Low Voltage Cable Market Size, Industry Analysis Report, Regional Outlook, Application Development, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1268
Global Low Voltage Cable Market size anticipated to witness significant growth owing to increase in adoption of renewable energy technologies to improve energy security by reducing fossil fuel dependence. Increase in electricity demand coupled with favorable green energy policies will complement the industry outlook. In 2016, globally USD 30 billion was invested in offshore wind generation. In 2016, the EU added 21.07 GW capacity from renewable sources out of total 24.5 GW capacity produced.
Upgradation of transmission and distribution system to increase the reliability and efficiency of grid structures will augment the low voltage cable market. The government and numerous financial institutions are making aggressive investments to improve existing grid infrastructure, which will favor the industry size over the forecast timeframe. In February 2017, European Union approved the European commission proposal to invest USD 467.11 million in energy infrastructure projects.
The growing application across the automotive segment will further encourage the low voltage cable market size over the forecast period. In 2016, China Passenger Car Association retail sales of vehicles climbed to 9.5 % during January to June which has outpaced 8.4 % in the previous year. Funding constraints due to delay in projects planning and authorization are hampering the industry stability.
In terms of installation the low voltage cable market is segmented into overhead and underground. Overhead comprises of fixtures, conductors, and fittings. it possesses dominant position due to low installation and O&M cost associated with it. Underground is further segmented into XLPE, cable terminations, PVC and joints. It is going to witness substantial growth subject to less damage from weather conditions and environmental benefits.
Based on end-users, the low voltage cable market is segmented in renewables, industrial and infrastructure. Renewables will expand significantly owing to growing adoption of sustainable technologies in line of achieving global emission target. Industrial sector will witness substantial growth due to increasing investment towards upgradation of grid infrastructure. Infrastructure will rise moderately due to growing construction activities in developing countries.
The U.S. low voltage cable market is anticipated to witness an extensive growth due to increasing investments by the government and other financial institution towards augmentation of traditional grid infrastructure. In 2016, the U.S. Department of Energy announced to fund electricity grid projects with a budget of USD 220 million.
The Europe low voltage cable market is anticipated to witness attractive growth subject to increasing adoption of sustainable technology. Europe has a target of cutting down its greenhouse gas emissions to 40 % and will produce 27 % of their electricity from renewable sources by 2030 as compared with 1990 levels. In 2016, UK announced that it will close down its last coal powered thermal power plant in 2025.
The Asia-Pacific region holds the dominating position in low voltage cable market owing to rapid rise in demand for vehicles. According to Australian Federal Chamber of Automotive Industries 1.178 million vehicles were sold in 2016 which was 2 % higher than previous year. In India, the sales of passenger vehicles, commercial vehicles and two wheelers grew by 9.17 %, 3.03 % and 8.29 % respectively, during April 2016 to January 2017.
The middle east and Africa low voltage cable market is in the nascent stage of development. However, in the forecast timeframe the industry is anticipated to witness significant growth due to increasing industrialization leading to rising electricity demand.
Key players in global low voltage cable market includes Marmon Engineered Wire & Cable, ABB, Sumitomo Electric, Nexans S.A., NKT Cables, General Cable Corporation, Bahra Advanced Cable Manufacture, Prysmian S.P.A, General Cable Corporation, Encore Wire Corporation, Polycab Wires Pvt. Ltd. and Finolex Cables Limited. Global manufacturers are facing stiff competition from the local players across developing regions primarily in the Asia Pacific. Companies are collaborating with local vendors to increase their penetration across local market.
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