The global low voltage cable market is expected to grow at a CAGR of around 6% during 2019-2024. Low voltage (LV) cables are used for transferring power to electrical equipment that has a small voltage rating. They can handle 50-1000 volts in case of alternating current and between 75-1500 volts of direct current. These cables are manufactured using solid or stranded aluminum and flexible copper conductors. High-quality LV cables are halogen-free, fire-resistant and ensure efficient use of energy, quicker data transfer and seamless operations. LV cables are primarily used for low-stress applications in automation systems, infrastructure, video surveillance, sounds and security alarms, etc.
The rising energy demand and incorporation of smart grid networks across the globe are the key factors driving the growth of the market. The growing need for uninterrupted power supply in various industries has increased power generation, distribution and transmission across various regions, which is resulting in enhanced utilization of LV cables. They are also used in the nacelle of wind turbines to connect the transformer to the low-voltage generator. The rising trend of incorporating renewable energy resources in the power generation process is also expected to drive the market further. There has been a rise in the demand for efficient power transmission equipment that can be integrated with smart devices on account of the burgeoning population, along with growing urbanization and digitalization. Furthermore, smart grids and other power systems use automated electronic hardware and software such as switches, relays and meters that require LV cables as they enable smooth functioning and controlling of the operational processes of the network.
IMARC Group’s latest report provides a deep insight into the global low voltage cable market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the low voltage cable market in any manner.
The report has also analyzed the competitive landscape of the market with some of the key players being Prysmian Group, Nexans, General Cable, ABB, Sumitomo Electric Industries, NKT, Encore Wire Corporation, Finolex Cables, TE Connectivity, Caledonian Cables, Polycab Wires, Leoni, Southwire, Wanda Group, Hangzhou Cable, etc.
The global low voltage cable market was worth around US$ 54 Billion in 2019.
Due to lockdowns implemented by governments of numerous countries to contain the spread of the coronavirus disease (COVID-19), there has been a decline in the industrial and construction activities worldwide. This has negatively impacted the market.
According to the estimates by IMARC Group, the global low voltage cable market will exhibit moderate growth during the next five years.
The escalating demand for energy and uninterrupted power supply across various end use industries represents one of the significant factors bolstering the market growth.
At present, the increasing incorporation of renewable energy resources in the power generation process is acting as a major trend in the market.
The market has been bifurcated on the basis of the installation type into the overhead and underground segments.
Based on the material, the market has been divided into copper and aluminum.
On the basis of the overhead product, the market has been analyzed into conductors, fittings and fixtures, and others.
The market has been analyzed on the basis of the underground product into PVC cables, XLPE cables, cable terminations, cable joints and others.
Based on the end user, the market has been divided into infrastructure (commercial and residential, transportation and others); industrial (utilities, oil and gas, mining, chemicals and petrochemicals, and others) and renewables (wind and solar).
Region-wise, the market has been classified into Asia Pacific, Europe, North America, Latin America, and Middle East and Africa.
Leading industry players are ABB Group, Prysmian S.p.A., Nexans SA, General Cable Corporation, NKT A/S, Encore Wire Corporation, Sumitomo Electric Industries, Ltd., Finolex Cables Ltd., TE Connectivity Corporation, Caledonian Cables Ltd., Polycab India Limited, LEONI AG, WANDA Group, Southwire Company, LLC and Hangzhou DF Cable Co., Ltd.
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