Press release
Low Voltage Cable Market is estimated to reach USD 265.6 billion from USD 178.4 billion in 2029, growing at a CAGR of 5.1% | Industry Share, Size & Forecast
Low Voltage Cable Market
Low Voltage Cable Market Reached USD 178.4 billion in 2021, and Expected to Reach USD 265.6 billion in 2029, growing at a CAGR of 5.1% during 2021-2029.
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/low-voltage-cable-market/
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.
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
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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