Pune, May 06, 2020 (GLOBE NEWSWIRE) -- The global low voltage cable market size is predicted to reach USD 155.52 billion by 2026; owing to the increasing population and their dependency on electricity for various residential, industrial, and commercial purposes. Low voltage cables are utilized in electrical equipment within the voltage rate of 75 and 1500V for direct current and within 50 to 1000V for altering current. These cables are usually made of copper and aluminum and are not subject to high electric stress.Fortune Business Insights™ in their report titled,“Low Voltage Cable Market Size, Share and Industry Analysis, By Installation (Overhead, Underground) By Voltage (1V-240V, 241V-440V, 441V-1000V), By Application (Residential, Commercial and Industrial), and Regional Forecast, 2019-2026,” provides an in-depth analysis of the market and its growth trajectories. As per this report, the market value was USD 93.39 billion in 2018 and will rise at 6.7% CAGR between 2019 and 2026.
What is the Scope of the Report?
The report is based on a thorough analysis of the market emphasizing on drivers, restraints, challenges, and upcoming opportunities. It also offers details into the market segmentation based on factors such as installation, application, voltage, and geography. The report throws light on major industry developments, low current voltage cables market trends, and other savvy knowledge useful to companies operating in it. Besides this, the list of key players and their major strategies to generate more revenue into the market are provided in the report. For more information on the report, log on to the company website.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Market Drivers
Rising Demand for Energy will Bolster growth
The increasing demand for electricity from all residential, commercial, and industrial sectors is a major factor promoting the low voltage cable market growth. This, coupled with the rising construction activities, development of smart homes, smart commercial spaces, and other smart infrastructure and facilities, also increases the need for electricity, further boosting the market for these cables. Furthermore, the increasing demand for energy, coupled with the advent of the internet of things into daily lives, has further increased the demands for efficient and smooth current flow, thus augmenting the overall growth of the market in the forthcoming years.
Regional Segmentation:
Asia Pacific to Continue Dominating Market with Increasing Number of Smart Home Projects
Asia Pacific generated a revenue of USD 34.25 billion in 2018 and earned the largest low voltage cable market share. Factors responsible for this dominance include increasing population, rapid urbanization, and the need to supply electricity to their increasing demand. This, coupled with the rise in construction activities in nations such as India, South Korea, Japan, and China will also augment the regional market growth in the forecast duration. On the other side, North America and Europe are in close competition to Asia Pacific.
The presence of major companies dealing with LV cables is promoting the North America market growth. Moreover, upgradation of present electric grids and the adoption of renewable energy for electricity production is boosting the Europe market. Additionally, the newly laid electrical plans for LV cable installation will help promote Latin America and the Middle East and Africa market in the coming years.
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Competitive Landscape:
Duopolistic Nature of Market to Propel Other Companies to Engage in Collaborative Efforts
Companies such as Nexans, ABB, and Prysmian Group are currently dominating the market owing to their wide geographical expansion and high brand value. Other vendors engaged in merger and acquisition, joint ventures, agreements and contracts, and other collaborative efforts to gain a competitive edge in the market. They are also investing in better product development and efficient operations of the product to attract more low voltage cable market revenue in the forthcoming years.
List of key Companies Operating in the Low Voltage Cable Market are:
- Encore Wire Corporation (US)
- KEI Industries (India)
- Prysmian Group (Italy)
- Polycab India (India)
- ABB (Switzerland)
- Riyadh Cables Group Company (Saudi Arabia)
- Nexans (France)
- BRUGG Cables (Switzerland)
- General Cable (US)
- Bahra Cables Company (Saudi Arabia)
- NKT Cables(Denmark)
- Finolex Cables (India)
- Other notable players
Major Industry Developments of the Low Voltage Cable Market include:
October 2019 – A global contract was awarded to Prysmian Group from Siemens Gamesa Renewable Energy SA to supply 1200 km of low voltage cables and 60 km of medium voltage cables from Nexan’s Windlink Brand.
November 2019 –A two-year contract was signed between MHI Vestas and Nexans SA for supplying medium and low voltage cable kits from nearby Vestas operation hubs.
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Global Low Voltage Cable Market Analysis (USD Billion), Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Installation
- Overhead
- Underground
- Market Analysis, Insights and Forecast – By Voltage
- Up to 240V
- 241V-440V
- 441V-1000V
- Market Analysis, Insights and Forecast – By Application
- Residential
- Commercial
- Industrial
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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