Global Low-voltage Cable Market Report 2023:
Sector is Expected to Reach $181.9 Billion by 2028 at a CAGR of 6.77% – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Global Low-voltage Cable Market Overview, 2023-28” report has been added to ResearchAndMarkets.com’s offering.
The global low voltage cable market is anticipated to across USD 181.90 Billion market size by 2028, increasing from USD 123.10 Billion in 2022. The market is projected to grow with 6.77% CAGR by 2023-28.
In recent years, the rising population has surged the demand for power across the global. This has brought in renewable sources for energy production to suffice the power demand .The adoption of renewable energy leads to the lying of new transmission and distribution lines from utility to end -users.
Also, setting up rooftop solar panels to satisfy the electricity demand of a single house requires the setting of new low voltage lines. These cables support has helped the increased renewable energy adoption and this trends is set to continue during the forecast period and therefore help the LV cable market to grow at healthy rate .the competitive landscape of this market is dominated by ABB, Prysmian group and Nexans.
A widespread geographical presence in various parts of world, along with higher brand value as compared to other players has been the prominent factors supporting the sales of these companies in recent years . The Asia Pacific region holds significant importance in the low voltage market due to various factors.
First and foremost, the region is home to a large and rapidly growing population, driving the demand for residential, commercial, and industrial infrastructure. This surge in construction and urbanization leads to increased adoption of low voltage systems for lighting, appliances, and communication purposes.
Moreover, the Asia Pacific region has witnessed substantial economic growth over the years. This economic expansion has resulted in increased investment in manufacturing, industrialization, and infrastructure projects. These sectors heavily rely on low voltage systems for powering machinery, equipment, and control systems.
Technological advancements are another key factor contributing to the significance of the Asia Pacific region in the low voltage market. Countries in this region have been at the forefront of electronics, telecommunications, and renewable energy innovations.
As a result, there is a high demand for low voltage systems to support the integration of advanced technologies and facilitate energy-efficient solutions. China’s significance in the low voltage market is primarily attributed to its status as a manufacturing hub. The country is known as the world’s factory and has a robust manufacturing sector that spans various industries, including electronics, appliances, automotive, and more.
These industries require extensive use of low voltage systems for powering equipment, machinery, and control systems. China’s manufacturing prowess and large-scale production capabilities result in significant demand for low voltage components and systems.
The country’s ability to produce and supply low voltage products at competitive prices has made it a key player in the global market. Chinese manufacturers often benefit from economies of scale, enabling them to offer cost-effective solutions to domestic and international customers.
International Electrotechnical Commission (IEC), Institute of Electrical and Electronics Engineers (IEEE), National Electrical Manufacturers Association (NEMA), International Association of Electrical Inspectors (IAEI), International Council on Large Electric Systems (CIGRE) are some of the association for low voltage market.
Recent developments in the global low voltage sector include increased adoption of Low Voltage Direct Current (LVDC) systems for improved energy efficiency, integration of low voltage systems into smart grids, integration of energy storage systems with low voltage networks, development of electric vehicle charging infrastructure, and the introduction of energy efficiency regulations.
These developments aim to enhance energy management, grid stability, and promote sustainable practices in the low voltage market. It is important to stay informed through industry reports and publications for the most up-to-date information on recent developments in the low voltage sector.
Companies Profiled
- Nexans S.A.
- Prysmian S.p.A.
- Furukawa Electric Co., Ltd.
- Fujikura Ltd.
- Te Connectivity
- Sumitomo Electric Industries, Ltd.
- Belden Incorporated
- Havells India Limited
- Leoni AG
- KEI Industries Ltd.
Considered in this report
- Geography: Global
- Historic year: 2017
- Base year: 2022
- Estimated year: 2023
- Forecast year: 2028
Key Topics Covered:
1. Executive Summary
2. Market Dynamics
3. Research Methodology
4. Market Structure
5. Economic /Demographic Snapshot
6. Global Low Voltage Cable Market Outlook
7. North America Low Voltage Cable Market Outlook
8. Europe Low Voltage Cable Market Outlook
9. Asia-Pacific Low Voltage Cable Market Outlook
10. South America Low Voltage Cable Market Outlook
11. Middle East & Africa Low Voltage Cable Market Outlook
12. Competitive Landscape
13. Strategic Recommendations
14. Annexure
15. Disclaimer
For more information about this report visit https://www.researchandmarkets.com/r/6jxqh8
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