Market Trends of Low Voltage Cable Industry
This section covers the major market trends shaping the Low Voltage Cable Market according to our research experts:
Underground Low Voltage Cable to be the Fastest Growing Market
- Deployment of underground cables instead of overhead ones has been one of the trends in regions, like Europe and North America, in the recent times. In urban areas, underground cables are more favored, as above-ground space is not available.
- Underground cables are also more reliable due to the lesser number of annual faults, compared to overhead ones. Despite the higher expenses in underground cables, utilities are now investing more in underground cables, and are encouraged by regulators in developing regions such as Asia-Pacific and Africa.
- In recent years, across Europe, specifically Germany and Netherlands, there is an increasing trend to replace the existing overhead distribution lines with underground cabling and give preference to underground cabling for new projects. Moreover, India is also witnessing increasing adoption of underground cables. Among the 100 smart city projects of the country, several projects include underground cables.
- Vietnam is also replacing the power cables from overhead to underground in two of its major cities, HCMC and Hanoi. Besides deploying underground cables in major roads, the exercise has also been extended to passages within the cities. The overhead cable replacements are expected to take place between 2020 and 2025, in turn, driving the market for underground cables.
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Asia-Pacific to Dominate the Market
- Asia-Pacific has emerged as one of the major low voltage cable markets in the recent years. The rise in energy demand associated with urbanization, economic modernization, and better living standards across the region has resulted in the growth of sustainable power systems, which in turn increased the demand for low voltage cable market in this region.
- Asia-Pacific's increasing investments in T&D networks and smart grid infrastructure is expected to increase the demand for low voltage cables. Countries such as China, Japan, and India are expected to be the fastest growing markets owing to their energy transition and smart grid infrastructure plans.
- In India, residential building construction is expected to witness significant growth in the near future, supported by the government's Housing For All plan and the Pradhan Mantri Awas Yojana (PMAY), slated to be completed by 2020. Under PMAY, the government is expected to build 60 million houses (40 million in rural areas and 20 million in cities) by 2022.
- China has installed nearly half of all new capacity in 2018 and continues to lead the global capacity additions in solar and wind. Increasing installation capacities of solar and wind energy in this region are expected to boost the demand for low voltage cables during the forecast period.
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