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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