to 7.5 petawatt hours in 2021, which is expected to boost the Low Voltage Cable Market size in the approaching years. Moreover, Government initiatives to enhance the transmission & distribution network, rise in the construction of residential buildings, increase in the number of smart cities and growing adoption of advanced technologies such as Artificial Intelligence (AI) and Internet of Things (IoT), are some of the additional factors supplementing the market growth. In addition, the rising investments by leading players on research and development, increase in the exploration of oil and gas reserves, improvements in the living standards and growing population growth rates, are further contributing to the market growth.

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However, the growth of Low Voltage Cable Market is hindered due to variations in the prices of raw materials.

The major players operating in the market are Sumitomo Electric Industries, Ltd., ABB, Finolex Cables Limited, Prysmian S.P.A, General Cable Technologies Corporation, Nexans, Encore Wire Corporation, Brugg Group, NKT A/S and TE Connectivity, among others.

Based on Installation, the Underground segment is predicted to expand at a remarkable CAGR during the forecast period

Underground cables have higher insulation, reduces the chances of damage, and are increasingly used in new buildings, are some of the factors responsible for the segment’s growth.

Based on Region, the Asia-Pacific region is anticipated to capture a sizeable market share during the forecast period

Growing emphasis on utilizing renewable source sofa energy, Government regulations to reduce carbon dioxide emissions, rapid industrialization, rising disposable income, advancements in the smart grid infrastructure and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific.

Key Development

  • In 2020, Finolex Cables Limited launched MCCB (molded case circuit breaker), MCCB will strengthen company’s position, by giving access to the robust and enormous switchgear market to serve its dealers.

  • In 2018, Nexans intorduced, Titanex, which has the capability to endure up to 90 Degree Celsius temperatures for fixed and protected installations.

Market Segmentation

Segmentation by Installation

  • Overhead

  • Underground

Segmentation by Product

  • Overhead Products

    • Conductors

    • Fittings & Fixtures

    • Other Low Voltage Accessories

  • Underground Products

    • PVC Cables

    • XLPE Cables

    • Cable Terminations

    • Cable Joints

    • Other Low Voltage Cables & Accessories

Segmentation by End-User

  • Infrastructure

    • Commercial & Residential

    • Transportation & Others

  • Industrial Low Voltage Cable & Accessories

    • Utilities Low Voltage Cable & Accessories

    • Oil & Gas Low Voltage Cable & Accessories

    • Mining Low Voltage Cable & Accessories

    • Chemicals & Petrochemicals Low Voltage Cable & Accessories

    • Other Industrial Low Voltage Cable & Accessories

  • Renewables Low Voltage Cable & Accessories

    • Wind Power Low Voltage Cable & Accessories

    • Solar Power Low Voltage Cable & Accessories

Segmentation by Region

  • Asia Pacific

    • China

    • Japan

    • India

    • Rest of APAC

  • North America

    • United States of America

    • Canada

  • Europe

    • United Kingdom

    • Germany

    • France

    • Spain

    • Rest of Europe

  • RoW

    • Brazil

    • South Africa

    • Saudi Arabia

    • UAE

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