Low voltage power cable: Key market research findings
- Low voltage cables for offshore wind generation
- Growing use of cables for electric and hybrid electric vehicles
Technavio has released a new market research report on the global low voltage power cable market, which is expected to grow at a CAGR of 7% between 2016 and 2020. Low voltage cables play a very important role in the power sector, and help in the generation, transmission, and distribution of electricity by power utilities. With a rise in global electricity consumption, the need to set-up power generation and T&D infrastructure is predicted to fuel demand for low voltage cables. APAC is the largest market for low voltage power cables, accounting for 38% of the total market share. Growing use of these low voltage cables in sectors like power, automobile and railways has fueled the rowth of this region.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Growing market for wind power generation has accelerated the demand for low voltage cables used in wind turbines. Low voltage cables are used in the nacelle, tower, and collection systems in wind turbines and in the substation and transmission networks in wind power generation. Moreover, the offshore wind resources generate more energy by using fewer turbines than conventional electricity grids,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research
The rising number of electric and hybrid electric vehicles in use has spurred demand for low voltage cables that have application in electric vehicles (EVs) as well as in EV charging stations. The growing use of electric vehicles provides an opportunity for low voltage cable vendors to increase their market reach by catering to these vehicles and their charging stations. Several European nations have well-developed infrastructure in charging stations, which has led to increased sales of low voltage power cables.
The key vendors in the global low voltage power cable market are General Cable, Nexans, NKT Cables, Prysmian and Sumitomo Electric. The market offers several favorable conditions such as rising demand from end-user industries to vendors who cater to the demand for low voltage cables from end-user industries. Competition in this market is expected to intensify during the forecast period owing to many T&D network development, railway, and residential construction projects in pipeline worldwide.
A more detailed analysis is available in the Technavio report, Global Low Voltage Power Cable Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
