Global Low Voltage Cable Market Analysis 2022
The Global Low Voltage Cable Market is expected to reach $207.23 billion by 2028 growing at a CAGR of 8.7% from 2021 to 2028. Low voltage cables (LV cables) are used for electrical equipment with a voltage rating between 50 to 1000V for alternating current and between 75 and 1500V for direct current, thereby they are not subjected to high electric stress. Diverse types of low voltage accessories comprise fittings and fixtures, cable joints and cable terminations, among others which are used for cable installations in overhead and underground installations.
Factors such as the growing energy demand and incorporation of smart grid networks across the globe are driving the growth of the market. However, difficult planning & authorization delays the project are restraining the growth of the market.
Based on installation, the submarine segment is going to have a lucrative growth during the forecast period. In the submarine installation, the cables are placed by using distinctively designed boats. These boats convey the submarine cable ready and gradually spread it out on the seabed according to the plans given by the cable administrator. This installation is expensive and technically challenging.
The key vendors mentioned are NKT A/S, Hellenic Cables, Ensto, Prysmian Group, Elsewedy Electric, Ikebana Engineering Ltd, Elcon Megarad, TE Connectivity, REPL International Ltd, 3M (US), Hitachi ABB Power Grids, Nexans S.A., BBC Cellpack Gmbh, Brugg Cables AG.
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