Rising energy demand and increasing number of independent smart grids by utilities are attracting the low voltage cable manufacturers.
Increasing demand for overhead distribution networks in the Asia-Pacific region, transmission and distribution network expansion, and growth in the automotive industry are some of the factors driving the global low voltage cable market.
September, 2018: In 2017, the global demand for energy grew by 2.1%, which is more than twice the previous year’s rate. The demand was led by Asia-Pacific, which is witnessing a growing distribution network, as a result of the increase in the electrification rate. The distribution networks in the regions, such as North America, South America, and Asia-Pacific are mainly relying on overhead technology. Whereas, in Europe, the distribution networks in urban areas are on their way to be made fully undergrounded, due to the customer demand for reliability, and environmental concerns.
Demand for low voltage cables in the overhead lines is majorly seen in the Asia-Pacific region, owing to the growth in renewables and automotive sectors. As one of the fastest growing major economies in the world, India is on its way to becoming an economic powerhouse. To meet the country’s growing energy needs and provide “power for all” by 2019, the government is now relying on the integration of renewables, with the goal of using more than 50% to power the country by 2027. This target would be requiring a vast overhead distribution network, which, in turn, is expected to drive the demand for low voltage cables market.
Investments in smart grid technologies rose by 12% between 2014 and 2016. Countries such as the United States, China, and India are investing a considerable amount of money in their smart distribution networks. As of 2017, China and the United States are the top countries, with USD 3.34 and 2.12 billion of investments in smart distribution networks. Low voltage cables are used in the T&D networks, and this stands as one of the drivers of the low voltage cable market in the coming years.
The report “Low Voltage Cable Market Segmentation by Installation Type, by End User, by Geography” is now available, and can be purchased directly at: https://www.mordorintelligence.com/industry-reports/low-voltage-cable-market
Low Voltage Cable Market segmentation, based on installation type, end user, and regional coverage:
Low Voltage Cable Market, by Installation Type:
Low Voltage Cable Market, by End User:
Low Voltage Cable Market, by Region:
Middle East & Africa
About Mordor Intelligence, LLP
Mordor Intelligence operates in the business of industry analysis and consulting, helping clients shape their strategic decisions. In today’s fast-paced and competitive business environment, every customer has a unique information requirement. Having understood this, we offer custom market intelligence and advisory services, along with our syndicated reports, to help them gain an edge over competition. We have successfully catered to over 500 clients across the following industries. For more insights, please visit, https://www.mordorintelligence.com