Low Voltage Cable Market will Reach USD 155.52 Billion by 2026; Adoption of Renewable Energy Sources for Power Generation will Add Impetus to Market Growth

The global low voltage cable market size will reach USD 155.52 Billion by 2026 on account of the increasing need to ensure smooth electricity to support the growing infrastructure and facilities worldwide. These cables are made of materials such as copper and aluminum and helps to supply electricity from the utility. A recently published report by Fortune Business Insights™ 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,” offers a comprehensive overview of the market and its prime growth trajectories. According to the report, the market value was USD 93.39 billion in 2018 and will exhibit a CAGR of 6.7% during the forecast period set between 2019 and 2026.

Long-term Contracts Between Siemens and Nexans anticipated to Aid in Expansion of Market

Siemens Gamesa Renewable Energy SA awarded a two-year-long contract to the Paris-based cables manufacturing company Nexans SA for supplying low voltage cables used in onshore and offshore wind turbines. As per this contract, Nexans will supply an estimated 1200 kilometers of low voltage cables and 60 kilometers of medium voltage cables manufactured in its plants all across North Africa, Latin America, and Europe. These cables will then be installed in the wind turbines for Siemens Gamesa projects all around the world. Large collaborative efforts such as this will bolster the overall market growth.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/low-voltage-cables-market-101642

Increasing Use of Renewable Energy Sources to Generate electricity will Promote Growth

The increasing construction activities all around the world and the building of the smart city and smart home projects are a major low voltage cable market growth driver. Besides this, the increasing demand for electricity from various residential, commercial, and industrial sectors will also boost the market. Additionally, the increasing demand for energy, an increasing number of small scale industries, and the increasing demand for supply lines from industries such as fueling stations, natural gas stations, and petroleum industries will promote market growth in the coming years.

However, the volatile prices of raw materials and undue losses of electricity may challenge the growth of the market in the coming years. This, coupled with the heavy transmission loses while installing voltage cables, may also cause hindrance to the overall market growth in the coming years.

Nevertheless, the use of renewable energy sources for electricity generation, coupled with the advent of the internet of things into various sectors, demands a smooth electricity power supply, further creating lucrative growth opportunities for the market in the forthcoming years.

Nexans, Prysmian Group and ABB Dominating Market with Strong Geographical Presence

The strong regional presence of companies such as ABB, Nexans, and Prysmian Group has helped them elevate to the top position in the market competition. Besides this, other vendors are engaging in collaborative efforts, such as agreements and contracts, mergers and acquisitions, and others to stay in the competition and generate significant market revenue in the forthcoming years.

Notable Industry Developments of this Market are as follows:

• February 2019 –  A contract worth €190 million was assigned to Nexans for developing electricity distribution networks to the world's largest utility companies. This project is likely to first commence in Italy, followed by other nations such as Chile, Brazil, Argentina, Romania, Columbia, and Peru.

List of  Key Low Voltage Cables Market Manufacturers are:

• ABB (Switzerland)


• General Cable (US)


• Encore Wire Corporation (US)


• Bahra Cables Company (Saudi Arabia)


• Riyadh Cables Group Company (Saudi Arabia)


• KEI Industries (India)


• Prysmian Group (Italy)


• Nexans (France)


• NKT Cables(Denmark)


• Finolex Cables (India)


• BRUGG Cables (Switzerland)


• Polycab India (India)

Further Report Findings

• Asia Pacific held the largest market share owing to the increasing number of construction activities such as smart home projects in the region. In 2018, Asia Pacific earned USD 34.25 Billion.


• Concerning segmentation by application, the residential sector emerged dominant with a 54.8%share in 2018.

Global Low Voltage Cable Market is segmented into: